8.2 Marketing Strategy

2026 Syllabus Objectives

By the end of this topic, you should be able to explain and apply the following:

  1. The contents of a marketing plan: objectives, resources, research, marketing mix
  2. The benefits and limitations of marketing planning
  3. The need for the marketing strategy to be consistent with the business, the product and the market
  4. The need for and development of a coordinated marketing strategy
  5. The development of marketing strategies focused towards achieving specific marketing objectives
  6. The changing role of Information Technology (IT) and Artificial Intelligence (AI) in marketing
  7. The implications for marketing of increased globalisation and economic collaboration
  8. The importance of international marketing for a business
  9. International markets — identification, selection and entry
  10. Whether a business should develop an international market through pan-global marketing or maintain local differences
  11. Choosing a strategy, in a given situation, to develop a global market
  12. The factors influencing the method of entry into international markets

1. The Marketing Plan

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What is a Marketing Plan?

A marketing plan is a written document that sets out a business's marketing goals and explains exactly how those goals will be achieved. Think of it as a detailed roadmap — it tells everyone in the business where they are going and how they are going to get there.

The purpose of a marketing plan is to:

  • Guide all marketing efforts towards the business's overall objectives
  • Make sure all marketing activities are consistent (meaning they all send the same message) and coordinated (meaning they all work together)
  • Help the business decide how to spend its money and resources effectively
  • Allow the business to check whether its marketing is working and make changes if needed

The Four Key Contents of a Marketing Plan

1. Marketing Objectives

Marketing objectives are the specific goals a business wants to achieve through its marketing activities. Good marketing objectives should be SMART:

LetterMeaningExample
SSpecific"Increase sales of Product X"
MMeasurable"...by 10%"
AAchievableThe goal is realistic given the business's size
RRealisticResources are available to reach it
TTime-bound"...within 6 months"

Example: A phone company might set the objective: "Increase market share among teenagers by 15% within one year." This is SMART because it is specific (teenagers), measurable (15%), achievable, realistic, and time-bound (one year).

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