Marketing plan is a document that has details about business, its products, services, and the publicity methodologies of business and its brands. Some time, business plan also include a marketing plant in it. Marketing techniques and strategies are key drivers of a well-established business. Therefore, marketing plans contain list of proceedings of the company’s advertising tactics with comparative analysis of competitive brands in the market.
Must Elements of a Good Marketing Plan:
Target Market Analysis:
Whenever, a company goes for a marketing plan, the analysis of target market is first step to deal with and to find out the questions. A clear identification of the target market provide a straight and definite line to the proceedings ahead in the marketing plan.
Target Market; Society and Culture:
After identification of a specific target market, the society and culture of the target market have to evaluate. So that, product or marketing plan will be prepare according to the society and culture of the target market.
Consumer and Purchasing Power:
The third step, in reference of marketing plan is study of consumer and its purchasing power. It provides a strong base to the pricing module of a marketing plan, and an excellent marketing plan depends on consumer study.
After the study of target market, its society and culture, consumer and its purchasing power.
The market competition analysis is one of the conclusive constituent of marketing plan. Assessment of market competition will give the final touch to the marketing plan.
In brief, we have reached on the conclusion that the most important business activity is promotion of business and its brands. Therefore, marketing plan has great significance to the success of business.