Tuesday, September 24, 2019
Marketing Plan Role And Structure Essay Example | Topics and Well Written Essays - 2500 words
Marketing Plan Role And Structure - Essay Example This paper will therefore, discuss the role that a marketing plan plays in enabling the product position itself in the market. It will also discuss different elements of a marketing plan and importance of each element in enabling the marketer market the product. In addition, it will provide an appropriate structure of a marketing plan and distinctive features between a marketing plan and business plan. Also, the paper will look at how each element in a marketing plan enhances the markerÃ¢â¬â¢s understanding of the market. Different assumptions made when drafting a marketing plan will also be discussed and their relevance in accordance with the marketerÃ¢â¬â¢s objective. Lastly, different marketers use marketing plan for different purposes. These purposes will be analysed and select the most appropriate use of a marketing plan. This will help in coming up with a detailed conclusion on the effectiveness of a marketing plan in helping the business to increase its overall profits (Bu rrow & Bosiljevac 2011). Role and nature of marketing plan A marketing plan can be defined as a product or companywide plan that describes all functions involved in achieving marketing objectives in a certain timeframe. A business plan provides a general platform that a business needs to follow in order to achieve its goals. Marketing plan is a part of business plan that goes deeper in discussing the sales and marketing planning. It also offers market analysis, expense budget; sales forecast and even different milestone tables. On the other hand, business plan covers the overall expenditure to be covered with a business. Therefore a market plan plays a great role in setting up an appropriate business plan (Cohen, 2005). A marketing plan defines the firmÃ¢â¬â¢s long-term mission. Every business has its mission that it wants to achieve. This cannot be possible if the business does not have an appropriate strategy to be followed. Marketing plan therefore, provides the appropriate str ategy that a business must follow in order to achieve its mission. It also analyses all the risks and uncertainties that may face a business or a product in the market and provide the possible solutions. The mission is mainly based on an understanding the target consumers and all prospective competitors that might hinder the mission from being achieved (Cohen, 2005). Marketing plan helps in environment assessment. The plan summarizes the firmÃ¢â¬â¢s strengths, weaknesses, opportunities and threats and provides a way on how to manipulate these aspects in order for the company to increase its overall revenue. It mainly provides a way forward on how to take advantage of the available opportunities in order to strengthen the business position in the market. It also defines business strength and how to use them to increase the business competitiveness in the market. In addition, it defines all weaknesses that a business faces and how they can be eradicated or improved to fit the busine ss mission. It also analyses the possible threats that faces the business and how to evade them (Cohen, 2005). A comprehensive marketing plan assesses the current status of the marketing effort in regard to pricing, distribution, product and promotional strategies. It assesses the relationship that exists between the business and other external factors such as competition, and target market. This help the marketer develops appropriate and measurable sales objectives.