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Reflective - Explore the Nature and Characteristics of the Marketing Plan Tool - Essay Example

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Nature and Characteristics of a Marketing Plan Name of Student: Name of Instructor: Introduction One of the most important aspects of running a business is marketing. In a business, the most effective marketing efforts will be substantially enhanced if the organization has a plan…
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Reflective Essay - Explore the Nature and Characteristics of the Marketing Plan Tool
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"Reflective - Explore the Nature and Characteristics of the Marketing Plan Tool"

Download file to see previous pages Business plans have numerous benefits for a business. Role and Nature of A marketing Plan Marketing planning engrosses planning operations linked to marketing goals and the varying marketing surrounding (Lamb, et al., 2011, p. 243). Arguably, marketing plan is the starting point for all marketing stratagems and resolutions. Therefore, according to Pride and Ferrell (2012, p. 321), a “marketing plan refers to a written document that acts as a guidebook of marketing activities for the marketing manager”. According to Stone and McCall (2004), a marketing plan generates a structure for the suggested marketing to be carried out (p. 267). By specifying the goals and delineating the operations needed to achieve them, a marketer can provide the starting point by which definite and anticipated output is evaluated. Marketing is a costly and complex business activity, but important to the business (Cohen, 1987, p. 134). Marketing plan in writing permits a marketer to scrutinize and evaluate the marketing atmosphere and the inner functioning of the organization. According to Longenecher et al. (2005, p. 295), after a marketing plan is presented in written form, it serves as an orientation for the achievement of coming operations. Needless to say, a marketing plan permits the marketer to penetrate the marketplace with awareness of opportunities and challenges. On the other hand, a business plan gives a wide preview of the organization, which includes the employees, geographical location and goals and missions (Pride et al 2011, p. 301). The business plan provides lenders and creditors with essential information to establish whether the business is feasible, financially stable and in a position to bring profits. Just like a marketing plan, a business plan gives the strategy of value generation (Pride and Ferrell, 2012, p. 342). Marketing Plan Structure and Elements A marketing plan can be offered in diverse ways. Many organizations require a printed marketing plan since a marketing plan is big and can be multifaceted (Pride and Ferrel, 2006, p. 253). Information about the task and action obligations may be misplaced if transmitted in words. In spite of the marketing plan presentation approach, some elements are frequent in most marketing plans (Payne, et al., 2011, p. 276). They include “defining the business mission, performing a situational analysis, defining objectives, delineating a target market, and establishing components of the marketing mix” (Pride and Ferrell, 2012, p. 332). Additional components contained in a marketing plan include “budgets, implementation time tables, required marketing research or elements of advanced strategic planning” (McDonald and Wilson, 2011, p. 312). According to Walker et al. (2005, p. 156), choosing a substitute to follow is dependent on company viewpoints and traditions. The selection is also dependent on the instrument used to make the resolution. Organizations have one or two viewpoints when they anticipate profits. They either trail proceeds immediately or aim to amplify their market share and then trail the earnings (Knight, 2004, p. 167). The establishment and execution of a marketing plan permits a company to accomplish promotion goals and thrive. Nevertheless, the plan is merely an equivalent to the details enclosed in it and the “effort, creativity, and thought that went into its creation” (Ferrell and Hartline, 2010, p. 219). Most of the marketing ...Download file to see next pagesRead More
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