ENTREP (pg. 6-8)

• is based on a company's overall marketing strategy

  Marketing Plan
• an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market

  Marketing Plan
• details the outreach and PR campaigns to be undertaken over a period, including how the company will measure the effect of these initiatives

  Marketing Plan
• Functions and components of a marketing plan

  market research, tailored messaging, platform selection, and metrics
• support pricing decisions and new market entries

  Market Research
• targets certain demographics and geographic areas

  Tailored Messaging
• for product and service promotion - digital, radio, internet for each campaign


  Platform Selection
• measure the results of marketing efforts and their reporting timelines

  Metrics
• is developed based on an overarching strategic framework

  Marketing Plan
• outlines marketing activities on a monthly, quarterly, or annual basis w

  Marketing Plan
• outlines the overall value proposition

  Marketing Strategy
• identifies the target market for a product or brand

  Marketing Plan
• often the basis for a target market and marketing channel decisions

  Market Research
• includes the rationale for these decisions. the plan should focus on the creation, timing, and placement of specific campaigns and include the metrics that will measure the outcomes of marketing efforts.

  Marketing Plan
• can be adjusted at any point based on the results from the metrics

  Marketing Plan
• is to ensure that every platform has sufficient time to show results


  Challenge for marketing leaders
• shows results in near real time

  Digital Marketing
• require rotation to realize any level of market penetration

  TV Ads
• cover big-picture messaging

  Marketing Strategies
• delineate the logistical details of specific campaigns

  Marketing Plan
• a document that details the specific types of marketing activities a company conducts and contains timetables for rolling out various marketing initiative

  Marketing strategy informs the marketing plan
• should ideally have longer lifespans than individual marketing plans because they contain value propositions and other key elements of a company's brand, which generally hold consistent over the long haul

  Marketing Strategies
• what is the ultimate goal of a marketing strategy?

  to achieve and communicate a sustainable competitive advantage over rival companies by understanding the needs and wants of its consumers
• can help chart the efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line goals and increased sales

  Market Research
• the process of bringing new products or services to market

  Commercialization
• requires a carefully-developed three-tiered product roll-out and marketing strategy

  Commercialization
• attempts to generate new products and services that meet unanswered consumer demands, and the most functional designs align with the company's business model, by offering high benefits at low cost

  Ideation Stage
• strives to incorporate a marketing philosophy known as "The Four Ps"


  ideation stage
• many people view this stage as the mouth of a funnel

  ideation stage
• considerations are made in terms of feasibility costs, and thinking through how a potential commercialization strategy could actually be rolled out

  Business Process Stage
• is typically bundled in thinking through who target audiences and stakeholders for a commercialized product or service is

  Stockholder stage
• 4 types of marketing plans and startegies

  Market Penetration, Market Development, product Development, and Diversification Strategy
• when a firm focuses on selling its current products to existing customers, it is pursuing a market penetration strategy

  Marketing Penetration strategy
• this strategy reduces risk by relying on what the firm already knows well - its existing products and customers

  Marketing Penetration Strategy
• it is also a strategy where investments in marketing should pay back more quickly because the firm is building on an existing foundation of customer relationships and product knowledge

  Marketing Penetration Strategy
• might be used to encourage competitors' customers to try the firms product if there is reason to believe that such a trial will result in repeat purchases

  Price promotions