Question

Discuss what a marketing plan is and describe the different components of the marketing plan in your own words. Also, explain how the marketing plan is helpful to the organization

Answer 1

Marketing plan means set of different activities to reach the marketing objective in predetermined time. This market plan requires important background work that is identification of customers needs through market research and finding way to get fruitful returns. It based on different aspects like present and anticipated market conditions, planned actions, programs, opportunities, trends, forecasting, budgets, financial conditions etc… of a individual company.

The elements of marketing plan.

Marketing plan consist different elements, among them some important elements are

Research

Research is very important for effective marketing plan, based on information gather through research only, we can make effective marketing plan. This research should include all the information about market conditions, customers’ needs and their buying behaviors, tastes, preferences, opportunities, threads, strengths, weakness of the organization.

Competition

To make marketing plan to beat competitors for long run, we should understand the present competitors and their strength in the market

4ps of marketing

To make perfect marketing planning, we should know about the Product, Place, Promotion and price and based on those aspects, we should prepare marketing plan.

Target market

To plan better, we should recognize the target market, which means we should concentrate more on target market, target market means prospective buyers

Budget

To prepare marketing plan, budget is very important and playing crucial role, based on capital availability and budget, we should prepare marketing plan, so that we can avoid losses in the future.

This marketing plan is useful to improve the profits and useful to avoid the losses in the future time, so that company will get good returns and brand name also increased because with using this marketing plan, everything is pre prepared. Plan means think we before act, so company may get good results.