Posted: September 7th, 2023

Elements of Marketing Plan

Be aware that to receive the full credits for any discussion you must illustrate the knowledge of the subject, support your opinions with the facts from secondary sources, min. 200-250 words for each reply. For more requirements, please review the discussion grading rubrics below. Please answer under the Topic question.

Elements of Marketing Plan
Welcome everyone to the discussion session. We would like to know your opinion about marketing plan development.
What is the purpose of a marketing plan for a company or a product/service?
What do you think about each step of the marketing plan? Select one of the steps of the marketing plan and provide your explanation. Support your statements with facts by using additional materials. Cite any additional sources of information you use.

Implementing the marketing mix

Each part of the marketing plan is essential and valuable for marketers or managers developing a new product or creating a company. From a marketing point of view, the marketing plan contains much information regarding the company’s activities, such as product, price, promotion, and distribution strategies. Thus, all marketing strategies are effective executions of the plan.
What information do you think you need to include in a marketing plan as a product or price or promotion, or distribution strategy? Select one of the elements of the marketing mix and provide your explanation. Support your statements with business facts by using support materials. Cite any additional sources you use.

Growth Strategies
Growth strategies in the marketing plan entail pursuing various market segments for a company’s marketing offering and a new opportunity. Therefore, understanding how and where a company prefers to implement each of those growth strategies is critical to developing the marketing plan.
What are the four growth strategies? Which strategy/ies is/are riskiest or low risk? Why? Support your statements with business facts by using support materials. Cite any additional sources you use.

STP
What is STP abbreviation in marketing mean? Identify each element and provide examples. Support your statements with business facts by using support materials. Cite any additional sources you use.

Elements of Marketing Plan
Welcome to the discussion on marketing plan development. A marketing plan outlines a company’s overall marketing efforts, including objectives and strategies, to achieve business goals and drive growth (Kotler & Armstrong, 2018).
The purpose of a marketing plan is to serve as a roadmap for how a company will position, price, promote and distribute its products or services in target markets. It helps align marketing activities with business objectives and budgets resources effectively. A well-crafted plan also allows companies to measure performance and make adjustments along the way.
Each step of the marketing plan plays an important role. Let me focus on the product strategy. A product strategy involves determining the items, services and experiences a company will offer customers (Kotler & Keller, 2016). It is crucial to identify customer needs and wants, then develop products that deliver superior value. The strategy also outlines how products will be branded, packaged, supported and modified over time.
For example, Apple’s product strategy revolves around continually innovating and enhancing its iPhone, iPad, Mac and other devices and software to meet evolving consumer and business technology demands (Statista, 2022). It ensures a steady stream of must-have products that drive loyalty and sales.
In conclusion, developing the right product strategy is key to a successful marketing plan. It guides product development, management and innovation to satisfy target audiences.
References:
Kotler, P., & Armstrong, G. (2018). Principles of marketing. Pearson Education.
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
Statista. (2022, January 12). Apple’s global revenue from 2007 to 2021. https://www.statista.com/statistics/263437/apples-global-revenue-since-fiscal-year-2006/

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