This paper will therefore, discuss the role that a marketing plan plays in enabling the product position itself in the market. It will also discuss different elements of a marketing plan and importance of each element in enabling the marketer market the product. In addition, it will provide an appropriate structure of a marketing plan and distinctive features between a marketing plan and business plan. Also, the paper will look at how each element in a marketing plan enhances the marker’s understanding of the market. Different assumptions made when drafting a marketing plan will also be discussed and their relevance in accordance with the marketer’s objective. Lastly, different marketers use marketing plan for different purposes. These purposes will be analysed and select the most appropriate use of a marketing plan. This will help in coming up with a detailed conclusion on the effectiveness of a marketing plan in helping the business to increase its overall profits (Burrow & Bosiljevac 2011). Role and nature of marketing plan A marketing plan can be defined as a product or companywide plan that describes all functions involved in achieving marketing objectives in a certain timeframe. A business plan provides a general platform that a business needs to follow in order to achieve its goals. Marketing plan is a part of business plan that goes deeper in discussing the sales and marketing planning. It also offers market analysis, expense budget; sales forecast and even different milestone tables. On the other hand, business plan covers the overall expenditure to be covered with a business. Therefore a market plan plays a great role in setting up an appropriate business plan (Cohen, 2005). A marketing plan defines the firm’s long term mission. Every business has its mission that it wants to achieve. This cannot be possible if the business does not have an appropriate strategy to be followed. Marketing plan therefore, provides the appropriate strategy that a business must follow in order to achieve its mission. It also analyses all the risks and uncertainties that may face a business or a product in the market and provide the possible solutions. The mission is mainly based on an understanding the target consumers and all prospective competitors that might hinder the mission from being achieved (Cohen, 2005). Marketing plan helps in environment assessment. The plan summarizes the firm’s strengths, weaknesses, opportunities and threats and provides a way on how to manipulate these aspects in order for the company to increase its overall revenue. It mainly provides a way forward on how to take advantage of the available opportunities in order to strengthen the business position in the market. It also defines business strength and how to use them to increase the business competitiveness in the market. In addition, it defines all weaknesses that a business faces and how they can be eradicated or improved to fit the business mission. It also analyses the possible threats that faces the business and how to evade them (Cohen, 2005). A comprehensive marketing plan assesses the current status of the marketing effort in regard to pricing, distribution, product and promotional strategies. It assesses the relationship that exists between the business and other external factors such as competition, and target market. This help the marketer develops appropriate and measurable sales objectives.
Marketing plan role and structure Introduction For a business to be successful, the marker has to come up with appropriate strategies that will force the product in the market. In addition, the world has experienced a high level of globalization…
The marketing campaign suggested below will help the company realize three specific objectives. It will allow the company to increase its sales by 25 percent during October to December in Hull City. The second objective is to increase brand recognition and awareness among the public by 40 percent during the season.
The marketing audit demonstrates that Unilever has a strong brand but is weak on liquidity. However, opportunities are immense and they should leverage advantage. China is politically and economically stable as it was not impacted by the global recession.
Marketing Plan: Individual Reflective Essay Student’s Name, I.D. Course Number: Course Title Term and Year Instructor’s Name Marketing Plan: Individual Reflective Essay Introduction In the age of market economy, marketing plan has emerged as a major substitute to the standard and traditional tools of budgeting and forecasting in business management.
The project deals with the 5 years marketing plan for a company in UK. The company that has been chosen is Hotel Chocolat.
Hotel Chocolat is a well known chocolate making company which makes new types of chocolates (Hotel Chocolat, 2010). The company is one of those few companies which manufacture chocolates by growing the cocoa themselves (Hulten, Broweus and Dijk, 2009).
The product is manufactured by Coca Cola and is an energy drink targeted to individuals and sports persons. Hydra-Energy Shot can be described as a smooth tasting, low in calories (50 calories), added electrolytes, B12 (for energy) and assorted fruit flavors.
The important elements of marketing plan are to precisely define the business, identify the goals and serve as the firm’s resume. Pro forma balance sheet, an income statement, planning precise strategies and cash flow analyses comprises the basic components of a marketing plan. Preparing a marketing plan helps in the allocation of resources properly.
Moreover, because of the changing trends in the industry, the target market will be also attracted through the positioning of Spa as ‘an entertaining and relaxing place’.
In the beginning employee training will not be possible and company’s focus will
The main competitor in this sector is The Scottish Maritime Museum. Aberdeen Maritime is strategically located and the uniqueness of its products makes it have an upper hand over Scottish Maritime. However, Scottish Maritime is widely advertising their products which are
There are many departments in the company where various functions are been performed like customer service, cooking, cooking classes, the house keeping department, marketing department. All these departments do perform in an efficient
17 pages (4250 words)Essay
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