Marketing Objectives / Elements of a Marketing Strategy
A marketing strategy is the way marketing activites are planned and coordinated to achieve an organization's goals. They need to carfully select a target market and develop a marketing mix for the target market. The main goal is meeting customer's needs. Segments are components of a market in which people have one or more similar characteristics. The most important factors used to segment a market are wants and needs, demographics, psychographics and lifestyle, buying behavior, and attitudes. The way consumers make their purchase decisions is know as their buying power. A target market is a cleary identified segment of the market to which the company wants to appeal. A target market must meet four criteria. They must have common needs and must respond to those needs as planned in marketing activities. People outside the target market must not find the marketing mix satisfying. Information is needed from the target market. A marketing mix must be developed from the buying behavior. From this the target market is finalized and a decision will be made.
Nature of An Advertising Plan and How to Choose an Advertising Mix
An advertising plan is a document that outlines the activities to be completed and resources needed to create advertising. An advertisng campaign is a series of related advertisements with a similar look, feel, and theme that centers on a specific product, service, or brand.
1. Set objectives- Objectives are set such as increasing sales or awareness and communicating an idea. Specifically marketers
find the main advertising communication, target audience, and time frame.
2. Determine the budget- There are many ways to determine a budget: what you can afford (generally small companies), percentage of sales (better to base off future projections), and competitive matching (budget similar to competition). Objective and task is the best method because it bases the budget on objectives set to be achieved. A team determines goals for the effort, outlines the activities necessary, and then calculates the cost of completing the tasks to determine the budget.
3. Develop the creative strategy- The creative strategy is how a company positions its brand or product in advertising. To whom is the advertising targeted, ande what should the advertising communicate to that target market are answered. The strategic brief which is a short document that defines the target market and articulates the main message of the advertising. This guides the rest of the advertising process.
4. Select and schedule the media- What types of media (format), which vehicles (programming or publication like Sports Illustrated), in what units (length of time), and at what time is answered. Cost (based on type of media, vehicle, and unit and efficiency is based on cost per viewer/reader) and creative, brand, and corporate fit (finding out if the idea will physically work) are decided at this step to go along with reach, frequency, and lead time. Reach is the total number of people who see an ad, and it is estimated on traffic for outdoor advertising, circulation for magazines, and pass-along rate for print media. The number of times a
member of the target audience is exposed to the advertising message is frequency. The amount of time required to place an ad is the lead time which varies per media type.
5. Develop the creative concept- The concept is drawn up and presented to a client once they are approved. In a presentation, acting out ideas for TV commercials, reading scripts, and rough versions of print ads are shown. Advertising is expensive so conducting research is necessary to find effectiveness. Techniques are used to test the ad. If the ad passes the tests it's often approved for production.
6. Produce the advertising- The production phase begins when the client is comfortable with the creative concepts. Print ads use
photographers while models are also used. A TV commercial involves the director, actors (up to 100), and select locations. This is time consming. After the film is made a team works with editors, sound engineers and special effect artists for music and sound effects. This process continues until client satisfaction. Last is for the client to send to ad out to their media of choice such as a magazine. Then the ad runs.
7. Evaluate the plan's effectiveness- The effectiveness is decided with quantitative or qualitative research. Quantitative research involves collecting data that can be classified into meaningful numerical values. Qualitative research is research where it interperets the why and how of people's opinions.
1. Set objectives- Objectives are set such as increasing sales or awareness and communicating an idea. Specifically marketers
find the main advertising communication, target audience, and time frame.
2. Determine the budget- There are many ways to determine a budget: what you can afford (generally small companies), percentage of sales (better to base off future projections), and competitive matching (budget similar to competition). Objective and task is the best method because it bases the budget on objectives set to be achieved. A team determines goals for the effort, outlines the activities necessary, and then calculates the cost of completing the tasks to determine the budget.
3. Develop the creative strategy- The creative strategy is how a company positions its brand or product in advertising. To whom is the advertising targeted, ande what should the advertising communicate to that target market are answered. The strategic brief which is a short document that defines the target market and articulates the main message of the advertising. This guides the rest of the advertising process.
4. Select and schedule the media- What types of media (format), which vehicles (programming or publication like Sports Illustrated), in what units (length of time), and at what time is answered. Cost (based on type of media, vehicle, and unit and efficiency is based on cost per viewer/reader) and creative, brand, and corporate fit (finding out if the idea will physically work) are decided at this step to go along with reach, frequency, and lead time. Reach is the total number of people who see an ad, and it is estimated on traffic for outdoor advertising, circulation for magazines, and pass-along rate for print media. The number of times a
member of the target audience is exposed to the advertising message is frequency. The amount of time required to place an ad is the lead time which varies per media type.
5. Develop the creative concept- The concept is drawn up and presented to a client once they are approved. In a presentation, acting out ideas for TV commercials, reading scripts, and rough versions of print ads are shown. Advertising is expensive so conducting research is necessary to find effectiveness. Techniques are used to test the ad. If the ad passes the tests it's often approved for production.
