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Title: A2 Level AQA Business Studies
Description: Chapter 10 - Developing and Implementing Marketing Plans
Description: Chapter 10 - Developing and Implementing Marketing Plans
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Chapter 10: Developing and Implementing Market Plans
Components of a marketing plan
A SWOT analysis
- An audit of the factors that influence the marketing of a business
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- In order to carry out this audit, the business would conduct market research
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Forecasting sales and market analysis
- Using information gained by MR, the business will analyse the market and make sales forecasts
...
- Will also show possible alternative outcomes if circumstances become more favourable or
adverse
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Setting SMART marketing objectives
- Will be based on MR and SWOT analysis the business has conducted
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g
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Agreeing marketing strategies
- Once marketing objectives are set, strategies e
...
low cost, product development or diversification,
will be established in order to meet these objectives
...
Implementing marketing tactics through the marketing mix
- Different marketing strategies tend to emphasise different elements of the marketing mix
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- Differentiation or focus: require individualised products, in which case product is the most
important element
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- Market penetration or consolidation: in order to increase sales in existing markets, all four Ps
must be examined; unless one P is perceived to be weaker than the other three PS
...
- Market development: main feature is place where product/service will be sold
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To get product recognised, price must
be competitive and to make people aware of new developments, promotion
...
- ensures there is complete integration of all elements in the plan
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The marketing plan and finance
- Finance department must allocate sufficient money to each department that is supporting the
marketing effort
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The marketing plan and human resources management (HRM)
- HRM and marketing must coordinate their activities
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- Customer service training is a specific example of HR activities that will influence the marketing
plan and its operation
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Competitor’s actions
- Flexibility needs to be incorporated into the marketing plan, so that the business can respond to
any changes in the marketing strategy adopted by major competitors
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This enables firms to plan more accurately
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Political factors
- Relatively long-term changes
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Social factors
- Social changes mean that businesses must adapt to new circumstances
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- However, if proposed legal changes are monitored, a business can develop by adapting its
marketing strategy ahead of its competitors
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The marketing budget
Methods of setting the marketing budget
Budgeting according to marketing objectives
- The more ambitious the objectives, the greater the budget that is allocated
...
Marketing budget as a percentage of sales revenue
- Commonly used as it is seen to be fair
...
Zero budgeting/budgeting based on expected outcome
- This method allocates a budget on the strength of the case presented by the budget manager
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Budgeting according to last year’s budget allocation
- Less scientific than other methods
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Factors influencing the size of the marketing budget
The organisation’s financial situation
- If the organisation is experiencing losses/ cash-flow problems, they will tend to look more closely at
any budget allocations
...
Nature of the market
- A monopoly may have less need to spend money on marketing, although monopolists do need to
advertise in order to increase consumer awareness and prevent customers moving to different
products or services
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The level of change in the market
- In dynamic markets, consumers need more information and persuasion in order to keep buying, so
a larger budget is needed
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The benefits of marketing planning
- Provides a clear sense of direction
- May motivate staff if they are given responsibility for an element of the plan
...
- Probable that more than one person will be involved in process – reduces possibility of bias
...
- Continual review of MP enables the firm to remain aware of any developments in the marketplace,
allowing it to stay ahead of competitors
...
- Constant changes in the market, leading to an inability to assess the effectiveness of planning
process
...
- Plans are too ambitious/complicated
...
- Review of progress against plan seldom takes place/lacks regularity
...
g
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Title: A2 Level AQA Business Studies
Description: Chapter 10 - Developing and Implementing Marketing Plans
Description: Chapter 10 - Developing and Implementing Marketing Plans