Marketing Plan Essay

Only available on StudyMode
  • Download(s) : 245
  • Published : December 4, 2011
Open Document
Text Preview
A Marketing Plan, from the point of view of a medium-sized business outlines the direction and the activities of an organization, product or service. It considers such matters as the marketing mix (product, price, place, and promotion, etc.), target market characteristics, and the control and evaluation mechanism that determine the effectiveness of the implemented strategies. The marketing plan outlines how the components of the marketing mix will be used to achieve the objectives, which state how much return on investment, the level of sales, and market share is desired of a particular market segment. Good objective statements are written in quantifiable terms so that they can be measured for attainment. Strategic planning involves making decisions about three variables: objectives (what is to be accomplished in a specific period), strategies (how the objects are to be achieved), and the execution or tactics (specific details how strategies are to be implemented including cost and timing). As an example, if we were to use a product such as an “Organic Vanilla Body Exfoliant” the purpose for developing a Marketing Plan would be to increase the market share to 20% within the next 3 years and increase sales to over 25,000 products sold within the first year. The process starts by analyzing the market, by determining the target population and where we can find the customers. Afterwards, we must consider the components of the marketing mix for our product and evaluate out SWOT vs. our competitors SWOT (Strengths, Weaknesses, Opportunities, and Threats). From this, we will discover the best promotional strategies and determine our budget and marketing goals. It is in this technique that we use our better judgment, market research, and experience to allow us to find out better results. To ease the process of advertisement, (“Promotion” of the marketing mix) it would be easy to rely on such sources such as Google’sservice called “AdWords”. This is a service offered to...
tracking img