Marketing plans are significant for business in order to help them achieve their objects and long-term goals and how much it will cost them as well as knowing the time frame. Marketing plans help out-line the steps that must be approached for the objectives to be achieved. It also helps the company to know where they are, where they want to be and how they want to get there. With the help of marketing plan, it will allow them to know how selling their product allows them to reach a profitable growth in the long term.
Ensure that you have clearly stated what your Marketing Plan is designed to do, e.g., measurable goals by which you will increase units sold, dollars of revenue made, etc. What do you want to accomplish?
Marketing strategies vary greatly. Although there is no strategy that will fit every business’s needs, there are some guidelines to follow. Before doing anything, make a set of goals within a timeframe. Here is an example:
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
6. Budget of your firm: When designing a market strategy, keep the budget of your organization in mind. Remember that 80% of your sales come from 20% of your customers. Shift your focus to the top segment and make sure your plans have the greatest impact when presented to them. List down the activities that need to be done in-house and the activities that you might need to
Price interacts with all other elements of the marketing mix to determine the effectiveness of each and of the whole. The objectives that guide pricing strategy should be a subset of the objectives that guide overall marketing strategy. Thus, it is probably wrong to view price as an independent element of marketing strategy or to assert that price, by itself, is a central element in the marketing mix.” (Webster, 1979)
The company would employ varied marketing strategies that they will use for the next one and three years. One of them is the pricing strategy, which is one of the essential marketing elements. Bearden, Netemeyer and Haws, (2011, p.63) point out that pricing strategy is one of the vital element of competing with competitors favorably. This is through setting the prices of products differently in order to differentiate the price from that of the competitors. Many companies use pricing strategy in setting the price above or below the equilibrium level in the market. For instance, the
Putting together a marketing plan is often labor intensive and as a result, can often take many employees from several departments. In addition, because a market plan is essential to the success of the company it simply requires many people each contributing in their particular area of expertise.
Pricing strategy can be defined as the strategy that aimed on finds the product best selling price to accomplish overall organizational objectives (Kurtz, 2012). Pricing strategic is directly related to product positioning. It is because the managers must consider how much the target market is willing to pay and cover back of the product cost. Therefore, Chatime has decided to lower its prices on milk tea to target on common people.
A well implemented marketing strategy should increase the firm's customer equity, the expected earnings from a firm's current or prospective customers. While marketing strategy planning is helpful to marketers, it requires all aspects and business departments must work parallel to create good marketing that will benefit the consumer and the business while delivering good and services that brings merit to the relationship of business and consumer. These involve the financial managers, accountants, production and personnel people and all other specialists.
In todays’ world marketing continues to impact a companies projected and current profit, and it will continue to grow for those two things in the future. Some of the basic concepts that help for the development of a marketing strategy, in my personal opinion, can be shortened down into three quick reference concepts. First would be researching the interested or potential market for a current product, or a potential product. Second ensure the product and most importantly the price catches the eyes, and reaches into the ears of the intended market area, giving the marketing or reasonably priced yet quality product. Third and as significant as the other two market that product through all useable resources and tools at your disposal, such as search engines like Google, or social media like Facebook and Twitter. Indeed these could incorporate more in-depth explanations and discussion, the fact is these are my personal shortened concepts to the basics of marketing. Suggestions and thoughtful conversations are acceptable for things you think I am leaving out that are important, including things that you think should be added.
Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).
Having a well-planned out strategy created by your marketing team is essential to your organization’s success. IT will help you to achieve that goals that you set for the organization and help in attaining the profitability that every business person wants to achieve.