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A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms and channels to increase its sales and achieve sustainable competitive advantage within its corresponding market. [1]
In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, persuasively. It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route.
The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan can also pertain to a specific product, as well as to an organization's overall marketing strategy.
In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business's objectives. The content of marketing plans varies for each firm, but commonly includes:
Promotion: Promotion encompasses all the activities a company undertakes to communicate the value of its product or service to the target audience. This includes advertising, sales promotions, public relations, social media marketing, and any other methods used to create awareness and generate interest in the offering. [1]
Marketing communications include advertising, promotions, sales, branding, campaigns, events, and online promotions. [3] The process allows the public to know or understand a brand and get a clear idea of what the brand has to offer. Brand awareness is the first stage, then brand preference over its competitors is the desired outcome.
Marketing – social and managerial processes by which products, services, and value are exchanged in order to fulfill individuals' or groups' needs and wants. These processes include, but are not limited to, advertising, promotion, distribution, and product management.
The marketing plan can be expected to provide information about the company's long and short-term goals, competitive rivalry, a description of the target market, products offered, positioning strategy, pricing strategy, distribution strategy and other promotional programs.
In marketing, the promotional mix describes a blend of promotional variables chosen by marketers to help a firm reach its goals. [1] [2] [3] [4] [5] It has been identified as a subset of the marketing mix. [1] It is believed that there is an optimal way of allocating budgets for the different elements within the promotional mix to achieve best ...