Strengths And Weaknesses Of A Marketing Plan

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

Market share is defined as companies sales as a percentage of total sales volume in a specific industry, market or product area.

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?

Efficiency Ratios tells us how well the company uses their assets to generate income. These ratios look at how long it takes to collect cash from customer and to convert inventory to cash. Efficiency ratios are connected with profitability ratios because if they are efficient, then they become profitable. The type of efficiency ratios include accounts receivable turnover and inventory turnover.

A successful marketing campaign needs a lot of planning up front, a very granular plan, down to the details can help eliminate any surprises along the way and ensure a smooth campaign and increase the chances of achieving your goals.

In The Marketing Plan Handbook, Chernev gives a simplified approach to writing marketing plans. It outlines the basic principles of writing a marketing plan and it puts emphasis on marketing as a value-management process. It incorporates the relevant aspects of the business, such as the financial, operational, technological and organizational aspects. Chernev states that marketing plans do not have to be lengthy but should contain need-to-know information and not so much nice-to-know information which is not directly related to the decision at hand and is rarely actionable. He breaks down the marketing plan in eight parts: executive summary, situation analysis, goal, strategy,

A marketing plan is interracial to the success of any business. Regardless of size or what you’re trying to sell it’s going to the back bone of profitability. There are many different aspects that go into making a market plan including: market

Marketing plan is a business document that describes the marketing environment, outlines the marketing objectives, analysis current position

After Ryan had planning on this all area, so Ryan starts to develop a sound marketing plan. Marketing plan prepared by Ryan is to determine the size of the potential market in units and dollars, estimate the market share that could expect to attain, and then develop sales projections over a 12-month period.

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

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.

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.

A good marketing plan is nothing but the blueprint for marketing products and services, and step-by-step guidance to deliver marketing strategies for the business (Brassington et al, 2012). This is a true, detailed document that sets perfect, true and measurable functions.

Marketing strategy is the goal of the increasing sales and achieving the sustainable competitive advantages. Marketing strategy includes all the basic and long-term activities in the field of the marketing that deal with the analysis of the strategic initial situation of the company and the formulation, evaluation and selection of the market-oriented strategies and therefore it contributes to the goals of the company and its marketing objectives.