Marketing plan refers to written declaration that indicates the target market, illustrating the organization objectives accounting on the products, groupings the profits depending on the strategies used and containing the effective market mix (Lidstone & MacLennan, 2017).All this forms the effective marketing mix programs that helps organization to achieve its goals and objectives. An effective marketing plan is a basic for every organization. This assists in integrating marketing activities thus forming a base or foundation that has favorable conditions for the success of the company in marketplace.
Evaluation of marketing opportunities.
Evaluating marketing opportunities follows a specific pattern. The company ought to follow steps outlined in the market plan (Lidstone & MacLennan, 2017).In the market plan evaluation of the opportunities will be based on;
- By breaking the entire market into segments. This segments varies depending on the products, services offered by company and the size.
- Ensuring the targeted segment gats the appropriate product .Identifying similar needs between the segments in market.
- Company should focus on the large segments in the market so as to secure huge profits.
- Identifying whether a certain segment in the market gives a Greenfield opportunity or not.
- Company need to be careful when evaluating those segments which are believed to have small number of customers.
Organization opportunities and strengths and opportunities to meet objectives.
This is based on the SWOT analysis in business (Lidstone & MacLennan, 2017).Aligning opportunities and weaknesses with the objectives boost the market plan concept. This is based on whether it’s internal or external business environment.
Strength involve those resources a company use to achieve its mission and objectives.
Weaknesses is a defect that deters a company to achieve its goals.
Opportunity which is based on any favorable condition that will assist in achieving objectives.
Threat is always a barrier in business that damages strategies and objectives.
This part of SWOT analysis helps the company to ensure opportunities in environment are met in appropriate procedure.
Developing the resources and expertise to meet the objectives.
In order for the resources to give positive results in the company then they need to be aligned with the objectives (Scarborough, 2016).Resources defines the assets that organization have. It starts by defining and identifying gaps in market, providing appropriate training to human resource, ensuring there is new learning in the workplace, coming up with the strategic measures that will lead to development of objectives and then communicating the objectives to relevant personnel in the company .All these helps to attain the necessary objectives in the market.
Legal and ethical marketing.
Marketing plan will include the marketing morals and principles which regulates the whole market (Scarborough, 2016).It starts with ethics in promotions, advertisement and legislation ethics. It is based on;
Price ethics which demands the marketing users to maintain the pricing ethics in business. It deals with price fixing, price collusion and issues f pricing wars.
Ethics in promotion and advertising in marketing. Focuses on determining how information is conveyed to the market.
Also the aspect of environmental ethics based on waste disposal .Legislation based on this is formulated to control disasters from disposals.
Costing for marketing.
Marketing cost in marketing plan revolves around the whole procedure incurred in delivering goods and services to the consumers. This includes those cost either fixed or varying depending on the goods and the customer (Sparks, Nykiel, & Jascolt, 2012). The plan includes promotions, distributions of products and delivery of in warehouses and stores in a company.
Schedule for marketing.
Carrying out marketing plan without identified schedule is a risky in marketing. Business plans allocate adequate time for each activity .This reduces the issues of missing deadlines ,ensuring no wastage of time in the company and ensuring there is straightforward direction to use .The schedule starts with determining projects to put in schedule, determining procedures needed to handle task and placing each project in schedule.
Responsibilities and accountabilities to those involved in marketing.
Market plan will consider on how each department is accountable to task. How each work is responsible in scope of market .This will be based on;
Aspect of listening and satisfying customer’s needs .Strategies used by workers when serving customers.
Determining how workers are changing with the competition in market. Ability to correct mistakes so as to fit in market.
Indicating how workers are innovative and creative in market. How workers are offering promotion programs and improvements used.
Strategy use and market mix.
Business strategy illustrates those measures that will focus on improving the organization mission and then coming up with effective business aims or goals (Sparks et al, 2012) .The Company in order to thrive in a competing market environment it needs to define its mission alongside with the necessary goals. Strategy forms as the key factor in our company that targets on coordinating all activities that will lead to attaining of goals. Market mix refers to all marketing variables that are integrated to aid market development. These factors will include the 4ps which determines the development of market (Sparks et al, 2012).Company should ensure products are of apt standards, the price should be available, the aspect of place or distribution should be easily accessed by customers and lastly the issue of promotion should be included in the plan.
Objectives, strategies and the tactics used in marketing planning.
The marketing objectives should relate with mission of the company. These objectives should be well defined so as to ensure there is growth in the company. The cooperation ought to begin from the top management in the organization all the way to the lower levels (Westwood, 2013).In order for our company to ensure effective use of objectives then it should realize the following principles.
- Availability of products and the services in the market.
- Ensuring the company is positioning well in the market.
- Company should have apt mechanisms for providing adequate financial resources.
- Ensuring there is innovation of new strategies that will conform to company’s objectives.
Marketing performance review strategy.
Performance is key factor in business (Westwood, 2013).This contains evaluating the strategies .Based on market plan then a company need to consider the following criteria;
Identifying new opportunities in the market which determines the company’s performance in market.
Checking and indicating changes that may be incurred in sales .This is to measure the profits and losses incurred by the organization.
Performance also reviewed through comparing the competitor’s strategies with the company’s strategies. This points out areas of weakness and then a remedy is decided.
Evaluating on the organization effectiveness and efficiency when dealing with the market. This ensures to measure the aspect of customer satisfaction.
From the above results the marketing plan is an important tool that helps the company in marketplace. It has the necessary information’s that helps the company in management and decision making process (Westwood, 2013).This means that all workers in the company need to get acquainted with marketing plan .Each one in the company need to recognize the concept so as to ensure efficiency and improved performance.
Lidstone, J., & MacLennan, J. (2017). Marketing planning for the pharmaceutical industry. Routledge.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.
Sparks, B., Nykiel, R. A., & Jascolt, E. (2012). Marketing your city, USA: A guide to developing a strategic tourism marketing plan. Routledge.
Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers.