Q4: What are main elements of a Marketing Plan?
Executive summary: The main purpose of writing this report is to explain what are main elements of a marketing plan. To deeply understand what are main elements of a marketing plan, defining marketing plan and being aware of the importance of marketing plan first is necessary. Marketing plan basically consists of description of the target market, competitors, and product or service, marketing strategy, analysis, and marketing budget.
Introduction: A marketing plan is written for describing the position of a business in current market as a business plan. It will guide…show more content…
After collecting information and observing, it will be easy to make a right segmentation. The other main elements of marketing plan that cannot be ignored are tactical plan, budget, and marketing controlling. As it is known, tactical plan will promote your products in a short time. Marketing budget consists of advertising and promotional plan, costs allocated for advertising and promotions, advertising and promotional materials and list of advertising media to be used and an estimate of cost for each medium. How to control market? The managers make rules to help maintain the marketing environment when there are certain problems happened in the market. The rules that the managers made before will play a crucial role in such cases. With such an experience of dealing with the urgent cases, managers as well as the corporations will be able to realize the importance of making rules as it is in dispensable in marketing plan. This is always used to control and master the rate of progress. It will also allow the senior manager to review the effects of implement so that they might find some products didn 't reach their expected goals.
As I have mentioned several times above, the key elements of every single successful marketing plan include the concepts of product, price, place and promotion. The marketing mix of these four elements will help the marketing manager develop a success strategy foo promoting products and services to customers.