Organizations and companies do not succeed and survive in the market without making market plans for the future prospects of their organization. Companies have to mull over few initial things that will help their company in future. Marketing plans endow with a direction for the market activities of any company. These plans do not need investments but few master mind people who will think about it like a road map. These master minds and in other words marketing managers give a direction to accomplish the destinations. The marketing plans have to be carefully researched so that it can avoid the failure.
Every organization and company has few basic objectives and goals. Marketing plan helps the company to meet its objectives.
Important steps of the marketing plan:
- Marketing plans help the organizations to look at internal while analyzing the past results of the marketing decisions.
- Helps the organizations to look at external factors while assessing the ratio and choice of its competitors.
- Make future goals and directions by marketing efforts that has to be provided by every person of the organization.
- Marketing plan is an essential component to acquire funds that follow new ideas.
Elements of the marketing plan:
There are five important elements of the marketing plan that are needed in every organization and company. These are:
- Summary and introduction
- Situation Analysis(SWOT)
Summary and introduction:
The first important component of the marketing plan is to make a summary and introduction. Summary should be consists of the important elements and key points of your plan so that you do not need to read the entire plan every time. Summary should also augment the problems that are being faced for which this plan is going to be introduced. You just look at the summary and come to know what you have to do in the next step. It is also called executive summary. It provides an understanding from where one should start the implementation of the marketing plan.
Marketing objectives of your company have to be based on the strengths and weaknesses of your company so that you can make better plans to overcome your weaknesses. These plans have to be correlated with the strategies of your business. These objectives will help you to take further steps towards achieve you marketing plans and strategies. They support your entire marketing enterprise and can be used for the evaluation purposes as well.
The next step in marketing plan is the situation analysis that is also known as SWOT analysis. This analysis helps you to take a look at your internal and external factors that influence your strategies and also this analysis helps you to know about the effort that your company has given to your plan. The SWOT analysis consists of four important constituents Strengths, Weaknesses, Opportunities and Threats. It also helps you to know about the position of your company in the market and among your customers. Strengths and weaknesses help you to know the internal business environment of your company they help you to know the assets of your company that will able you compete with other in the market. On the other hand, weaknesses give you a sense to judge your failures in the market. Opportunities and threats help you to analyze the external position of your company. Opportunities helps you to know where you can establish your business and it will gain more success while threats are giving a direction towards the weaknesses and helps you to know about the competitors that will threaten your business in future.
Target market is the most important element of your marketing objectives. The success and failure of entire business depends upon the target market. This target market is a group of people that needs a similar product, give money to purchase the specific product and show interest to buy that product. It is very important to know your consumers, their need and the reason to buy your product. There are three important segments that will help you to know about your consumers:
- Demographic: In this segment you come to know the basic information of your customer like their age, education, gender, family information, occupation, nationality, religion and so on.
- Geographic: In this segment you are able to know the country, city and other residential information of your customer.
- Psychographic: in the last segment you know the reason of purchasing your product. You also come to know the social class, choice and lifestyle of your consumers.
These three segments are necessary to make objectives. The company has to focus on the choice and need of their consumer so that your product will be successful and attract more customers. The concern of the target market is very important to know. If your company do not produce what the customers want then it will automatically affects your position. People usually follow the trends. So, it is important to know the trends of the current time and then produce and serve them according to that.
Strategies are the implementation of the plans. Strategies are normally based on marketing mix i.e., product, price, place and promotion.
- Product: product is the important key of your business. It fulfills the demand of the consumer.
- Price: it is the most important factor of the strategy. The product should be reasonable and affordable for the target market. if it is beyond the reach of common man then your product is focused only a specific high class and it will decrease the demand of your product.
- Place: you have to consider the best and reachable place to market your product so that everyone feels easy to access your product. It should not be market in those areas where only personal cars can reach.
- Promotion: promotion helps you to become famous in the market. There are various promotional activities like advertising, sales promotion and personal selling.
It helps to know the success and affect of the marketing plan on your company and on your competitive as well. You will also measure how much objectives have been met by the company. It assesses the marketing effort and the return that has been achieved. This evaluation procedure helps you to make new plans for your business if required.