Marketing is definitely an important aspect of a business and without marketing; it would not be possible for the company to reach the potential customers regarding the services and products offered by them. Furthermore, without customers knowing about the certain beneficial features of the product, the manufacturing of such products will be valueless. This is the reason marketing plan plays such an important role within businesses (Leigh Anthony, 2014). Planning how an organization is going to reach its potential customers will help the organization to make sure that customers are well aware of the products or services provided by the business.
How a Marketing Plan Can Help
Considering the overall business scenario of an organization, it …show more content…
The following marketing strategies are necessary components of a marketing plan that can be included for the proper promotion of the organization offerings.
Target Market
In the present scenario, it is a fact that the market is diverse and with the allocation of resources, it is almost impossible for the customers to trust within a specific product; which will be beneficial for them (Daine Watkins, 2011). This is the reason a business needs to have certain target customers. In addition, a business keeps developing by keeping in mind certain demographic factors and target customers, for instance, the luxury products are targeted towards the high profile or high income group of customers. Again, the psychographic factors determine the target market, like, offering products or services to customers of certain lifestyle. For this target market, the marketing plan needs to detail the profile of customers so that the messages are delivered to the right customers; this saves money, valuable time, and effort, for the …show more content…
Metrics is an important aspect of market planning, because initially a business might need to invest certain amount of money out of which a partial amount might get wasted, but a company cannot afford to take that risk every time; thus, it is essential to calculate the metrics of business. One of the beneficial methods for consumer awareness is consumer surveys (Miranda Brookins, 2014). This can be an effective way for enhancing the brand awareness and the surveys are a way of measuring where the sales figures are not directly related to the different marketing spends. The objectives of the company need to be both short and long term for allowing in adjusting the marketing methods while the metrics offer a poor
How a Marketing Plan Can Help
Considering the overall business scenario of an organization, it …show more content…
The following marketing strategies are necessary components of a marketing plan that can be included for the proper promotion of the organization offerings.
Target Market
In the present scenario, it is a fact that the market is diverse and with the allocation of resources, it is almost impossible for the customers to trust within a specific product; which will be beneficial for them (Daine Watkins, 2011). This is the reason a business needs to have certain target customers. In addition, a business keeps developing by keeping in mind certain demographic factors and target customers, for instance, the luxury products are targeted towards the high profile or high income group of customers. Again, the psychographic factors determine the target market, like, offering products or services to customers of certain lifestyle. For this target market, the marketing plan needs to detail the profile of customers so that the messages are delivered to the right customers; this saves money, valuable time, and effort, for the …show more content…
Metrics is an important aspect of market planning, because initially a business might need to invest certain amount of money out of which a partial amount might get wasted, but a company cannot afford to take that risk every time; thus, it is essential to calculate the metrics of business. One of the beneficial methods for consumer awareness is consumer surveys (Miranda Brookins, 2014). This can be an effective way for enhancing the brand awareness and the surveys are a way of measuring where the sales figures are not directly related to the different marketing spends. The objectives of the company need to be both short and long term for allowing in adjusting the marketing methods while the metrics offer a poor