How Marketing Concepts Are Carried Out Into The Execution Of A Marketing Strategy

1680 WordsMay 22, 20177 Pages
Marketing Concepts In order to make decisions, current, accurate, and timely information is required in order to formulate a plan and take action. This concept holds true whether you are an individual seeking to make a purchase, a company developing a product, or an organization seeking to establish a partnership with an outside entity that will promote growth and generate increased profits. For companies operating in markets that are constantly evolving and where competition is fierce; having a solid plan can be the primary factor behind its success. Therefore, companies rely on the knowledge and experience of key personnel to not only develop a plan, but present it in a compelling way that will result in key personnel receiving the…show more content…
342). The business challenge section describes the specific offering and summarizes the reasoning for why the company should invest in the offering (Tanner, p. 343). Next, the market section describes the current market status and outlines the organization’s customers, competition, and any other entities the company may work with throughout the process (Tanner, p. 343). The plan should then detail the strategy that the organization will employ in order to sell the offering and to develop the market (Tanner, p. 346). Following the strategy portion, the budget section provides detailed assessments of all resources (i.e. personnel, equipment, locations etc.) that are required for a successful product launch (Tanner, p. 347). Lastly, the conclusion of the market plan reiterates the key aspects to include the offer itself, the target market, and communication plan; while also providing the reasoning for why the plan is the best choice (Tanner, p. 348). Ultimately, the marketing plan is valuable to an organization because it acts as a tool to sell ideas and provides essential details that are vital to the company’s overall success. Now that the elements of a market plan have been discussed, the following text will discuss how different marketing concepts are carried out into the execution of a marketing strategy. Since the executive summary provides decision makers an overview of the entire plan, this section will be developed last. Therefore, a team can begin with the
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