Marketing Project

Marketing Project

Introduction

The paper aims to explain the basic concept of marketing plan. With the help of recommended text book and academic literature the paper attempts to define the term of marketing plan and its various components. Moreover, the paper sheds light on the usefulness and effectiveness of the marketing plan for an organization. Finally, the paper draws conclusion on the overall understanding of the subject matter by summarizing key points of the concept.

Discussion

Over the past few years, academic literature and organizations have explored countless ways to communicate their market offering and demonstrate ways to achieve it. Marketing plan is guideline that speaks of the business strategies and selected means to achieve marketing objectives of an organization. It a tool that enables executives to tie a bond between the marketing moves of an organization and the true direction of a firm. It may pave the way for future business strategies and progress of a firm (McCreesh, 2004).

Marketing Plan

Definition of marketing plan is provided as a formal document, which is designed to share marketing strategy of a company. It is a document that sheds light on the market position of a firm while identifying marketing plan for a given period (Tanner & Raymond, 2012). The document is designed to clearly outline the steps to be followed in accomplishing the marketing objective of a firm. It is a plan that can be designed as an important section or attachment of the business plan that sets guidance for the management and the company. Information provided in the marketing plan is based on the internal and external analysis of the business environment. It highlights key competencies and weaknesses of a business relative to its competitors and the overall market (Tanner & Raymond, 2012).

Functions of Marketing Plan

A marketing plan can be viewed as an important part of the overall business plan; hence, it requires to be well synchronized with the visions and business plan of an organization (McCreesh, 2004). An effective marketing plan plays evident role in undertaking appropriate marketing and promotional activities that may lead to the accomplishment of organizational objectives. The marketing plan plays various functions and important roles. It identifies need of the customer and assesses company position and strategies that may increase the profitability prospect in satisfying customer need, and creates strategy and mission statements based on these identified needs (Tanner & Raymond, 2012).

Moreover, an effective marketing plan undertakes various marketing means and campaigns in order to ensure successful exchange and strengthening relationship between a firm and its customers. The actual time frame of a marketing plan may range from a year to five years, which are updated on equal intervals. It is a plan that is reviewed, revised and modified on a regular basis in order to create meaningful communications with an organization's customers (Tanner & Raymond, 2012).

Various Components of Marketing Plan

The marketing plan and its components may vary from organization to organization depending upon their size and nature of business. However, an effectual marketing plan may comprise of six ...