A marketing plan is defined as a written organization document that describes the current market situation for a particular company and the way through which it will pursue its marketing operations for products and services within a given period of time. The period that is covered by the marketing plan usually lies between a minimum of one year and a maximum of five years. The marketing plan takes into consideration the prevailing issues in the market like products, pricing, placement, and promotions. Besides, it also takes into account the features of the target market, available controls, and assessment of mechanisms confirming the efficiency of the strategies used.
It provides a short description of how the components of the marketing mix could be pursued in order to meet the objectives, which will help in determining the desired returns on investments, total sales, and market share for a particular segment of the market (Juin, 2000). The process entails writing comprehensive objective statements, quantifying and measuring them for the best results. Effective marketing plan is mainly centered on a sound and strategic foundation.
Objectives of a Marketing Plan
It is a comprehensive guide, which provides a summary of the overall business marketing efforts. It is applied as a means of achieving the marketing objectives of the business. A marketing plan is mainly aimed at making the business to be in a position of offering solutions based on the information that it has about customers’ expectations. In this way, the business is able to satisfy the unfulfilled needs of the customers, thereby making sure that the information obtained is acted upon. The marketing plan will act as a mechanism for increasing the business’ market share. It helps the business in the identification of its competitors, existing and potential customers, strengths and weaknesses of the company (Juin, 2000).
A marketing research helps owners of small businesses in determining the needs and preferences of their customers, thus offering the products and services that are needed most. Some of the common sources of marketing information include feedback from customers, existing market reports and competitors.
Juin, S. С. (2000). Marketing planning & strategy. Thompson Learning.
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