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In marketing, a marketing plan is created to guide businesses on how to communicate the benefits of their products to the needs of potential customer. The situation analysis is the second step in the marketing plan and is a critical step in establishing a long term relationship with customers. [3] The parts of a marketing plan are: Introduction
This includes processes such as market mix, research, situation analysis, segmentation, strategies, budgets, financial forecasts, competitive strategies, objective setting, and results monitoring. [3] [6] The marketing plan also shows the actions that will be taken, and the resources to be applied, in order to achieve planned goals.
Selecting the target market is the second step in the STP approach. Selection of a target market (or target markets) is part of the overall process known as S-T-P (Segmentation→Targeting→Positioning). Before a business can develop a positioning strategy, it must first segment the market and identify the target (or targets) for the ...
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". [2] Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984. [3]
A commonly cited definition of marketing is simply "meeting needs profitably". [8] The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segments than it will for other, non-targeted customers.
SOSTAC is a marketing model developed by PR Smith in the 1990s [1] [2] [3] and later formalized in his 1998 book Marketing Communications, [1] the subsequent series of SOSTAC Guides to your Perfect Plan (2011) [4] and the SOSTAC Guide to your Perfect Digital Marketing Plan (2020). [5]