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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. This essay is aimed at discussing the various aspects of and issues related to marketing plan. …
This essay is aimed at discussing the various aspects of and issues related to marketing plan. In this context, first the role and nature of a marketing plan is discussed. Next, the structure of a standard marketing plan is explained. After that, there are the sections in which elements of marketing plan are elaborated sequentially. The links between marketing plan elements are discussed in the following section. In the section of assumptions, there is a discussion related to the common misconceptions regarding the marketing plan as a whole. Reputable journal, text, and Internet based sources have been used throughout the paper. Role and Nature of Marketing Plan What is a Marketing Plan? A marketing plan is used in backend and management operations. It is aimed at the potential consumers and also the public at large. The complete plan is kept like a guiding document for personnel involved in advertising, sales, and marketing. Marketing plans contain the results obtained by research, which help in identifying tactics and strategies for communicating with the consumers. Hence, it must have an ethical but persuasive orientation. (Solomon et al, 2012; Kang et al, 2002) What is the relationship between a Marketing Plan and a Business Plan? Marketing and business plans have a significant number of elements and subsections in common. ...
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