Question

why is the marketing plan one of the most important elements of the marketing process? Be specific. Provide an example.

Answer 1

Answer-

The key components of an effective marketing plan include gathering information related to the market, and the specific product or service you have to offer through market research and analysis to one can determine what demographics to market sales to. To align the information in the plan to determine the financial goals for the company so the marketing is in line and make sure the goals are in sight and the steps being made are the right ones and align with the goals set forth. One also has to consider the marketing mix in that the strategies are set properly to the correct demographics, with confidence the product or service is offered at the right price, in the best places and the promotions are in line with the targeted population the product or service best fits so it actually sells. This plan has to work, and keeping a watchful eye on the plan in all phases helps make sure it is in line with the budget that helps determine how much can be spent on each facet. Once all that is in line, the market response should also be watched to determine how well the plan is working, or make changes to the plan if anything is not working as smooth as anticipated by evaluating how the market responds, one can determine if the product or service is actually selling well enough to continue production and sales of a given product or service. The backup plan is a contingency plan that helps implement any necessary changes to make the plan work better if the plan is not going well. I had a marketing plan when I started investing in making jewelry again. My supplies and equipment had been stolen a few years back, and I have not been selling or making any jewelry for several years by the time I decided to invest in it again, about a year and a half ago I began investing, and making inventory. I had planned to sell at local events, and have an online presence. I have invested thousands of dollars on supplies and made a good inventory. My target audience was wrong, and the North Pole Alaska locals are not my target sales audience, tourists would be, and to do that I need to get done with these last 2 classes so I am finished with this degree program, and I can focus all my attention on the business I want to make officially a business. As of right now it is a lucrative hobby I am heavily invested into I have enough supplies to make all sorts of jewelry, and I have a quite impressive inventory, but my venue is off, and since I do not have the time while in college to really focus on making more inventory, or setting up to do shows, I have put off trying to sell over the last summer and winter, except for one show that bombed because an earthquake messed up the road between Anchorage to Fairbanks, and people did not want to buy frivolities because they did not know when the roads would be clear happened the day before the showing. I have sold a few pieces when people come to visit sometimes, but I have not actively followed the plan. I am now working on this contingency plan where I work on finishing college and I am paying special attention to this course, and what is offered to learn so I will know better how to market and brand my work, and myself as an artist. I also have back up plans in case the whole thing tanks.

So, I am hoping this class reveals what I have been doing wrong, and how I can do it better so I can put my plan in place. If I have left anything out, or anyone has feedback please feel free, I love communicating and learning from my peers!