A market analyst studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. With the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a company’s planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
Marketing Plan Conception and Implementation
A marketing plan is a comprehensive blueprint which outlines an organisation’s overall marketing efforts. A marketing process can be realised by the marketing mix, which is outlined in step 4. The last step in the process is the marketing controlling.
The marketing plan can function from two points: strategy and tactics. In most organisations, “strategic planning” is an annual process, typically covering just the year ahead. Occasionally, a few organisations may look at a practical plan which stretches three or more years ahead.
Marketing Budget Control
A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organisations, activities or events in measurable terms.
The Marketing Budget is an estimate of the funds needed for promotion, advertising, and public relations in order to market the product or service.