A marketing plan is an essential tool for any business in today’s competitive consumer market. Developing a marketing plan will aid a firm in thinking about what makes its business unique and how it will get the message out to desired consumers, using a variety of different channels. A marketing plan helps a firm focus on the Four P’s of marketing; price, product, promotion, and place. If the plan is well thought out, it will keep business owners and employees on track, as well as help to identify consumer needs. It will also help to evaluate those consumer needs and determine if the organization can meet or exceed expectations in order to turn the desired profits. There are five main components that make up a marketing plan, the executive summary, business challenge, market, strategy, and budget (Tanner, Jr. & Raymond, 2012). A well thought out and executed marketing plan will make it easier for an organization to decide if the plan will profit.
The Components of a Marketing Plan
The executive summary is the first component of the marketing plan. The executive summary will provide the organizations executives with everything they need in order to make decisions regarding the marketing of the product. Included is a brief description of the market, the product offering, the strategy for the plan, and the budget (Tanner, Jr. & Raymond, 2012). Other information included is information in regards to how competitors and channel partners may respond to the plan. The summary of the budget will be the most important aspect of the executive summary and organization executives will look to the budget before making decisions in regards to the course of action to be taken. The executive summary, the first component of...
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...l extend out to cover the budget needed to hire new personnel, open new locations, purchase new equipment and cover any other expenses that should arise. Provide details on the budget needed to both launch and maintain the duration of the offering. The budget not only covers the funds going out but the returns coming in as well. Document both long and short term goals for the offering, such as, projected sales, cost, and net income.
The components within the marketing plan will give company executives an in-depth look at how to market an offering. Details are the most important aspect to a solid marketing plan. The ultimate goal of the marketing plan is to sell the offering to your readers and get them on board providing support financially as well as their time in order to launch the offering giving the product the best possible chance of longevity.
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