ORGANIAZATIONAL MANAGEMENT
FINAL REPORT
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.
1. “The
A marketing plan can be viewed as a roadmap in which an organization navigates through a sequence of steps in order to promote a service, goods, or program (Thomas, 2015) (May, Apr 12, 2012). Therefore, in order to initiate the occurrence of any marketing activity, it is vital to have a marketing plan to follow in the event to create awareness, attract customers, and to gain business (Thomas, 2015). In having a marketing plan, the organization must delineate their marketing initiative through a sequence of designated steps by strategically organizing, marketing activities while defining who will be their targeted potential customers (Buttell, Jan/Feb 2009). In meeting the strategic objectives of a marketing plan, it should
A business must be highly competitive in the business markets today. For a business to grow successfully, remain sustainable, and competitive a business needs a good understanding of a marketing plan, and the knowhow to put the concepts to work for the business achieving a successful marketing strategy. Remaining successful when an economic growth has leveled out shows a sustainable business. Competitors that follow the same marketing concepts will need to develop a good marketing plan, and implement the concepts into a marketing strategy to remain a competitive business. A good marketing strategy contains a marketing plan describing the products offered, and taking into account
Question: Outline the marketing process and explain the importance of each element of the marketing plan.
Whilst making marketing decisions a business must decide their method of marketing. This will then be the way in which all future marketing activities will be planned. This is marketing planning. It has a huge number of benefits for any business. It’s influenced by the strategic plans of the business and its corporate objectives. Large public limited companies such as Nestle will usually have an overall plan for the business and has set objectives which they’re able to achieve. Smaller companies within the business will then create their own marketing plans which fit in with the overall strategic plan. The business has to consider several questions before coming up with the marketing plan:
1. Identify and describe the main sections of a marketing plan? A marketing plan provides a company with information that could help its success or fail. All marketing plan need to consider what happen now and what will happen in the future.
2) What are the key components of a marketing plan? List and describe each component briefly.
Lastly, they need to evaluate the process to make sure the strategy is successful. With the strategic plan in place, marketers can then focus on creating a marketing plan. The marketing plan should consist of an Executive Summary, Situation Analysis, SWOT for each product line, Marketing Goals and Objectives, marketing Strategy, Marketing Implementation and Evaluation and Control. There are many parallels in how the strategic plan and the marketing plan are
List and analyze FIVE factors which Marketing Manager can apply as tools in to his /her crafting strategy, formulation and execution
Examine the components of a marketing plan. Determine the component you believe to be the most important and the
The components of a marketing plan is an executive summary, 5 c’s, STP, 4 P’s and appendices. Its would be
Marketing planning involves looking at all angles, the best strategy that will enable a company utilize it resources efficiently. Organizational resources are scarce and thus planning become inevitable. Analyzing the marketing requires adequate knowledge with proper strategies to seize opportunities that exist. Market planning requires that organization understand their internal and external environment. Internal
On the other hand, the managing marketing implementation is the process that helps customers to keep in mind the strengths of the company. In order to accomplish this, three stages are required to be followed such as an analysis of the markets and trading environment, determination of core markets and brand positioning and last, but not least, setting up flexible programmes for implementation. Controlling the marketing plan should include the flexibility of objectives, empowerment for environmental changes and monitoring, in order to allow new opportunities for the business.
The marketing plan habitually comprises time limits, budgets and allocations of staff and this can help the business identifying the definite marketing activities and specifications for the budget, setting and achieving marketing goals, bringing a marketing strategy in the company for life (Mcdonald et al, 2011)
Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p
The marketing Plan is an exhaustive archive, diagrams which frameworks and associations broadcast and undertaking the advertising for the future . This depicts the business activity need in finishing certain promoting targets inside a particular span of time ,