Course Content
Prepare to write marketing plan
This topic involves preparing to write a marketing plan by researching market conditions, consulting with stakeholders, reviewing previous plans and performance, and gathering necessary information for plan development.
Write a marketing plan
In this topic you'll create a marketing plan by establishing marketing objectives aligned with organisational goals, crafting strategies in compliance with legal and ethical standards, setting budgets and timelines, outlining action plans, and creating a performance review strategy to assess organisational performance against marketing objectives.
Finalise marketing plan
In this stage, you'll conclude your marketing plan by presenting it to relevant stakeholders for approval, making necessary adjustments based on their feedback, distributing the finalised plan for implementation within set timeframes, and ensuring it's stored in accordance with organisational policies and procedures.
BSBMKG623 Develop marketing plans
About Lesson

A Competitor analysis is an important aspect in the development of a marketing plan. Competitive research is the collection and review of information about a rival business. It is essential to understand your competitors and know the threats they pose to your business

If your source of competitive advantage is cost, and you appeal to a broad scope within the market, then your marketing focus will be on maintaining cost leadership through rigorous operational efficiencies. Whereas, if you have a more unique product in a narrow market, then your opportunities lie in focusing on servicing your target market better than anyone else.