In: Operations Management
(Subject is Marketing Management MGT-201)
A business plan identifies the responsibilities of general management as they pertain to each functional area and identifies the capital requirements to manage each area. The marketing plan outlines actions that are intended to communicate value, generate interest, and persuade target customers to purchase specific products or services.
(Please discuss and explain more the above mentioned sentence using keyboard and sure I will like your answer).
A business plan is an important business document that pertains to information on the overall business in general and may include overall strategy, financial plans, target markets, sales, business products, business operations, and their necessary alignment. A marketing plan, in contrast, is more focused on the marketing of its products and services and how its overall offerings will be positioned in the target audience. Business and marketing plans are different in nature but they must be designed in such a way that both reinforce each other and creates an organizational fit. The business plan identifies the mission, vision and the overall philosophy while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. So any organization tries to achieve a fit between these two plans. The importance of both the plans always remains intact and if they reinforce each other, they will surely create a value proposition for any organization.
Marketing plan is a document that is limited in scope if we compare it with business plans and it carries information about how an organization will achieve what has been set in the business plan and the overall strategic objectives through specific marketing strategies and tactics.
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