Question

What are the necessary elements of a marketing plan? What is the role of marketing plans and their implementation for gaining competitive advantage? What are the strategies promoted by marketing plans?

Answer 1

Elements of Marketing Plan:

• Market research
• Target market
• Positioning
• Competitive analysis
• Market strategy
• Budget
• Metrics

Marketing plans includes the overall people they wants to attract their good, overall money they will spend on social media or paper printing or nay others source to advertise your product. They try to maximize the sells of the product of the company by increasing their footprint into the market. These goals helps in raising your market share as compared to other goods and attracts people to try your product while leaving the substitute product they are using now. As a result, they gain competitive advantage as compared to other goods.

Strategies of the marketing plan is execute the 4'Ps give customer the value of their product. These are:-

1. Product: The goods or services offered by a company to its customers.
2. Price: The amount of money paid by customers to purchase the product.
3. Place (or distribution): The activities that make the product available to consumers.
4. Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.