Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (proforma) financial statements. See also marketing strategy.
Parts of marketing plan
* Product is a very important component of the marketing plan. Unless, the company's product is superlative, no customer would be willing to purchase it. The product must also have some features and components in it that are its differentiating factors. That is, it must be different from the products already available in the market. The company must research to find out what exactly the customers desire and provide a similar commodity for them. Various specs of the product, such as size, color and packaging, must be appealing to the consumer. Price
* To draw the maximum numbers of customers to the product, it must be correctly priced. The customers attach a value for the money they are paying for the product. Therefore, the price of the product must be appropriate. This way, the company would be able to entice the maximum customers. The company must first analyze the price sensitivity of the customers. This establishes that by a small change in price whether the customers would remain loyal to the company or would shift brands and preferences.
* The markets where the product is going to be served needed to be elaborately planned. The company decides on all the retail outlets and web portals where the product is going to be available. The company also defines its distribution channels and networks. The dealer...