Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Term Paper:
Overall Purpose of a Marketing Plan
In the study of marketing management, the marketing plan is the most effective tool in which businesses can improve and further their profitability. Ultimately, the marketing plan links companies and organizations to the consumers. It is through the marketing plan that the customer is best mirrored: it reflects people's beliefs, perception, knowledge, and attitude concerning a particular product or service. The overall purpose of a marketing plan is best and concisely explicated by Cheverton (2004), wherein he stated (45):
The marketing plan turns strategy into tactics, bridging the gap between ambitions and actions, and ensuring that the business prospers. Both sides are important to that prosperity. A business that has good direction based on sound thinking (strategy) will survive even though its application in practice (tactics) is poor ... Businesses die when direction is poor and application is poor ... But the businesses that die the fastest are those with poor direction but enthusiastically applied tactics.
From the passage, Cheverton laid bare the most essential and overall purpose of a marketing plan. In it, he emphasized that a marketing plan serves as companies' and organizations' guideline in conducting their businesses, targeting a specific market in the population. It has direction because within it, the objectives, target market, strategies, and implementation steps are contained, giving businesses specific information to increase their product's or service's reach and frequency to the consumers or target market. The success of the market plan -- that is, if the objectives are achieved and strategies executed efficiently -- will, in turn, induce profitability. The marketing plan, in effect, is the company's/organization's outline of steps towards achieving profitability, the mark of success of a business.
More specifically, marketing plans function for businesses in one or more of these purposes: (1) implement timelines and decide what audiences you want to reach; (2) craft messages that target the intended audience; and (3) choose which promotional marketing tools to use to reach the audiences (Weimann, 2003:10). Given these range of purposes of marketing plans, it goes without saying that marketing plans, if carefully analyzed and created, provide a wide range of information and business data that will enable companies and organizations to not only generate profit, but also gain understanding of the business's performance from the point-of-view of the consumers.
More than identifying the purposes of marketing plans, it is also vital to determine the distinction between a marketing plan and a strategic marketing plan. What distinguishes the basic marketing plan from the strategic marketing plan is that the latter gives more emphasis on appropriating the plan to the nature and dynamics of the company or organization. This means that the strategic marketing plan does not only propose strategies that addresses the target market's needs, wants, beliefs, and attitudes, but a plan that sensitively puts into consideration the "necessary internal operational and resource requisites for effective marketing strategizing" (Dibb and Simkin, 2003:11). This means that, a strategic marketing plan integrates the daily operations of the business with the recommendations or strategies proposed in it.
Integrating the "internal operational and resource requisites" does not only mean creating a marketing that would suit the business operations of the client, but also taking note of the culture of the organization/company itself. Strategies proposed must be realistic, in that the proposed plan can be implemented. The plan should benefit or at least would not disrupt the daily operations and activities of the organization or company. As reflected in the findings of Washburn's and Petroshoius' (2004) study, marketing plans should reflect an "understanding" of organizational culture, and at the same time, determine the factors that helped create this culture -- factors that must also be present in the marketing plan (35). Thus, strategic marketing plans are more intensive in its scope, detailed, and customized than the basic marketing plan. It is beneficial for businesses because it can identify specific solutions and strategies to alleviate specific problems in the company. However, it can also be limiting because a strategic marketing plan may not be considered applicable to the company's general objective or business goal.
A strategic marketing plan is mainly composed of four divisions: the marketing objective(s), target markets, marketing mix, and implementation and control. Marketing plans are patterned after the marketing objectives, giving strategic planners an idea what are the needs and requirements of the client. The objectives also help planners re-assess…[continue]
"Overall Purpose Of A Marketing Plan" (2005, August 29) Retrieved November 29, 2016, from http://www.paperdue.com/essay/overall-purpose-of-a-marketing-plan-67267
"Overall Purpose Of A Marketing Plan" 29 August 2005. Web.29 November. 2016. <http://www.paperdue.com/essay/overall-purpose-of-a-marketing-plan-67267>
"Overall Purpose Of A Marketing Plan", 29 August 2005, Accessed.29 November. 2016, http://www.paperdue.com/essay/overall-purpose-of-a-marketing-plan-67267
The most relevant competitors at this stage are represented by the Microsoft Corporation, the SEGA Corporation and the Sony Corporation (Hoovers, 2010). In terms of the second persona, the competition is less concentrated as the hi-tech consumers will often renounce brand loyalty and will look for products which serve their needs, even if these products are sold by small size companies. This status quo is due to two primary elements: On
For instance, a study by the Harvard Team determined that fully 11 per cent of the lowest income group (with a monthly household income below U.S.$1,282) suffered from poor health compared with just 3 per cent of the highest income group (i.e., households with an income above U.S.$5,128) (Ramesh). As this author points out, the current approach to the delivery of healthcare services in Hong Kong has some definite
Once the report is analyzed, we have a sense of how the SWOT will shape up. However, this must be supplemented with sources that have less bias. For a company analysis, this tends to be the financial news, of which there are dozens of quality sources. Academic research seldom provides sufficient or timely insight into a company's operations, but may have value for broad-based issues. The insurance industry, for example,
Marketing Planning The marketing planning revolves around three major concepts the swimming pool organization must consider: the segmentation criteria applied to the audience, the identification of the target market, or markets, and finally, the positioning of their products and services. Segmentation There are numerous criteria used to segment the market and identify those particular groups of individuals to which to address the service. The most relevant criteria include demographics, income or personal
There is also the potential to expand the product line beyond the initial Tablet PC to support more advanced and customized configurations through the build-to-order strategy. There is also a very significant upside potential with accessories as well, which could become very high margin in the future. Finally there are significant threats from Apple and others who also are seeking to create a dominant market position for themselves in
Marketing Plan Introduction of the Business In 1995, Mr. David Walsh acquired the Moorilla Estate in Hobart. By 2005, the business had incorporated iconic brands such as "The Source Restaurant" and "Moo Brew" as part the suite of offerings. By 2012, the range of product offerings will have expanded further to include the exclusive "Pavilion Apartments," greater wine making capacity, the avant-garde MONA FOMA festival, and the flagship MONA private art museum. As
Ocean Village is UK-based and is uses the differentiated experience of offering families the opportunity to define their own cruise itinerary (Kwortnik, 2006). There is freedom as to when passengers will eat, what they choose to participate in, and the concept focuses on breaking out of the mold of highly predictable and regimented cruise programs. The two remaining brands, P&O Cruises Australia and the Yachts of Seabourn, each have