The cornerstone of the marketing plan, known as situational analysis, consists of several business-impacting aspects. SWOT, Pestle, Porter’s five forces, and stakeholder analyses are some of them.
The objective is the starting point of the marketing process plan. Marketing objectives are goals for the organisation which wants to be successful when encouraging its products or services to customers.
A strategy is a long-term plan to accomplish specific goals. Consequently, a marketing strategy is a plan designed to attain marketing goals. In fact, a sound marketing strategy takes care of the mission, vision, key objectives, short-term goals, market research and product branding and positioning.
A marketing mix is a collection of four elements that may be controlled to meet marketing objectives. Marketing managers utilise this to generate the optimum responses in the target market.
Marketing plan outcomes can be influenced by effective strategy execution. The management of the planning process can increase the efficiency of implementation by fostering commitment and ownership of the plan and its performance.
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