Understand The Importance Of Marketing Plan Essay

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The importance of marketing can be determined by having an insight on the businesses whether small or large, competing for the same market and consumers. If the customers of that target market are not coming to check the products, then the business definitely requires strong marketing efforts. It is mandatory to understand what is marketing and how it works from choosing a service or product to its distribution and how it invites success and retains the growth.
The marketing plan caters the entire process of exchange designed by organization or individuals grounded on basic principles and strategies of marketing in order to identify, anticipate and satisfy the needs of the consumers and other parties involved. Exchange is the central focus
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This concept helps the brand to reach objective and expand in market. Coca-Cola has potential customers around the world in masses regardless of age, gender and ethnicity. According to the facts and figures the product is highly consumed among teenagers and young adults aged 15 to 20 years and also adults around 40 in United States but the adults comprises consumption in minority (Regassa, H., &Corradino, L. (2011). 105-110). The addition of other products under the brand’s name such as Coke-Zero has captured the attention of the seniors because it is Calorie smart and an ideal beverage for those who are required to control their diets due to certain health …show more content…
Effective pricing strategy balances the other factors like fluctuations in market or sales and results in maximized profit along with maintaining the demand of a certain product or service. Pricing also affects the elements of marketing like targeting and positioning (Kotler, P. and Armstrong, G. 2006). Coca-Cola invest huge amount on advertising and promotional campaigns where as the price of the product is easily affordable by consumers belonging to any class.
Place refers to the channel that caters to the distribution of the product like where the company will sell the product. Distribution also depends on the product, if it’s a consumer product then it is required to be accessible by its consumers as far as possible just like Coke which is widely available internationally and locally.
Distribution has a great impact on the profitability of a product because consumers can’t reach the product if it’s not available to them, distribution channels plays a vital role in the structure of production, shipping, warehouses and sale points. (Barker, C. and Pyle, J. 1936.

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