Unit 1 Individual Project - Essay Example

After the target markets have been determined, the marketers have to build up strategies to provide the target markets with the best quality product which meets their needs and desires. “Marketing Plan is a written document bearing the necessary contents and actions required to achieve one or more than one marketing objectives. The marketing plan can be for the publicity of a product or service, brand or a product line.” (Patrick Forsyth; 2003)1 This marketing plan can be annual, covering a year or it can stretch over 5 years.

The marketing plan is one of the constituents of the entire business plan. The marketing plan requires a stable and well built marketing strategy. (Patrick Forsyth; 2003) Marketing plan establishes the direction a business is going to adopt and the strategies that need to be built up in order to attract more and more customers, promotion of business towards the right path, profitability and ways of competition.The basic and the most essential purpose of any plan being made in a business or organization is to identify and study the directions that need to be followed in order to achieve the set goals and reach the desired outcome.

Planning gives an overview of how the business will survive and compete with other companies or organizations. It determines the future success and viability of the business. The activity of planning helps answer the questions of how a business can compete and achieve a sustainable marketplace. (D.Abell; 1980)2 The purpose of a marketing plan is to clearly identify the direction that is required to be taken in order to market the business. The other part played by a marketing plan is to determine the ways a business can gain profit, promotion and expansion of business, attract and retain customers, and exploit identified market place opportunities. (D.Abell; 1980) While establishing a marketing plan, the position of business in the market place can be