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About Marketing Plan & Marketing Plan assignments
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Prepare a Marketing Plan that gets you an A+ grade
Preparing a marketing plan is the basic job of marketing department and it is more often prepared by marketing managers. It can give the top management a clear picture of what the product or the company is going through right now, in terms of market, political, economic, social and cultural situations which can have an overall effect on the sales of a product. It can also advise the management about the goals that have been set by the top management and the ways through which they can be achieved. For these reasons, a marketing plan needs to include such a detailed perspective that covers various issues that can be ignored otherwise.
The best way to prepare a marketing plan is to incorporate ideas and analyses such as situation analysis, SWOT analysis, PEST analysis, competitive analysis, market analysis, etc along with target marketing, market segmentation, market positioning, etc. These analyses are generally supported by research in various categories which include consumer or customer research, market research, and consumer behavior research. The next step is the evaluation of the results achieved through the research and analysis. The evaluation step in the marketing plan gives rise to implementation.
What Are Included In a Marketing Plan?
Taking a close look at each of the analyses can give us a broader picture about what includes a marketing plan.
Situation Analysis: Situation analysis is used for providing a general overview about the environment the firm is operating under.
SWOT Analysis: SWOT is an abbreviation for Strengths, Weaknesses, Opportunities and Threats. Here strengths and weaknesses are the internal strengths and weaknesses of an organization and opportunities and threats are external to an organization.
PEST Analysis: PEST is an abbreviation for Political, Economical, Social and Technological. The political stability of a country is a major issue for smooth functioning of the business. Economic factors that influence a company can include the interest rates, availability of finances for the business, inflation, wages, etc. also come under this purview. Social factors also play an important role. Factors such as life style, rate of literacy, health, etc and more under this purview. Technological factors include the level of technology available in the region such as infrastructure, technical know-how, etc.
Competitive Analysis: Competitive analysis discusses about competitors and their strategies. This involves a deeper understanding about what the competitors are offering to their customers in terms of features, services, etc and how to better our features and services more so that consumers will be attracted towards our products.
Market Analysis: Market analysis is another important piece of analysis that is required in a marketing plan. Market analysis involves analyzing the present and future prospects in the market such as market size, market growth rate, market expansion or future expansion or decline in the market, etc.
Marketing strategy: Marketing strategy can include a mention about our share in the market along with our strategy for capturing new markets. This includes market penetration, market development, product development, product diversification, etc. These strategies can help in paving the way for new market discoveries and development.
Market Segmentation: One of marketing strategy’s important idea is market segmentation. Market segmentation refers to dividing or segmenting a total market based on various types of consumers. This division generally takes place with consumers keeping in mind their age, sex, life style, level of education, income, etc.
Target Market: After segmenting the market into various kinds of consumers, the company can now select the kind of consumers that it can target. As mentioned above this targeting is based on factor such as age, sex, life style, level of education, income, etc. For example, a smartphone manufacturer now a days, looks at targeting teenage and young people instead of focusing more attention on middle-aged or older people. And also, new features or specifications that they provide in a smartphone are more oriented toward younger generation more.
Market Positioning: After concluding which type of market to target, the next step is about positioning the product or the company. Now, this is where the concept of brand comes in. An average consumer may be ready to buy any product but will prefer either a popular brand or a brand that the consumer can identify with. This identification is created with the concept of ‘brand’ and ‘brand value’ that a product enjoys in the market. For example, lets take the above example itself. A young person who’s looking to buy a smartphone with high-end features can either go with top brands such as Apple, Samsung, LG, HTC or Sony.
Market Research: All the above analyses or strategies can only be made possible with market research. Market research is an important process where in a good inputs can be gathered by the firm. A firm which wants to increase its market share must know what the market and in turn the consumers would like to have or find in a product. Again taking the above example of smartphone, a smartphone manufacturer who wants to increase his market share would put in a questionnaire to his customers asking about what new features that they’d want in their smartphone. And this can include things such as fingerprint sensor, an SLR like camera, a bright display with accurate color reproduction and most importantly a smartphone that doesn’t run out of juice. And in this way, market research can help in providing good inputs to a firm which can help in designing new and better products for their consumers and in turn increasing their market share and brand value.
These are some of the features that can be seen or presented in a marketing plan. One can include these and various other strategies in a marketing plan, depending upon the product or service that is concerned.
Our highly qualified, professional and skilled team members can provide you help with complex marketing case study, report writing, essay writing, research paper, term paper, dissertation involving multiple disciplines and concepts, research proposal writing, presentation in areas like brand equity, marketing mix, etc.
From our Marketing Plan assignment blog
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At HelpWithAssignment.com, we provide Marketing Assignment Help to business management students and also guide them in preparing such marketing plans as part of their homework. For more details visit us at www.helpwithassignment.com
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