An overall plan of the business, how to manage the product or service is known as an overall plan.
The foundation of a well-written marketing plan is a marketing strategy. A marketing
plan helps to set a company on a specific path in marketing.
Some objectives of
a marketing plan can be acquiring marketing share, increasing customer
awareness, and building a favorable business image.
To achieve the
marketing goal, marketing plans help in budgeting and resourcing.
The company needs a
specific direction. The company leader and marketing staff are responsible for
making marketing plans to give the company a direction.
The tasks are
assigned to the teams for fulfilling the goals that the marketing plan is laid.
Making
marketing plans allow good communication within the company. It provides an
opportunity for the employees and leaders to have a good discussion regarding
the growth of the company.
A marketing plan
allows the leader to examine and judge the growth of the company as well as
different teams individually.
The marketing plans
should be;
- Clear- The goals stated
should be clear and unambiguous. They should exactly say what is to be
done.
- Quantified- The plans should be quantified so that the performance can be monitored.
- Focused- Don’t try to proliferate the numbers. Keep your goals focussed on realistic numbers.
- Realistic- The plans should be achievable.
- Agreed - The teams should agree on the plan and should be committed to what has been decided.
Here are some
important things that companies should take care of while developing a
marketing plan:
- Market research- collecting
and analyzing the data to examine the market dynamics, patterns,
customers, and the sales of the industry as a whole.
- Competition- the marketing plan should give ideas that how the company will become the market leader,
leaving behind the competition.
- Market plan strategies- plan and develop marketing and promotion strategies that will be used by the organization. The strategies can be trade shows, website, advertising,
etc.
- Marketing plan budget- the strategies should not exceed the pre-planned budget.
- Marketing goals- attainable marketing plans should be added to a marketing plan.
- Marketing mix- set up the
4P’s of marketing that are product, price, place, and promotion.
- Monitoring of the marketing plan results- the marketing plan should be able to evaluate the current position of the organization.
A marketing plan is
a vast process. It is a diverse topic. Marketing is a growing sector in the
industry. It is very important to market the product effectively so the public
buys it.
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