Steps To Create An Outstanding Marketing Plan

Marketing Plan
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Introduction

Marketing plan is an important part of an organisation. If any organisation needs to start any business or wants to sell their products as well as services, the management or concerned people needs to develop their marketing plan in a proper manner to understand the overall business environment in this context. Therefore, this report will emphasise the importance on the steps through which a marketing plan for an organisation can be developed under different circumstances. In this way, the marketers as well as sellers will get an idea regarding how to sell the products as well as services in a proficient manner with more efficacy. However, the process or steps through which marketing plan can be created are discussed as follows.

Recommended Steps To Create Marketing Plan

There might be different ways through which an organisation can create its marketing plan. But this needs to be remembered that an organisation should plan their marketing report in a proper manner and consider all of their products as well as services under different circumstances (Vaníčková & Szczepańska-Woszczyna, 2020). Hence, the recommended steps for creating a marketing plan could be as follows. First, here it is essential to develop a marketing plan based on some proper steps. According to marketing assignment help experts, these steps are discussed as follows, such as,

Business Summary

This is the first step one can follow to create a proper marketing plan. Though it is a marketing plan, still some details need to be discussed without which the marketing plan won’t be completed. This is natural that a business Summary gives a proper viewpoint of the business as a whole. By looking at this business summary one can easily understand the whereabouts of the business, its products as well as services. In relation to this, it can be stated that a business summary consists of several pieces of information, like, the company name, its headquarters as well as mission and vision statement. Business summary therefore overall presents the summary of the organisation in this context so that one can understand how the organisation will perform and what to achieve in this situation.

Business Initiatives

After the business summary, this is essential for most organisation to point out their business initiatives under different situations (Dimitrescu et al. 2018). This element of the market plan helps the organisation to segment its different goals as well as objectives according to its relevant departments. Any big initiatives shouldn’t be attached here as there could be more requirements that need to be fulfilled properly. in this area, only the projects should be categorized which are relevant to the marketing in this situation. The overall goals, as well as objectives, should be listed here so that the management team can have an idea of what to achieve. In relation to those goals as well as objectives, the organisation should identify the key aspects through which it can measure its performance under different situations. The metrics should be pointed out considering which performance can be measured under this section. To know more students can take help from online assignment help experts.

Customer Analysis

In a marketing plan, this is another important part that one needs to understand. Without customer analysis, a marketing plan can’t be constructed properly. Therefore, customer analysis could play an essential part in this context (Han et al. 2019). However, this customer analysis can be done by using one technique, namely, STP Analysis. STP analysis indicates the market segmentation, target customer as well as positioning analysis. By doing market segmentation, one can understand different aspects of the individual’s behaviour, like, behavioural, psychographic, geographic and many more. In this analysis, the marketing team of the organisation can segment their target market according to their behavioural, geographical locations as well as psychographic phenomenon. In this way, understanding of the people can become easy. On the other side, aftermarket segmentation, the target market should be selected and evaluated. This selection as well as evaluation would be done by considering income, gender, preference as well as some other things. In this way, the organisation can structure its target market profile under different situations. Lastly, this analysis can be carried out by positioning their products as well as services permanently or for a long time in the mind of the people, so that their products or services can be recognized properly (Elsayed Fayed, 2021). In this way, if marketing plan can be done, then the customers can buy any products without any hesitant.

Competitor Analysis

After structuring the proper customer analysis as a part of the marketing plan, the organisation needs to develop some competitor analysis as well. as a part of the marketing plan, the management of the organisation needs to identify some competitors across the industry. Without identifying the competitors, the marketers won’t be able to understand the situation of the industry, and also, they won’t be able to survive as well in this context. However, this competitor analysis could be done in different ways, there are different types of techniques through which the competitor analysis and their evaluation could be performed (Martínez-López et al. 2020). Considering different factors, like, positioning, market share, products or services offerings as well as pricing, the competitor analysis can be completed. Now comparatively, it can be argued that while doing the marketing plan, what could be the causes for doing this competitor analysis. There might be different types of problems that could be faced by the buyers; hence, they might have an easy chance to switch their preferences to the other business. Therefore, it is important for the sellers or marketers to properly know about both buyers, their preferences as well as competitors and their products or offerings. For this reason, one marketer should perform some competitor analysis. To successfully perform this analysis, marketers could do Porter’s five force analysis, BCG matrix evaluation, Ansoff Matric, Porter’s Value chain, and many more (Adams, Freitas & Fontana, 2019). In this way, the entire competitive evaluation could be possible.

Business Environment Analysis

Whenever any marketers are doing some marketing plan to enhance their business or sell their products, it is essential to analyze the environment or surroundings within which they will start their business. However, this environment can be analyzed in two segments, like, the internal environment as well as the external environment. The internal environment always deals with the internal factors of the organisation and on the other side, the external environment deals with the outer or external surroundings of the company. Analysis of both environments is equally essential and necessary. In relation to this, there are two techniques through which this internal, as well as external environment, can be analyzed (Di Benedetto & Lindgreen, 2018). For evaluation of the internal environment, one can do a SWOT analysis and for external environment analysis, one can perform PESTLE analysis. Both of these tools are important during the time of developing a marketing plan in this context.

