Marketing Plan Homework Help

What do you mean by Marketing Plan?

Marketing Plan is mainly a business document which provides the basic strategy and a comprehensive plan which is to be followed for the achievement of business objectives. The market plan determines the current market position of the business and shows the strategies of the business that it will follow in the coming period for the achievement of goals. It lays down the basis for the marketing and advertising for the business in the future period. The basic purpose of forming a business plan is to achieve the objective of the business. For achieving any objective, the small goals are formed. The goal formation is known as market planning. The goals plot the track to be followed for the achievement of the objectives. Afterwards small goals will be laid down which would help in the accomplishment of goals.

1. Market Research: The market research is the basic element of the market plan. It displays the current dynamic patterns in the market, consumer’s preferences, and price policies in the market, consumer’s expectations and the sale volume pattern in the market. This helps in determining the plans that should be made taking into consideration the environment business works in.

2. Budget: The budget defines the scale of operations a business can afford. The budget is the quantifiable measure that helps to configure the level of the business operations. All the operations are limited on the base of finance. Therefore, proper planning of business assets needs to be done to achieve the business goals.

3. Competition: The competition in the market has a very strong influence on the formulation of business's strategies. The competitor’s strategies need to be studied properly to design own policies in such a way that the business is capable enough to outperform in the market.

4. Goals: Goals refer to the short plan made to achieve the objective of the business. The objective of the business is huge to achieve. Thus small milestones are developed known as plans which help in the achievement of the objectives.

5. Results of the plan: The organization needs to keep a record of the business plans all the time to analyze the proper working of the resources in the business.

How is the formation of a Marketing Plan executed?

What are the different types of Marketing Plans?

1. Direct Marketing: In direct marketing the business authorities focus just on promoting the product or the services of the business. The services are marketed directly to the consumers using direct communication such as messaging, email, calling etc.

2. Indirect Marketing: Indirect marketing is a pervasive way to do marketing in the business. The consumers are not approached directly; instead they are approaches indirectly. The business enterprises conduct different charity programs and sponsoring the events. This keeps the name of the company lively among the customers and the costumers gets attracted towards the company.

3. Cause Marketing: This type of strategy is adopted by the businesses who wish to link themselves with a social cause. Their product is formed in such a way that it is eco-friendly and highly beneficial for the society. Their main customers are the people associated with these causes.

4. Relationship Marketing: In this type of marketing plan the relationship between the seller and the buyer is given due importance. This aims at building good relations with the customers and this in return helps in fostering the sales and scale of the business. The customers are reached through phone calls, emails, get together and mega-draws for the customers.

5. Niche Marketing: Niche Marketing aims at a particular group of people. It extends its facilities to a defined group of people in the market who might be willing to take up their services. These kind of services are exclusively developed for the specific customers,

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