Unless, of course, you are in an introductory business class and, and the assignments is simply to explain the components in developing a marketing plan.
While it is tempting to let your business grow "organically" and respond to changes in customer tastes and market trends, this unplanned approach can hurt your business.
Developing concrete plans helps you guide your company in a positive direction and prevents going down any expensive roads that lead to nowhere. Several risk areas can threaten your business if you do not have plans in place to monitor problems and stop them in the early stages.
Payroll A lack of planning may cause you to hire new employees every time you see a need in a department. If you do not balance these needs with the consideration of what you can afford, your payroll expenses can zoom out of control.
In short, you must plan for enough growth to justify increased payroll and make sure that plan includes a cost-effectiveness evaluation for each position.
This will tell you if new employees' efforts are paying off in increased profitability. Marketing Marketing can seem like a vague enterprise. You may feel that you are aimlessly searching for customers and waiting to see who buys before you target a particular market segment.
In fact, you can do research and identify potential target markets. You could also allocate marketing funds for each target group and measure the results of your expenditures. If you fail to make a marketing plan, you may waste a lot of money with the hit-or-miss approach of advertising to the marketplace in general.
Debt It's easy to imagine that each new project you finance will pay for itself by making enough money to service the debt and leave a profit. In reality, some projects fail. If you continue to finance projects as you think of them without a debt plan, you may over-borrow.
Part of your financial planning should include monitoring the percentage of debt you carry in relation to your income. Without such a plan, you could quickly end up owing more than you make. Product Development Part of your growth depends on introducing new products or services to the market.
It takes time to develop these. You need to do test marketing, try out different features, examine financing needs and look at how a new product fits into your overall offerings.
If you don't have a product-development plan, you may waste money pursuing products that have no chance of succeeding, adding more products than you can afford to finance or introducing products that conflict with your brand.Marketing Management By Philip, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha logo kaja-net.com SUMMARY by Chapter 6 Analyzing Consumer Markets Since marketing starts from the customer, it is of primary importance to understand the psyche of the customers and their buying motives.
MARKETING RESEARCH: It is defined as the systematic design, collection, analysis, and reporting of the data and findings relevant to a specific marketing situation facing the company. Introduction. Marketing plan plays a key role in business management.
The essay would explain and cover what is a marketing plan, its role and nature, structure of marketing plan, the relationship between a marketing plan and a business plan, the uses of marketing plan, elements of marketing plan, the purpose of each element, the links between marketing plan elements and their .
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The plan analyzed the product offering and life cycle, marketing strategy, target market, positioning, marketing mix as well as implementation and control.
It also made use of strategic clock, BCG matrix and Ansoff Matrix to help evaluate the strategic direction of the company and proposed recommendations.
to Business Marketing and Marketing Communications. Kevin Johnston is a Senior Lecturer at Liverpool John Moores University, specialising in marketing, strategy and e-commerce. He previously lectured at the University of Derby, where he created one of the UK’s first e-commerce degree programmes.