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Marketing Plan

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Marketers must understand the tools of their trade. Using both the textbook and Cybrary resources, research the essential marketing tools, then create a report in which you address the following questions: 5-6 pages (Word document)

What is the overall purpose of a marketing plan?
How do a marketing plan and strategic marketing plan fit together?
What are some legal or ethical issues you may need to consider?
List and describe the various components of a strategic marketing plan?. This portion of the project provides a framework for the remaining assignments in the class .
All research should be cited in the body of the paper.Your report should include a reference list. For more information on citations, see the writing and citation tools available in the Cybrary.

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Marketing Plan

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1) The purpose of a marketing plan
(source: http://www.tafeplus.com/sbg/20_markt_plan/20_markt_plan_03.html)

It is used to clearly identify the direction that you have decided to take in order to MARKET your business.
It is used to define how you are going to interact with your customers and what marketing activities you will undertake to delight those same customers.
It forces you to assess what's going on in your marketplace and how it affects your business.
It helps you pull together your marketing efforts into one cohesive effort.

The purpose of any plan in business is to identify the directions that you are going to take in order to achieve a specific outcome. Planning is a critical activity - it is a core business principle that underlines the future viability and success of the business. The planning function is based on the premise that before a business can hope to compete effectively and achieve a sustainable competitive advantage in the marketplace, it must establish clarity in direction, that is, have a well defined mission; and create supportive workable strategies to achieve this mission. So a business plan is about sitting down, describing the future direction for the business and then working out the best possible way to get there.

A marketing plan helps you define how you are going to interact with your customers and what marketing activities you will undertake to delight those same customers.. The marketing plan pinpoints:

Who you are going to sell your product or service to
Who your competitors are
What position you are going to take in the market (For example, high quality/high price or low quality low price high volume)
What you are going to sell
Where you will distribute to
What volume of product you hope to sell - who is going to buy it, when etc
How much profit you think you are going to make
How you are going to promote your business
What price you are going to set
What level of service you are going to provide - eg after sales service

But it is not only the finished product of a marketing plan that is valuable to a business. It is the process of writing the marketing plan, the discipline and ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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