Question

what is marketing plan and what is based on ?

Answer 1

Marketing plan provides the road-map for introduce and deliver the product or service to the potential customer. It is operational document which explains the advertising and promotional strategy which an organization needs to implement in order to generate lead and reach the target market. An effective market plan will help the company to understand target market , understand the impacts of marketing decisions & provides the road-map for future initiatives. The marketing plan may vary based on the type of industry, product or service and the objectives company want to meet. The market plan is based on where the organization needs to be in the future. It considers the value proposition of the business. A value proposition is an overall assurance of value to be given to the customer. It should state how the product or brand benefits to customer, how they solve customers issues and why customers should buy from this company instead of others. The marketing plan is implemented based on this value proposition to the customer. There are some essential elements that market plan must include, such as situation analysis, Market research, business objectives, target market, competition, Market plan strategies, budget, Marketing goals , marketing mix and monitoring the market plan outcomes.