In the future, you may be asked to write a marketing plan. Explain what the marketing plan is and research the different components of the marketing plan. Also provide how the marketing plan is helpful to the organization. This is qualitative and you are not required to provide any quantitative data.
A marketing plan is used to design how a company will get their name to the public and includes reports that show how well the plan is working. The marketing plan tells the company what to do and when to do it. They are usually for a year at a time, but sometimes a separate area notes plans for the following two to four years. The plan should include what to do and how to do it. These plans are so valuable to the company they should be protected from competition. Marketing plans include research and development, product and the other elements of the 4 Ps, through distribution and advertising. Marketing plans need the input of many people from many areas of the company. It focuses the company on the market audiences. The plan elements include, analyzing the market situation, threats and opportunities (one half of a SWOT assessment), marketing objectives and goals, budget. Controls, and an executive summary.
The market analysis looks at the potential customers, the overall economy, the economic status of the company's industry, and competition. The potential customers are ...
This is an overview of the elements of a marketing plan.