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Essay Details:
Essay text:
If a business wants to achieve something, it is more likely to do so with a well-constructed and realistic plan.
What does planning involve? Planning involves:
• Setting objectives, quantifying targets for achievement, and communicating these targets to people responsible for achieving them
• Selecting strategies, tactics, programmes etc for achieving the objectives.
The whole topic of planning brings with it some important terminology that it is worth spending time getting to know well. You will come across these terms many times in your study of marketing (and business studies in general):
Strategy
Strategy is the method chosen to achieve goals and objectives
Example: Our strategy is to grow sales and profits of our existing products and to broaden our business by introducing new products to our existing markets
Tactics
Tactics are the resources that are used in the agreed strategy
Example: We will use our widespread distribution via UK supermarkets to increase sales and existing products and introduce new products
Goals
Goals concern what you are trying to achieve...
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