Assessment 3: individual reflective essay
The purpose of this article is to analyze and explore the characteristics of the marketing plan. Firstly, it will identify the role and nature of marketing plan. Secondly, it will outlines the structure of the marketing plan. Moreover, the paper will determines the each elements in the marketing plan and the linkage between these elements. Additionally, the two misconceptions will be examined. Last, it will conclude the marketing plan is indispensable to the organizations.
Role and Nature of Marketing Plan
Marketing plan is a business document that describes the marketing environment, outlines the marketing objectives, analysis current position of business and organize its marketing strategy, details actions of business to achieve the organization's goals. A business plan is the document that provide description of business structure and model, used to detail plans for business, identify goals and strategies, help organizations achieve the result and measure organization's performance. Moreover, It can help company determines the development of business in the future, and prepared for the problems and opportunities, also required for the business financing and written to target potential investors. Since the business continuing change with macro environment and customer demand, marketing plan is a key section which involved in the overall business plan. The marketing plan and business plan are interdependent, and complement each other, both of them are essential parts of successful business. According to Abrams (1993), business plan provide a blueprint to marketing plan. The business plan describes the business goals and the reason for formed the organization. Meanwhile, the marketing plan guide the implementation by organization's marketing department, explains how organization will achieve the goals. If the business plans changes, the actions for the new plans, which included in marketing plans also make changes. Therefore, the set of marketing plans always need meet the business objectives.
Normally, there are two types of marketing plan, strategical planning and tactical planning. Strategical planning can define as the organization's resource and capabilities matched by upper managerial decision process to its market opportunities for long-term goals. On the other hand, tactical planning is the execution of lower management of marketing plan to achieve the short-term goals. Both of them must incorporated in the marketing plan to ensure the successful of the companies.
In tactically, marketing plan set the expectation of activities of various functional areas of the organization, such as marketing, finance, plant facilities and personnel, and provide the actual actions and information for the activities to ensure achieve the objectives. For example, company advertising goods for particular market and improve the brand image.The tactical marketing plan emphasize on guide the current operation of functional parts of the firm in short range.
In strategically, marketing plan used for set the overall goals for organization in long term. The marketing plan provide the information, to assist company target the markets, define the organizational objectives, and clarify the specific performance goals in the future. For instance, the companies can clearly understand what important to their customers, and then set the strategies to meet objectives. Furthermore, It also outlines the weaknesses, strengthens and the competitors within the organizations, such as customer feedback information, competitive Intelligence. Additionally, the marketing plan can facilitate the top management decision making, lower the risks for taking next steps of business, and make the decisions more effective.
Structure of Marketing Plan
The typically structure of Marketing Plan consist of four stages, which are perform the situation analysis, set...