- 4.2 Market Planning is about formulating marketing objectives and strategies to achieve marketing goals (i.e. increase market share)
- Marketing objectives: goals of business to help give marketing teams a sense of direction
The components to a marketing plan
- summary of main points
- situational analysis that shows internal + external factors affecting the organization
- outlines the intensity of competition in market
- marketing objectives
- marketing research
- identification of target market
- marketing mix
- marketing strategies
- marketing budgets
Advantages and disadvantages
