Marketing strategy assignment essay on: Marketing plan for business
IntroductionThis paper Consist information about marketing plan that focuses and provides in depth information on definition of marketing plan, role and nature of marketing plan, relationship between marketing plan and business plan, structure of marketing plan, elements of marketing plan and their relevance in the marketing plan. The paper divide in several sections that contains all the above topics that provides complete information about marketing plan.
To design and develop an effective and successful business required good marketing plan that create successful path for the company. A good marketing plan contains and required good, essential elements that define the success and failure of the company. For better and effective outcomes or results business needs to understand the customers’ needs. Marketing is a systematic approach through which organization can reach out to the customers, identify their needs and serve those needs through different products and services with profitability. Marketing plan also provide key and essential information about the customers’ needs. So, the purpose of the key element of the marketing plan is to identify and update the information about the requirement of the customers and design and define the overall marketing plan that provides positive and complete information about the actual needs of customers to serve those needs through products and services with profitability by the company for success. (Offord, 2012)
The required essential elements of all marketing plans should include several sections/ topics that are as followings:Mission: This section defines the goal of the organization that needs to achieve in future through the proposed and introduced marketing plan like create awareness, Demonstrate or sell product or services of the organization, develop strong relationship, To run PR (public relation) activities, increase customers’ services and support functions, collect some input from customers that enhance the organization performance and the goal can be define as per the situation and requirement.
Objective: In this section the marketer define the future achievement that needs to achieve through marketing plan and this objective should be specific and measurable. There is difference between goal and objective. Goal are intangible, broad and cannot quantify whereas the objective is more specific, precise, quantify and measurable.
Target audience: This element provides information about the target market and customers. To identify the target market and customers is the first of the company to achieve success. The relevance of the element is to understand the actual customers and their needs to fulfill the requirement in better manner through products and services. Target market may be same where company providing their services from last so many years or it can be new market that leads expansion plan of the company.
Marketing strategy: This is very important section in marketing plan that define the each and everything about the overall marketing strategies to achieve per defined objective. This section focuses on all key aspects and marketing mix products, price, place, promotion, people, physical evidence and process. All the key essential factors provide and help to understand the whole business and focuses on benefits that will be get from the products and services, communicate these benefits to the consumers and also define the different paths through which the company positioned them in the competitive market.
Marketing communication integration: This section design and take care by the MARCOM (marketing and communication) team. Marketing communication integration focuses on all the key tools and techniques that will be use to communicate the message to the consumers about the products and services. Selection of right and effective channels and communication mediums for effective communication is essential part of the marketing communication integration. All the channels and mediums selection follow the budget and defined as per target customers. Proper information about the customer’s segment and target market plays very important role in selection of marketing mediums and channels.
Budget, result and financial analysis: This section provides an overview of all types of costs that is included or involve in implementing the introduced and proposed marketing plan. This is very important for any plan. Each and every plan carries certain costs. Before planning each organization measure the cost and also focuses on their funds. A financial analysis, budget indicate and cover all the key aspects that related with cost and design and define the marketing is such manner that implementation will be come under pre defined budget.
Benefits: In the above section the paper clearly discussed and focused on the importance of the all key elements of marketing plan that indicate for success of any marketing plan required structured and step by step process. Benefit section focuses on the future outcomes, if introduce and propose marketing plan execute successfully in the business.
Timelines: Timelines indicate the time for each activities and plans that will be complete for better outcomes. This section provides timelines for all the required plans for implementation.Role and nature of marketing plan
The marketing plan focus on the purpose of describing the current marketing elements and it describes about the current position of the market. Marketing plan covers the clear goals and objectives of the business and helps to achieve the success. In the marketing plan, there is a description of the demand of the product, service or there is a discussion on strengths and weakness from the competitor’s point of view. (Duermyer, 2012)
It is helpful to reach the goals and while preparing a marketing plan, certain important factors help in understanding the importance of situational analysis, the target group of customer and the goals, strategies and tactics and budget breakdown etc. The marketing plan helps to achieve the business performance. (Ignitebusinessservices.com, 2009)
Relationship between marketing plan and business plan
The marketing plan deals with actions and behavior that helps to achieve the goals and mission of the company. This also generates high level of target customer and increased participation among the companies.
The business plan includes details about the marketing and financial perspectives. This defines the vision and goals of the company and this determines the competitive strategies. (Smith, 2012)
Generally the marketing plan consists of sales and marketing planning and offers additional strategy and market analysis that is associated with forecast and past research. Marketing plan helps in describing the needs of the potential customer and this ensures to improve the customer’s needs including factors associated with size, nature of the competition and potential price for the customers to reach them effectively.
