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    What Are the Essential Components of a Marketing Plan?

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    1. What are the essential components of a marketing plan?

    2. Can you identify what are the quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness?

    3. One of the elements of the marketing mix is price. The decision to reduce the price of a product can be promoted in marketing campaigns. Also, lowering prices can be used as a tactic to help increase market share.

    Provide other examples of a company which promotes lower prices in their marketing to help grow their business.

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    Solution Preview

    1) There are many different ways to create a marketing plan, but here are some of the most important elements in my opinion:

    Executive summary: This is your way to state your case in few words. If people were to ONLY read one section, this would be it. You need to convince them of your idea, and sell them on the idea.

    Describe the product or service: This is where you spend the time to describe what you are selling, and why people need it. Why is your product or service better?

    Identify your target market: Who will purchase the item? You better know your customers well in order to understand their wants and needs, and how you can target them and convince them to spend their money. You usually describe the demographic of your customer.

    Know your competitor: You need to now who you are competing against, and why you are better. Basically, the more you know, the more prepared you are, the better equipped you will be to surpass the competitors

    How will my message reach potential ...

    Solution Summary

    The solution discusses what are the essential components of a marketing plan.