DEVELOPING A MARKETING PLAN
General 1. The purpose of a marketing plan is to determine the current situation a company is facing and then to generate marketing strategies and tactics in response. A quality marketing plan requires a careful analysis and understanding of the firm, its resources, and its customer base.
Components of a Marketing Plan 2. Although there can be different formats which can be adopted, but a suggested sequence of marketing plan is as under:- a. Executive Summary b. Current Situation c. SWOT Analysis d. Marketing Objectives e. Target Markets f. Marketing Strategies g. Marketing Tactics h. Implementation i. Evaluation and Control
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Issues to be examined include:- * Economic trends * Technological trends * Political-legal trends * Social-cultural trends 7. Competitors. As part of an assessment of the current situation, marketing managers spend a great deal of time considering all of the forms of competition that affect a market, a product, and individual consumers. A competitive analysis begins with identifying the various levels of competition starting with the most direct competitors and then moving to competitors selling substitute products and competing for the same dollars a business or consumer has to spend. Analyzing the competition helps a company's leaders analyze the manner in which the organization is perceived by customers. Once competitors have been identified, some questions that should be investigated include:- o. What are the competition’s strengths and weaknesses? p. What product positioning strategies do competitors use? q. What is the target market for each competitor? r. Why do individuals buy from a competitor? s. What makes the competitor’s product unique or attractive? t. What types of marketing programs do the competitors use? u. How does the competition promote and/or advertise products? v. What competitive advantage do they seem to possess or promote? 8. Customer Analysis. The