Element & Importance Of Marketing Plan

By | February 23, 2019

The marketing plan is a large document or blueprint that layout the advertising and marketing effort for the company in the coming year. The primary purpose of the marketing plan is to set the company on a specific course in marketing to increase customer base. If you start a new business then definitely you need a marketing plan for the success of the business, in this article, we have provided a few essential elements of the marketing plan which is extremely helpful for you.

Element Of Marketing Plan

Market Research

It is known as the backbone of the marketing plan because with the help of it you can identify the customer buying habit, market size, market growth, and many more things. There are many ways of analyzing the market which has been mentioned below.

  • Secondary research
  • Surveys
  • Focus Group
  • Interviews

Target Market

This is a most important for a marketing plan through it you can define your customers for instance who will take benefit by product or service and what types of people you want to reach as well as why they would make your service and demographic, social, economic and psychographics demand. Once you determine this entire thing surely you will get the excellent result.

Situation Analysis

It is a crucial aspect of the marketing plan in which you can identify the internal and external factor that can affect marketing strategy. Apart from this, you can assess the organization future strength, weakness, and opportunities, in short form it is known as SWOT analysis.

Competitive analysis

It is a critical part of the marketing plan of any company. In business, you should know each and everything about your competitor for example how your product and service is different from the competitor, selling price of products as well as quality its quality. Having this analysis build a strong position in business and able you compete with others.

Method Of Competitive Analysis

  • Pick your competitors.
  • Look into your competitor website
  • Review social media.

Importance Of Marketing Plan

A great marketing plan will help you to achieve the target and goals of business by convincing customers that your product and service is better than others. Apart from this you can increase the customer base, and without the customer, you will not survive in business at all, so marketing plan is significant for every, but you know creating a marketing plan take time and effort.

There is long term benefit of marketing plan, but some businessman doesn’t give it importance and resort to an advertisement campaign. It will help you in day to day running of your business. If you like to attract or retain customer, then marketing plan is the best option for you.

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