6. Produce the advertising- The production phase begins when the client is comfortable with the creative concepts. Print ads use
photographers while models are also used. A TV commercial involves the director, actors (up to 100), and select locations. This is time consming. After the film is made a team works with editors, sound engineers and special effect artists for music and sound effects. This process continues until client satisfaction. Last is for the client to send to ad out to their media of choice such as a magazine. Then the ad runs.
7. Evaluate the plan's effectiveness- The effectiveness is decided with quantitative or qualitative research. Quantitative research involves collecting data that can be classified into meaningful numerical values. Qualitative research is research where it interperets the why and how of people's opinions.
Nature of a Promotional Plan and How to Coordinate Activities in the Promotional Mix
The promotional plan is the blueprint for how the elements work together.
1. Research and analyze the market- Marketers use research to identify product strengths and weaknesses, market oppurtunites, and competive threats.
2. Select the target market- This stage is about picking the target market using key characteristics and deciding what motives and buyer.
3. Identify promotional objectives- The question, what does the company want to achieve with its promotional plan, is answered realistically, and it is measured.
4. Set the promotional budget- Costs are determined by setting the budget by fitting the plan, and not focusing on available funds.
Previous annual budgets are utilized.
5. Develop the promotional mix- Marketers determine the amount of advertising, public relations, personal selling, and sales promotion used in promotion.
6. Implement the promotional plan- The plan goes into effect by dividing the budget among the promotional mix elements stated above, and an activity schedule is developed.
7. Evaluate the results- The plan is evaluated and changed based on the results of the plan. Results are compared to the objectives.
Activities are coordinated based on the activity schedule in step six of the nature of promotional plan information stated above. Decisions are made determining when the various promotional efforts take place. Promotions run simutaneously and sometimes they are staggered depending on the stated objectives. Promotional materials are created also. Activities in the promotional mix involved the marketing plan.
1. Research and analyze the market- Marketers use research to identify product strengths and weaknesses, market oppurtunites, and competive threats.
2. Select the target market- This stage is about picking the target market using key characteristics and deciding what motives and buyer.
3. Identify promotional objectives- The question, what does the company want to achieve with its promotional plan, is answered realistically, and it is measured.
4. Set the promotional budget- Costs are determined by setting the budget by fitting the plan, and not focusing on available funds.
Previous annual budgets are utilized.
5. Develop the promotional mix- Marketers determine the amount of advertising, public relations, personal selling, and sales promotion used in promotion.
6. Implement the promotional plan- The plan goes into effect by dividing the budget among the promotional mix elements stated above, and an activity schedule is developed.
7. Evaluate the results- The plan is evaluated and changed based on the results of the plan. Results are compared to the objectives.
Activities are coordinated based on the activity schedule in step six of the nature of promotional plan information stated above. Decisions are made determining when the various promotional efforts take place. Promotions run simutaneously and sometimes they are staggered depending on the stated objectives. Promotional materials are created also. Activities in the promotional mix involved the marketing plan.
Nature of a Marketing Plan and How to Coordinate to Meet Marketing Objectives
A marketing plan is a clear written description of the marketing strategies of a business and the way the business will operate to accomplish each strategy. The strategies must turn into a well written plan. Many people work to plan the marketing plan. Information is needed such as the performance of the company and competitors, changes outside the company, and information about current and prospective customers. This is where gathering needed information comes. A market analysis identifies a business's strengths and weaknesses and the opportunities and threats it faces. The company mission and current strategies are developed. The mission or purpose of the company identifies the nature of the business or the reasons the business exists. Primary competitors and external environment are identified, and there is an internal analysis completed. This is where the marketing strategy is developed. Determining goals and outcomes, defining the target market, specifying the marketing mix, and developing a positioning statement are done. A postitioning statement is a specific description of the unique qualities of the marketing mix that make it different from the competition and satisfying to the target market. Lastly, planning for action happens where an activity schedule is created, and evaluation procedures are put into place.
Various Career Roles Within the Field of Marketing
A marketing job is where someone job is where the completion of marketing activities is the most important or only job responsibility. A career area is the type of business or the business function in which you plan to work. A career path is a series of related jobs with increasing knowledge and skill requirements and greater amounts of responsibility. A career plan identifies the progression of jobs in your career path, your plans of education, training, and experience to meet the requirements for those jobs, and a time schedule for accomplishing the plan. The employment levels in marketing from the bottom to top are entry (prerequisite), career, specialist, supervisor/manager, and executive/owner. Entry jobs are for people with limited education and experience to gain money or advance in the company. Career-level jobs are more complex than entry level jobs. Specialist level jobs are for specific work for people with advanced knowledge. Supervisor jobs are managemnet jobs. Owner level jobs hold the greatest responsibility.