Here, as a part of the evaluation of the internal environment, a SWOT analysis can be done. This SWOT analysis will define the strengths, weaknesses, threats as well as opportunities of the organisation. Therefore, the management of the organisation can easily understand their strong point, weakest points, any opportunities they can avail as well as threats that they can face from outside. By developing some ideas in this situation, they can easily take relevant decisions regarding their products as well as services under different circumstances. Now it is also essential to evaluate their external environment as well, which could play an important role in the creation of the marketing plan (Tanasiichuk et al. 2019). In order to analyze the external environment, the marketers or sellers of the organisation could do a PESTLE analysis. In this analysis as a part of the marketing plan, the sellers or marketers can understand the political factors, economical factors, social factors, technological factors, legal factors as well as environmental factors. In this context, each and every factor is important to analyze as in this way marketers could get some idea of the outer environment and their situations under different circumstances. Now as a part of the marketing plan, analysis of both internal as well as external environments is necessary, because this kind of evaluation could pave the way for the marketing of different products or services under different situations (Omenugha, 2018).

Market Strategy

After all those above analyses, it is now crucial for marketers to develop some proper market strategy in an efficient manner. Without developing a proper marketing strategy, the organisation can’t carry out their journey towards a successful marketing process for its deliverables, like, products as well as services under different situations. However, as a part of this marketing strategy, the company can perform 7P’s analysis in this situation. According to the assignment help Brisbane expert these 7P’s define the details about the products, price, place, promotions, people, process as well as physical evidence (Kouropalatis, Giudici & Acar, 2019). Therefore, by identifying as well as analyze these 7P’s, the organisation, as well as the marketers, can get a good grasp over the entire market, where they can understand the products, how they position their products, and how they can set up the price of their products, all of their promotional tools as well as relevant people who could be considered as a good target market for this organisation or the entire process through which the sales can be done in this context. Hence, marketing strategy could play an important role to develop an outstanding marketing plan under different circumstances.

SMART Goals

As a part of the marketing plan, this is now essential to properly establish the SMART Goal as in this way, the marketers would be able to properly know their audiences as well as current situations under different situations. However, SMART goals are defined, specific, measurable, attainable, relevant as well as time-bound. Hence, in this way, an organisation can understand in which process they have to do their marketing evaluation or how they can attain their overall specific objectives and within which time (Petrunia et al. 2019). Before structuring the marketing plan, a good idea about SMART goals could give more understanding of the overall market as well as products as well as services in this situation.

Marketing Channel

After evaluating all those factors, this is important to select how the products, as well as services, could be delivered or marketed to the customers. For supporting this overall situation, one can easily identify several marketing channels as without proper promotion, no marketing plan can become successful. Thus, selecting a good as well as effective marketing channel could become an important task in this situation. By selecting an effective marketing channel, the marketers could educate themselves about the suppliers, buyers, their preferences as well as some other things also (Huang, 2018). On the other side, the customers also can get some knowledge about the products as well as services through those promotional activities under different situations.

Budget

This is the last section for developing a marketing plan with a more concise note. This can be seen that whenever organisation needs to do some plan, they need some budget properly so that according to the budget they can perform their whole work in this situation. In the viewpoint of essay typer, the budget basically indicates the cash position of the company as how much cash is available to them and what kinds of activities they can perform as a part of the marketing plan within the given time.

Financial Projection

This is also a part of the marketing plan as after creating a successful marketing plan, it is necessary to prepare both income statements as well as balance sheets in this situation (Elsayed Fayed, 2021). Based on this financial projection the management of the company can take several crucial decisions regarding this marketing plan.

Conclusion

Based on the above discussion, it can be seen that developing an outstanding marketing plan is not an easy task for an organisation. Therefore, the management of the organisation needs to consider several aspects and those aspects or factors could be different from each other. Thus, establishing a good and effective marketing plan is hard, hence, it can be recommended that if a marketer can easily follow those above steps, they can do their overall marketing plan in a proper way. On the other side, developing a marketing plan without any applicability in real market situations also doesn’t justify anything. Hence, the marketers should know how to apply that marketing plan to sell their products, attract more customers as well as capture market shares along with different more things in this situation.

Reference list

Adams, P., Freitas, I. M. B., & Fontana, R. (2019). Strategic orientation, innovation performance and the moderating influence of marketing management. 

Di Benedetto, C. A., & Lindgreen, A. (2018). The emergence of Industrial Marketing Management as the leading academic journal in business-to-business marketing.

Dimitrescu, A., Babis, C., Alecusan, A., Chivu, O., & Faier, A. (2018). Management of a marketing plan. Fiability & Durability1, 279-285.

Elsayed Fayed, A. (2021). Artificial Intelligence for marketing plan: the case for e-marketing companies. 684080133.

Han, Y., Qu, S., Wu, Z., & Huang, R. (2019). Robust consensus models based on minimum cost with an application to marketing plan. Journal of Intelligent & Fuzzy Systems37(4), 5655-5668.

Huang, S. P. (2018). Impact of internal marketing management on organizational citizenship behavior based on organizational commitment in ecological industry. 

Kouropalatis, Y., Giudici, A., & Acar, O. A. (2019). Business capabilities for industrial firms: A bibliometric analysis of research diffusion and impact within and beyond Industrial Marketing Management. 

Martínez-López, F. J., Merigó, J. M., Gázquez-Abad, J. C., & Ruiz-Real, J. L. (2020).

Omenugha, N. O. (2018). The Assimilation of Social Media in Marketing Management: A Case Review of Taliah’s Strategy. 

Petrunia, Y., Chentsov, V., Życzyński, N., & Petrunia, V. (2019). Marketing environment and marketing management of universities in Ukraine: national and regional dominants. Innovative Marketing15(1), 1.

Tanasiichuk, A., Hromova, O., Abdullaieva, A., Holovchuk, Y., & Sokoliuk, K. (2019). Influence of transformational economic processes on marketing management by an international diversified conglomerate enterprise. 

Vaníčková, R., & Szczepańska-Woszczyna, K. (2020). Innovation of business and marketing plan of growth strategy and competitive advantage in exhibition industry. 

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