Question

​Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Answer 1

MARKET PLAN IS ESSENTIAL FOR ANY BUSINESS TO KNOW HOW TO MARKET ITS PRODUCT , BUT THERE ARE FEW STEPS INVOLVED IN IT :

1. THE VERY FIRST STEP IS WE NEED TO KNOW IS THE CURRENT POSITION OF BUSINESS IN THE MARKET
2. NEXT STEP INVOLVED IN IT IS WE NEED TO KNOW ABOUT OUR TARGET CUSTOMERS
3. WE NEED TO SET THE LIST OF GOALS FOR ORGANISATION FOR EFFECTIVE PLANNING.
4. STEP 4 IS MAKING THE PLAN AND APPLYING OF SUCCESSFUL THEORIES AND POLICIES FOR MAKING THE BETTER MARKETING PLAN.
5. LAST AND THE FINAL STEP IS THAT WE NEED TO PREPARE THE BUDGET TO IMPLEMENT THE PLAN IN THE SOCIETY.

THE MAJOR COMPONENTS IN MARKETING PLAN ARE:

• MARKET RESEARCH IS MAJOR COMPONENT BECAUSE IT MAKES THE ORGANISATION TO PLAN THERE MARKET INNOVATIVELY.
• BUDGET IS THE SECOND SOURCE FOR EFFECTIVE PLAN BECAUSE THE BUDGET IS A COMPONENT WHERE THE PLAN TAKES A SHAPE.
• COMPETITION IN THE MARKET SHOULD BE ANALYSED PROPERLY.
• PREPARING THE BETTER STRATEGIES AND SUCCESSFUL POLICIES THAT ARE PREVIOUSLY USED BY THE COMPANIES .
• POSITIONING AN ACT OF DESIGNING A COMPANIES OFFERING AND IMAGE TO OCCUPY A DISTINCTIVE PLACE IN THE MINDS OF THE TARGETED MARKET.
• AND EVEN THE TARGET MARKET IS ALSO A COMPONENT WHICH STATES ABOUT THE GROUP OF CONSUMERS WHO ARE TARGETED FOR A PARTICULAR PRODUCT SALES.