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Basic Marketing Plan

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For your last assignment, Mr. Gilbert has requested that you prepare a memo for the board discussing a basic marketing plan to bring the new product/service idea to the attention of the public. He explains to you that the marketing plan should show the board how successful the new product/service can be.

For this assignment, you must submit a memo in which you discuss a basic marketing plan to bring the new product/service you created to the attention of the public. For full credit, you must address the following in your memo:

Briefly discuss the new product/service you created.
Discuss a basic marketing plan to bring the new product/service to the attention of the public.
Explain how the marketing plan will help the new product/service be successful.
Give researched information on the industry and market.
Discuss what specific avenues would be use to get the word out to potential customers.
Discuss how your plan would capture the market share you have promised to your CEO.
Discuss the mediums you would use, their costs, and so forth.

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Solution Summary

The response addresses the queries posted in 1208 words with references.

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The response addresses the queries posted in 1208 words with references.

// In the following paper, we will discuss the procedure of a marketing plan. We will also discuss about the importance of a marketing plan for a new product. All the elements of marketing mix will be considered in this section to analyze the effect of a marketing plan on the introduction of a new product.//

Introduction

Marketing plan is a written document in which the necessary actions are described in order to achieve certain marketing objectives. Time period of a marketing plan can be between one to five years or even longer depending on the objectives, which need to be achieved. In order to make a successful marketing plan, the organizations must have a sound and clear strategy. A plan, which is written, is supposed to be more successful than those which are not formally written. Most of the organizations have a strategy, and it is continuously reviewed after a certain period of time. A marketing plan having the backup of a strong strategy must be scanned after every stage, so that it can be amended, if there is any problem (Botha, & Brink, 2005).

A good corporate mission and vision are very helpful in formulating a strong marketing plan. The four elements of marketing mix, i.e. product, price, place and promotion are used to formulate the marketing plan. By working on this, the marketing mix can achieve the desired target of the organization, which is the generation of profit in most of the cases. Financial data, Product data, sales and distribution data, advertising, sales promotion, merchandising data and market data and miscellany are few important points which can make a marketing plan very successful.

// In the following section, we will focus on the new ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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