1. Marketing Objectives

The growth strategies that a firm has decided upon more or less become the marketing objectives for the firm, since marketing has the lead role in achieving those growth objectives. The marketing plan must begin with a detailed statement of the growth objectives for the plan period.2. Market Segmentation and Targeting

A market segment is a collection of individuals or organizations that primarily share a homogenous need as well as other characteristics such as age, gender, income lifestyles, or values. These common variables can run into hundreds and because of shared needs and characteristics, its likely that such individuals will have relatively similar product needs.

A marketing plan begins by identifying the various market segments in a given market. The next step is to conduct a segment attractiveness analysis depending on the size, sales potential and competitive factors. The firm now decides selects one or more segments that it chooses to target with its marketing strategy.

3. The Marketing Mix

The selected target markets are targeted with a marketing mix, which is a unique blend of product, pricing, distribution, and communication strategies, created to create mutually agreeable interactions with a target market. Distribution is referred to as place and communication as promotion, thus giving us the four P’s of

Marketing of the marketing mix: Product, Place, Price, and Promotion. Over the years, several more P’s have been added to the marketing mix such as Positioning, Packaging, People, and Process. The strategies for each of these components cannot be decided upon independently. The strategies must complement each other and blend together very well for the marketing plan to be successful. Therefore, no best product will sell unless there is an appropriate distribution and communication strategy in place.

Four P’s of Marketing

Product Strategies

These include aspects such as quality, product features, and attributes, physical appearance and aesthetics, performance variables, brand name and image, product variants and other factors. Products are a combination of tangible and intangible factors.

Place (Distribution) Strategies

The distribution decisions include the type of channels, stock and replenishment levels, shelf space, and visibility of the retail outlet and are dependent entirely on the target markets shopping style and habits.

Pricing Strategies

Price is a very visible and critical element of the marketing mix. They directly affect the company’s top and bottom line. Pricing decisions include competitor’s prices, taxes, and margins for distribution channel members, transportation costs, profit margins for the company, etc.

Promotion (Communication) Strategies

These include sales promotion, advertising, publicity, public relations, and personal selling.