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Hello, I am looking for someone to write an essay on Individual Reflective. It needs to be at least 2250 words.Download file to see previous pages... 10). The marketing plan, which is the key input to
Hello, I am looking for someone to write an essay on Individual Reflective. It needs to be at least 2250 words.Download file to see previous pages...
10). The marketing plan, which is the key input to the business plan, will be able to identify the most promising marketing opportunities and outline how the company can penetrate, capture and survive in the identified markets. A successful marketing plan of a firm elaborates almost all important marketing activities, strategic marketing proceedings, firm’s situational as well as marketing-mix analyses etc. This paper presents the conceptual framework of marketing plan, addressing its major contents such as marketing strategy and tactics, marketing mix elements, situational analysis and so on. This paper explains the roles and nature of marketing plan and describes the marketing plan assumptions as well. The Role and Nature of Marketing Plan Marketing Plan As Kerin, Hartley and Berkowitz (2005,p. 53) defined, a marketing plan is a roadmap for the marketing activities of a firm for a specific future time period. According to Armstrong and Kotler (2005, p. 59), a detailed marketing plan can assess the current marketing situations and outline the marketing objectives, marketing strategies, action programs, budgets and controls. The marketing plan is not just a template that every firms may be able to follow in a similar style, but a strategic tool for analyzing the marketing situations, evaluate the strengths and weaknesses of the firm as well as opportunities and threats, identify the competitors and their market roles and so on. The styles, structures and contents of the marketing plan may vary from firm to firm depending on factors such as target audience and the purpose, the kind and complexity of the firm, the industry and market extent etc (Kerin, Hartley and Berkowitz, 2005, p. 53). As Westwood (2002, p. 6) noted, a marketing plan is similar to a map since it depicts the company related to where it is going and how it is functioning to get there. It is not just a written document, but contains an action plan that help the company identify the best promising business as well as marketing opportunities and outline who it may penetrate and capture the market proposed. Relationship between Marketing Plan and Business Plan A business plan, in contrast, is a roadmap for the entire firm for a specific future period of time. Marketing plan is a detailed plan the comprises of marketing activities and strategies, situational analysis of the firm, financial projections, action plan and control etc, but a business plan is a broader plan since it not only comprises of all these elements but also R&.D and business operation etc. More specifically, marketing plan is an integral part of business plan. For most manufactured firms, marketing plan represents 60 to 80 percent of the business plan, both marketing and business plan are almost identical for small businesses. The relationship of business and marketing plan is depicted below: Depending on the size, nature and requirements of the business, business plans may also include break-even analysis, detailed financial projections with profit and loss and final accounts, management and HRM plans etc.