Competition: The marketing plan should identify the organization's competition and the marketing strategies they're employing.Examining the market dynamics, patterns, customers, and the current sales volume for the industry as a whole. Market research: Gathering and classifying data about the market the organization is currently in.These are some of the most important things that companies need when developing a marketing plan: Outline Ī marketing plan should be based on where a company needs to be at some point in the future. Marketing planning can also be used to prepare a detailed case for introducing a new product, revamping current marketing strategies for an existing product or put together a company marketing plan to be included in the company corporate or business plan. Marketing planning segments the markets, identifies the market position, forecast the market size, and plans a viable market share within each market segment. The marketing plan can be used to describe the methods of applying a company's marketing resources to fulfill marketing objectives. The marketing plan would then outline the objectives that need to be achieved in order to reach the fifteen percent increase in the business market share. For example, a marketing plan may include a strategy to increase the business's market share by fifteen percent. The marketing plan shows the step or actions that will be utilized in order to achieve the plan goals.
#Promotional mix base full#
It can also contain a full analysis of the strengths and weaknesses of a company, its organization and its products. A marketing plan can also be described as a technique that helps a business to decide on the best use of its resources to achieve corporate objectives. This includes processes such as market situation analysis, action programs, budgets, sales forecasts, strategies and projected financial statements. Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable return. It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives.
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A marketing plan has a formal structure, but can be used as a formal or informal document which makes it very flexible. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.
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3.1 Medium-sized and large organizationsĪ marketing plan is a comprehensive document or blueprint that outlines the advertising and marketing efforts for the coming year.2 Marketing planning aims and objectives.