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A marketing plan is a strategic document that outlines a company’s advertising^[2] and marketing efforts for a specific period, often one year. This comprehensive guide details various facets of a business such as its activities, target market, competition, and marketing strategies like advertising and direct marketing^[1]. It includes historical data, future predictions, and ways to fulfill customer^[3] needs. This plan also helps in segmenting markets, forecasting market size, and planning market share. Furthermore, it includes budget allocation for implementing strategies and setting achievable marketing goals. A marketing plan also describes the product or service, the business location, and pricing strategy. The plan enables the company to follow a specific marketing path, increase its customer base, and build a favorable image while facilitating internal communication. It also necessitates regular reviews for plan validity and result assessment.

Terms definitions

1. ↑ direct marketing. Direct Marketing is a form of advertising strategy where businesses communicate directly with consumers to sell products or services. It's characterized by its targeted approach, prioritizing consumers who meet specific vendor-defined criteria. This advertising method involves direct communication channels like direct mail, telephone, email, and online tools, making it more focused compared to general marketing. It traces its roots back to the 15th-century Europe, with modern techniques pioneered by Josiah Wedgwood and further developed by the likes of Pryce Pryce-Jones and Aaron Montgomery Ward. Key objectives of direct marketing include selling products, generating leads, fostering customer relationships, and enhancing customer loyalty. Despite facing challenges such as spamming and unwanted emails, solutions like opt-out lists, variable printing, and legislation like the CAN-SPAM Act have been employed to ensure its effectiveness.

2. ↑ advertising. Advertising is a form of communication used to inform or persuade an audience, often with the goal of selling a product or service. Its history dates back to ancient civilizations, where Egyptians used papyrus for sales messages, and wall paintings were used in ancient Asia, Africa, and South America for promotional purposes. The medium evolved over time, from print in newspapers to audio-visual and digital mediums, with the rise of mass media and technological advancements. Advertising strategies can vary, aiming to raise awareness or drive sales, and can target different audiences on a local, national, or global scale. Various methods include print, radio, web banners, and television ads, among others. New trends have emerged in the advertising business models, like guerrilla marketing and interactive ads. The role of women in advertising has also been notable, with their insights being valued due to their purchasing power.

3. ↑ customer.

1 The primary entity in this text is the 'customer.' A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending towards a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

2 The primary entity in this text is the 'customer.' A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending towards a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

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Marketing plan (Wikipedia)

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A marketing plan is a strategy or outline created to accomplish a marketing team's objectives. A marketing plan is often created together by marketing managers, product marketing managers, product managers, and sales teams. A marketing plan falls under the umbrella of the overall business plan.

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