Elements of a marketing plan paper kites
Definition[ edit ] A marketing plan is a comprehensive document or blueprint that outlines a business advertising and marketing efforts for the coming year.
It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that kiges business will use to achieve their marketing goals. A marketing plan elements a formal structure, but can kitws used as a formal or informal document which makes it very flexible.
It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives. Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable level of return. A marketing plan can also be described as a technique that helps a business to decide on the best use of its resources to laper corporate objectives.
It can also contain a full analysis of the strengths and weaknesses of a company, its organization and its products. Marketing planning can also be used to prepare a detailed case for introducing a new product, revamping current marketing strategies for an existing product or put together a company marketing plan to be included in the company corporate or business plan.
These are some of the most important things that companies need when developing a marketing plan: Gathering and classifying data about the market the organization is currently in. Examining the market dynamics, patterns, customers, and the current sales volume for the industry as a whole. The marketing plan should identify the organization's competition.
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The plan should describe how the organization will stick out from its competition and what it will do to become a market leader. Developing the marketing and promotion strategies that the organization will use. Such strategies may include advertising, direct marketing, training programs, trade shows, website, etc. Strategies identified in the marketing plan should be within the budget. Top managers need to revise what they hope to accomplish with the marketing plan, review their current financial situation, and then allocate funding for the marketing plan.
The marketing plan should include attainable marketing goals. For example, one goal might be to increase the current client base by over a three month period. The marketing plan should include the process of analyzing the current position of the organization. The organization needs to identify the strategies that are working and those that are not working. By establishing goals for the marketing plan, the organization can better understand whether the efforts are generating results through ongoing review and evaluation.
The marketing goals normally aligns itself to the broader company objectives. For example, a new company looking to grow their business will generally have a marketing plan that emphasizes strategies to increase their customer base. The marketing plan also marketing layout the necessary budget and resources needed to achieve the goals source in the marketing plan. The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars.
Different elements of the marketing plan relate to accountability.
After the strategies are laid out and the tasks are developed, each task is assigned to a person or a team for implementation. The assigned roles allows companies to keep track of their milestones and communicate with the teams during the implementation process. Having a marketing plan helps company leaders to develop and keep an eye elements of a marketing plan paper kites the expectations for their functional areas.
For example, if a company's marketing plan goal is to increase sales growth then the company leaders may have to increase their sales staff in stores to help generate more sales. It provides good communication within the company. The marketing plan also allows the marketing team to examine their past decisions and understand their results in order to better prepare for elements of a marketing plan paper kites future.
It also lets the marketing team to observe and study the environment that they are operating in. In a sales-oriented organization, the marketing planning function designs incentive pay plans to not elements of a marketing plan paper kites motivate and reward frontline staff fairly but also to align marketing activities with corporate mission. The marketing plan basically aims to make the business provide the solution with the awareness with the expected customers.
Chanock Lakshmi elements of a marketing plan paper kites financial
Click here "corporate mission" can be thought of as a definition of what the organization is, or what it does: This definition should not be too narrow, or it will constrict the development of the organization; a too rigorous concentration on the view that "We are in the business of making meat-scales," as IBM was during the early s, might have limited its subsequent development into other areas.
On the other hand, it should not be too wide or it will become meaningless; "We want to make a profit" is elements of a marketing plan paper kites too helpful in developing specific plans. Abell suggested that the definition should cover three dimensions: The idea precedes the deed. This will be not least because its strategies will be consistent and will be supported by its staff at all levels. In this context, all of IBM's marketing activities were underpinned by its philosophy of "customer service," a vision originally promoted by the charismatic Watson dynasty.
The emphasis at this stage is on obtaining a complete and accurate picture. Financial data—Facts for this section will come from management accountingcosting and finance sections. Product data—From production, research and development.
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His sources of data, learn more here, assume the resources of a very large organization. In most organizations they would be obtained from a much smaller set of people and not a few of them would be generated by the marketing manager alone. It is apparent that a marketing audit can be a complex process, but the aim is simple: Even so, the first task of this annual process should be to check that the material held in the current facts book or facts files actually is comprehensive and accurate, and can form a sound basis for the marketing audit itself.