Business plans proves the feasibility and value of new ideas. This includes strategy and value of the organization helps in expansion or diversification of operational strategy. (Valdez, 2012)
Marketing plans used for (Tactically and strategically)
Marketing plan is used to ensure the structures approach of the planning process and to communicate the message to the target group of audience. Strategic plan of marketing helps to realize the strategic side of the market. This helps to broadcast the message and to understand the customers properly. This attracts the target market and facilitates the decision making. There is a low risk in the process of buying. (Kotler, 2007)Typical structure of marketing plan
The typical structure of marketing plan describes about the situational analysis, it is based on the internal audit and past research and objectives. It is based on the analysis and research, objectives and goals, strategies and tactics, control etc. The marketing plan requires proper and SMART goals to lead through the market successfully. This also evaluates the strategy and increases the data of the sales with respect to the feedback of the consumer, staffs and retailers. There will be proper and strong communication in the marketing plan. There will be the representation of budgets and Gantt chart for proper scheduling and proper timelines.
With the increased formulation of business strategy, there is a consideration of industry competitors and strategies of the industry. The competitive analysis is based on the strategy of the business and it related to high competition. The major purpose of competitor’s analysis is based on the strengths and weakness of the industry. The first step for analyzing the competitor is to identify and to describe the current and the potential competitors. There are most importantly two important measures for identifying the competitors. The first step to identify the competitor is to represent the views and ideas of the customers. The other method is to increase the competitive strategies and to motivate their strategies accordingly. The analysis of the competitor’s strategy creates identification of the strengths and weakness of the competitors. According to the analysis of Porter’s framework, there will be the framework for the competitor’s analysis on the basis of certain parameters such as the objectives of the competitor, the assumption of the competitor, the strategy of the competitor and the skills and capabilities of the competitor. The analysis of the competitors reveals through the annual reports from the shareholders, and through the importance of press releases. (Netmba.com, 2012)
According to the analysis and theory, the level of performance in a company with respect to market helps in the assets and skills. Through the competitor’s analysis, proper marketing strategy is prepared and there could be huge development of skills and talents in the organization. Thus it will be based on following important areas such as: – the product, the price, promotion and advertising. (Entrepreneur.com, 2006)
The purpose of this section is to win the customers and to compete in the edge of the globalization. This also helps in the search engine optimization and to investigate the clear picture of the competitors. (Ben, 2010)
Type of information requires and common sources of information
The types of information that is required and common sources of this information are as follows:-
The clear goals and mission of the project will be required for the project and the marketing plan. There is a description of target market and services for the project. Thus there is also a requirement of promotional strategies and there is a requirement of proper establishment of goals and proper monitoring of goals. (Kassel, 1999)
Techniques (SWOT analysis)
SWOT analysis is used for analysis of marketing and it helps in the business as well as external environment and it is a technique used for both internal as well as external purpose of the organization. SWOT analysis is used for strengths, weakness, opportunities and threats. In case of strengths, this helps to analyze the strengths of the high profit margins and successful campaign of marketing. This also helps to analyze the high quality and excellent service of the customer. The internal factors for the SWOT analysis are to identify the strengths and the business successfully.
The weakness of the business / product / service is to find the areas of improvement.
The opportunities describe the markets where the business can succeed in terms of future and in terms of identifying the opportunity that is almost external.
The threats for the marketing plan are the major competitors, governmental regulations, changes in customer attitudes and other important areas. This is always almost external. (bizhelp24.com, 2012)
Links between elements of marketing plan
This helps to understand the customer needs and to identify the proper research through the process of planning, range and benefits of the product and benefits that will be provided to the customers. This will reflect proper quality and will promote the right kind of information associated with it. Place also offers the best choices and establishes the proper channels for the product. Thus people also are linked with the elements of the marketing plan and this refers high level of customer service with respect to right kind of people and proper training provided to them. The SWOT analysis and the purpose of the marketing plan have been discussed in the paper. The process that is linked to the elements of marketing plan is customer related process. This helps to improve the convenience and support of the staff and also helps to understand the mix of marketing. (Linton, 2012)
Marketing plan assumptions
Two common misconceptions related to marketing are as follows:-
To grow the business for long term, there should be careful implementation for high quality and initiatives for business. The misconceptions in marketing are associated with the false belief that occurs through product hampering and the misconceptions are as follows:-
When the marketer says that – “sales are down so we need to cut our marketing budget” and “we are too small, we don’t need a marketing plan”.
Marketing is a place that should not cut its place and effective marketing helps in meeting the customer’s needs and requirements successfully. Competitors always stand in the position of place and the marketer should not provide them with great opportunities. This is also a misconception in marketing when the marketer says that they don’t need the marketing plan because this is the important thing the marketer should focus on targeting the right audience and should spread the right kind of message that can help to understand the proper use of the products. This helps to understand the plan of the marketing to get the proper return for the investment of marketing. (Bordeaux, 2008)
Every business requires proper marketing so this is a misconception that it is not needed for small or needed only for big business.
The paper described the objectives of the marketing plan, the vision and mission of the marketing plan is discussed in the paper. The importance of target group, marketing strategy, budget, timelines and benefits has been discussed successfully in the paper.
The role of the marketing plan has been discussed in this paper and there has been proper identification on the elements of marketing.
Thus, there has been a focus on the assumptions of marketing strategy. There has been the conclusion to make important points.
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