Academic Insight: The Purpose of a Marketing Plan
As a company, the future of an organization is described by its vision and goals. According to the U.S. Small Business Administration, (no year given), “In order to successfully grow your business, you’ll need to attract and then work to retain a large base of satisfied customers” (para. 1). Often times, an organization will have the best intentions on gaining customers, but that is only half the battle. Retaining customers is just as, if not more important than gaining customers. In order to gain and retain customers, organizations must maintain high quality service, cross-sell products and services (Fleischner, 2014).
What Is Marketing?
Marketing can seem a bit cumbersome, but true marketing, if done correctly will be an ease. According to Solomon, Marshall, & Stuart (2011), “Marketing is a fundamental part of our lives both as consumers and as players in the business world” (pg. 7). A marketing plan is not a complicated task if the proper model is used and the task approached thoroughly. Kokemiller (2013) has identified the following:
A marketing plan is a document developed by company leaders and offers a guide for the marketing department to implement steps necessary to align with stated marketing objectives and strategies. Typically, companies develop a marketing plan every few years but review it periodically for adjustments or chances based on company strategy” (para. 3).
A marketing plan Alternative marketing models are described and a life cycle analysis tool to assist in selecting a development strategy is demonstrated by a well-developed marketing plan can and will increase the client’s visibility and generate revenue (Fleischner, 2014).
Components of a Mark...
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...ient’s unique positioning, the client is in a much better position to promote and sell their product or service effectively. “By establishing goals for the marketing campaign, the client can better understand whether or not their efforts are generating results through ongoing review and evaluation of results” (10 Key Components of a Marketing Plan).
Finally, a marketing plan is important to the client because it provides visual timelines. It serves as a road map for where they want to go. A marketing plan additionally serves as a ‘thermostat’ to see what has been done and been successful, as well as what has not worked and needs to not be done again. As Luke (2013) states, “This can rarely be accomplished and will be counterproductive to your overall marketing success” (p.20). Organizations must not only set goals, but work towards meeting and exceeding goals.
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
A marketing strategy is an objective driven long-term plan which aims at achieving specific marketing goals. Clorox strategic plan aims at growing its sales volume by 3 to 5 percent annually and this means that the marketing team needs to come up with ways through which the required sales volume will be achieved.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness
...rketing plan that will form the basis of all your marketing activities. Today, there are literally dozens of ways you can communicate your
Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
Having an effective marketing plan is invaluable to all businesses. Even so it is amazing the number of companies that think they can operate and succeed without formal plans!
Before running a campaign for my business, I need to know the importance of planning a marketing campaign. In making a marketing campaign, I would have to define my goals, the target audience, my competition, my budget, the media use, develop an effective message and evaluate the campaigns results (Correia, 2014). It is very important to know the importance of planning a marketing campaign to effective send out the message to the audience so they can relate to the message and get their attention towards the
In order to know is the market plan is it successful; we can look at the profit. If the profit is rising then it is a well strategy. First we have to set the budget for the business then have to choose your marketing strategies to communicate with the customers.
An organisation strategies that combine all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and the business. marketing strategy is one way to achieve the goal of a company. The destination marketing is the first and best in class in meeting the needs and aspirations of consumers. Besides that, being a key partner for our customers, consumers and communities. Eliminating non-value added activities of the process. However, the aims to increase the target profitable growth and provides benefits above average employees and shareholders. There is an example of marketing strategies that used in Rejoice company. The 4P’s are influence the marketing strategies.