Marketing and Finance Extended Response
Analyse the importance of a marketing plan to achieve the main marketing objectives of a business.
A marketing plan is vital to businesses in achieving the main marketing objectives. Such objectives include increase sales, increase market share and product development. It is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods and services. The three important marketing processes in a marketing plan are situational analysis, develop marketing strategies and implementation, monitoring and controlling. It is evident that businesses such as Darrell Lea and Sony have demonstrated the importance of the three marketing processes. However this does not result in disregarding the remaining three because the marketing plan as a whole impacts on the business significantly.
Situational analysis is one of the most crucial marketing processes in the marketing plan. It shows an understanding of the business's current position and determines an outcome of the future. It involves the identification and analysis of the internal strengths and weaknesses in the internal environment followed by the opportunities and threats from the external environment. If the business is failing to achieve their marketing goals, the opportunities must be taken to receive the better outcome. Such opportunities include new technology and expansion of the business. A major threat to the business is the competitive market because it impacts on the business’s activities. At the recent E3 2013 convention, Sony has announced their new gaming platform the PlayStation 4. It is apparent that Sony had spent $4.951 billion dollars since the launch of the PlayStation 3. It is for the reason that Microsoft's XBOX 360 has being more successful in the past years and as a result Sony had to create a new marketing plan to become competitive in the market. It had strength in brand recognition and long history. However the weaknesses were found in competitiveness
A marketing plan is vital to businesses in achieving the main marketing objectives. Such objectives include increase sales, increase market share and product development. It is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods and services. The three important marketing processes in a marketing plan are situational analysis, develop marketing strategies and implementation, monitoring and controlling. It is evident that businesses such as Darrell Lea and Sony have demonstrated the importance of the three marketing processes. However this does not result in disregarding the remaining three because the marketing plan as a whole impacts on the business significantly.
Situational analysis is one of the most crucial marketing processes in the marketing plan. It shows an understanding of the business's current position and determines an outcome of the future. It involves the identification and analysis of the internal strengths and weaknesses in the internal environment followed by the opportunities and threats from the external environment. If the business is failing to achieve their marketing goals, the opportunities must be taken to receive the better outcome. Such opportunities include new technology and expansion of the business. A major threat to the business is the competitive market because it impacts on the business’s activities. At the recent E3 2013 convention, Sony has announced their new gaming platform the PlayStation 4. It is apparent that Sony had spent $4.951 billion dollars since the launch of the PlayStation 3. It is for the reason that Microsoft's XBOX 360 has being more successful in the past years and as a result Sony had to create a new marketing plan to become competitive in the market. It had strength in brand recognition and long history. However the weaknesses were found in competitiveness