This splits the material into three groups: Review of the marketing environment. A study of the organization's markets, customers, competitors and the overall economic, political, cultural and technical environment; covering developing trends, as well as the current situation. Review elements of a marketing plan paper kites the detailed marketing activity.
A study of the company's marketing mix ; in terms of the 7 Ps - see below Review of the marketing system. A study of the marketing organization, marketing research systems and the current marketing objectives and strategies. The last of these is too frequently ignored. In addition, the coordinated planning of the individual products and services can contribute towards the balanced portfolio.
To achieve the maximum impact, the marketing plan must be clear, concise and simple. It needs to concentrate on the 20 percent of products or services, and on the 20 percent of customers, that will account for 80 percent of the volume and 80 percent of the profit. The 7 Ps can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans.
It is only at this stage of deciding the marketing objectives that the active part of the marketing planning process begins. This next stage in marketing planning is indeed the key to the whole marketing process. The "marketing objectives" state just where the company intends to be at some specific time in the future. James Quinn succinctly defined objectives in general as: Goals or objectives state what is to be achieved and when results are to be accomplished, but they do not state "how" the results are to be achieved.
They are essentially about the match between those "products" and "markets. They are part of the marketing strategy needed to achieve marketing objectives. To be most effective, objectives should be capable of measurement and therefore "quantifiable. An example of such a measurable marketing objective might be "to enter the market with product Y and capture 10 percent of the market by value within one year.
The marketing objectives must usually be based, above all, on the organization's financial objectives; converting these financial link into the related marketing measurements.
The plan should be constantly reviewed and, if necessary, updated so you can respond quickly to changes in customer needs and attitudes in your industry and in elfments broader economic climate. Review of the marketing environment. For example, a new company looking to grow their business will generally have a marketing plan that emphasizes strategies to increase their customer base. These plans must therefore be: A marketing mix is known asone of the most used phrases in A Business Plan - Marketing www.
He went on to explain his view of the role of "policies," with which strategy is most often confused: The 7 Ps are a useful framework for deciding how a company's resources will be manipulated strategically to achieve its objectives. However, the elements of a marketing plan paper kites Ps are not the only framework, and may divert attention from other real issues.
The focus of a business's strategies must be the objectives of the business— not the process of planning itself. If the 7 Ps elemwnts the business's strategies, then the 7 Ps may be an acceptable framework for that business. The strategy statement can take the elements of a marketing plan paper kites of a purely verbal description of the strategic options which have been chosen.
Alternatively, and perhaps more positively, it might include a structured list of the major options chosen. One elements of a marketing plan paper kites of strategy which is often overlooked is that of "timing. Taking the right action at the wrong time can sometimes be almost as bad as taking the wrong action at the right time.
Timing is, therefore, an essential elements of a marketing plan paper kites of any plan; and should normally appear as a schedule of planned activities. Having completed this crucial stage of the planning process, to re-check the feasibility of objectives and strategies in terms of the market share, sales, costs, profits and so on which these demand in practice. As in the rest of the marketing discipline, employ judgment, experience, market research or anything else which helps for conclusions to be seen from all possible angles. At this stage, overall marketing strategies will need to be developed into detailed plans and program.
Although these detailed plans may cover each of the 7 Ps marketing mixthe focus will vary, depending upon the organization's specific strategies. A product-oriented company will focus its plans for the 7 Ps around each of its products. A market or geographically oriented company will concentrate on each market or geographical area. Each will base its plans upon the detailed needs of its customers, and on the strategies chosen to satisfy these needs.
Brochures and Websites are used effectively. Again, the most important element is, the detailed plans, which spell out exactly what programs and individual activities will carry at the period of the plan usually over the next year. Without these activities the plan cannot be monitored. These plans must therefore be: Clear - They should be an unambiguous statement of 'exactly' what is to be done. Quantified - The predicted outcome of each activity should be, as far as possible, quantified, so that its performance can be monitored.
Focused - The temptation to proliferate activities beyond the numbers which can be realistically controlled should be avoided. Realistic - They should be achievable. Agreed - Those who are to implement them should be committed to them, and agree that they are achievable. The resulting plans should become a working document which will guide the campaigns taking place throughout the organization over the period of the plan.