¶ … marketing plan is essential to help to establish goals and objectives and to fulfill these goals and objectives. In order to successfully implement a marketing plan, one must first determine the direction the marketing plan is going to take. Marketing plans are often utilized during times of economic downturn and help to take advantage of opportunities that will benefit a company in the long-term. In order to determine the best marketing plan and approach for a company there are several factors that must be looked at including growth and non-growth strategies, the determination of objectives, and the use of marketing support.
Growth strategies are intended to help an organization increase their profits, market share, and customer base. This can be achieved through market penetration, market development, product development, and diversification. Market penetration is the sale of existing products...
On the other hand, market development requires that an organization analyzes and identifies new segments or markets into which existing products can be introduced. Diversification utilizes the same premise, however, focuses on the introduction of new products into new markets and takes advantage of opportunities that arise through product development or the introduction of a new business into an existing market.
Non-Growth strategies are utilized when an organization does not necessarily want to grow, but rather when said organization wants to maintain current sales or achieve a higher profit margin through current products and current customers. Non-Growth strategies are often implemented when a company is…
