Essay on Marketing Plan

3286 Words May 12th, 2015 14 Pages

General 1. The purpose of a marketing plan is to determine the current situation a company is facing and then to generate marketing strategies and tactics in response. A quality marketing plan requires a careful analysis and understanding of the firm, its resources, and its customer base.
Components of a Marketing Plan 2. Although there can be different formats which can be adopted, but a suggested sequence of marketing plan is as under:- a. Executive Summary b. Current Situation c. SWOT Analysis d. Marketing Objectives e. Target Markets f. Marketing Strategies g. Marketing Tactics h. Implementation i. Evaluation and Control
…show more content…
Issues to be examined include:- * Economic trends * Technological trends * Political-legal trends * Social-cultural trends 7. Competitors. As part of an assessment of the current situation, marketing managers spend a great deal of time considering all of the forms of competition that affect a market, a product, and individual consumers. A competitive analysis begins with identifying the various levels of competition starting with the most direct competitors and then moving to competitors selling substitute products and competing for the same dollars a business or consumer has to spend. Analyzing the competition helps a company's leaders analyze the manner in which the organization is perceived by customers. Once competitors have been identified, some questions that should be investigated include:- o. What are the competition’s strengths and weaknesses? p. What product positioning strategies do competitors use? q. What is the target market for each competitor? r. Why do individuals buy from a competitor? s. What makes the competitor’s product unique or attractive? t. What types of marketing programs do the competitors use? u. How does the competition promote and/or advertise products? v. What competitive advantage do they seem to possess or promote? 8. Customer Analysis. The

Related Documents