Using examples from your own business plan and elsewhere, evaluate the importance of the marketing plan to the success of a new business - Essay Example

Impotence of the marketing plan to the success of a new business Introduction Setting up a new business is a challenging process that requires effective planning for the various components. Key among such plans is the marketing plan. Marketing is among the most vital components of a business plan. Marketing is among the most fundamental management functions mandated with the determination and maintenance of a substantial market share for any business. This implies that the success of any business relies on the effectiveness of the marketing plan.

New businesses require extensive and effectively planed marketing in order to position the new business both strategically and competitively in an already existing market. The marketing plan is therefore an important section of a business plan that influences both the profitability and longevity of a new business as the discussion below portrays. Key among the importance of the marketing plane especially to a new business is the fact that it organizes the utilization of capital among other resources in the business.

New businesses must always operate strategically. This requires an effective utilization of the capital, which comprises of strained financial and human resources among others. A marketing plan just as the name suggests is a detailed plan that shows the scope of the activity and the resources it would utilize. Such a plan helps plan for the other resources. In the case alongside, The Dream of Wedding is a small size company that seeks to enter an existing market. The company’s marketing plan shows effective ways of utilizing the meager resources in order to obtain the desired profitability thus positioning the brand.

The marketing plan appreciates the meager financial and human resources. As such, the plan details the company’s alternative marketing strategies that require small amount of resources but promises great returns. The company seeks to use the various social media platforms to market its products. The social media is among the most cost effective marketing platforms in the modern society. The media transcend geographical barriers and utilize such marketing strategies as niche and personal marketing thus promising a large market share.

The company will create appropriate Facebook and twitter accounts coupled with numerous other pages on the other existing social media networks. Managing the social media accounts is easier and cheaper than running adverts on the traditional media (Kotler, 2011). As such, the plan provides an alternative to an otherwise costly marketing strategy thereby safeguarding the profitability of the company. Hoffman & John (2009), explains that a marketing plan provides scalable operations for the new business.

A new business is an idea whose success relies on the progressive nature with which it penetrates a market. A marketing plan guides the operations of the company often resonating with its growth. The objectives of a company are the basic blue prints that show the future of the company. A marketing plan mirrors the objectives of the new business thereby enhancing its growth and expansion initiatives. This way, the capacity of the marketing operations enlarges systematically to reflect the company’s growth and ability to meet an increasing demand from the market.

As anticipated, the supply should always be commensurate to the demand, a feature that requires systematic marketing in order to tally the two thus preventing operational mishaps. The Dream of Wedding is a new business. The company has both short and long-term objectives both of which require systematic marketing operations. The short-term objectives of the company include introducing the company to the market while its long-term objectives include the sustenance of the company’s profitability and longevity through growth and expansion.

Both objectives are vital in enhancing the success of the business idea and require effective utilization of the resources in order to market the both the company and its products thus build a sustainable business model. Using social media as the main marketing platform is capable of achieving the company’s short-term objectives (Blick, 2011). The company will maintain dedicated social media accounts thereby penetrating the market. In order to become the leading wedding company in the country as stated in its long-term objectives, the company shall intensify its marketing endeavors to include a successful social media platforms and equally effective advertisements on the various traditional media.

Getting the word out, building a desirable reputation and maintaining healthy competitions are among the basic functions of marketing. The functions enhance the profitability if a company since they influence the company’s market shares. Getting the word out is the initial marketing that introduces the product or service to the market. It draws the attention of the consumers to the entrance of the new product into the market. This requires the use of an appropriate media coupled with portrayal of the desirable features of the product (Shankar & Gregory, 2012).

The Dream of Wedding prides itself in the provision of high quality wedding accessories. As such, the company must develop systematic media messages and use appropriate media to introduce the new company. The use of social media is effective since a large number of people use social media. Additionally, the company targets young people most of whom use the various social media platforms. Competition is a major factor that influences the profitability of any company. New companies must appreciate the other existing companies thus develop and introduce their products strategically in order to maintain health competitions.

The marketing plan acknowledges the uniqueness of every business thus devising appropriate marketing endeavors that will build and sustain healthy competitions. The Dream of Wedding for example acknowledges that it targets young people. Additionally, it observes that most companies use the traditional media in advertising their products. It thus seeks to become the most active company in social media thus influence the tastes and preference of its target market. In retrospect, the marketing plan plays an integral role in the success of any new business.

The success of any business relies on the effectiveness of the company’s marketing endeavors. However, marketing is a hectic process that requires the use of professional coupled with the allocation of adequate financial resources. As such, the budget for marketing a new business can always deter the business idea in its totally. A marketing plan considers the unique features of a new business including its meager resources thus provide a sustainable solution (Armstrong, 2012), one that promises the most desirable outcomes while utilizing minimal resources such as is the case with The Dream of Wedding.

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