A marketing plan can be described as the report that outlines an organization's or a business marketing strategy for a month, quarter, or full year. A marketing plan is usually characterized by an overview of the advertising goals, description of a business's marketing position, the timeline of tasks completion, key performance indicators to help in tracking, and the description of customer needs. Time and money are usually the scarcest requirements while starting or running any business. Therefore, a marketing plan enables an organization to efficiently use the available time and money to achieve the desired outcomes. Purposely, the paper intends to describe the basic components of a marketing plan: market research, target market, positioning, competition analysis, market strategy, budget, and metrics.
Marketing research enables an organization to learn about the targeted consumer's buying habits, the market size, and the decline or growth. An adequately designed target market allows access to more buyers willing to access the provided goods and services. Positioning makes it possible to come up with clear marketing and branding messages that attract consumers. Proper positioning eradicates confusion among the clients ( Bamford & Bruton, 2019 ). It makes it possible to know the type of services or goods they will access from the organization. Competition analysis makes it possible to learn more about the available competition to better an organization's position by gaining a competitive advantage.
Delegate your assignment to our experts and they will do the rest.
The marketing strategy outlines the pathway towards achieving the set goals. It involves analyzing the entire market, after which steps are formulated to function using the available resources until the desired goals are achieved. A budget consists of developing a schedule of what is to be spent on marketing until the expected marketing outcome is achieved ( Bamford & Bruton, 2019 ). Lastly, metrics make it possible to track the marketing success with Google Analytics. It makes it possible to identify effective and ineffective marketing procedures, which creates a platform for timely changes and improvements.
Reference
Bamford, C.E., Bruton, G.D. (2019) ENTREPRENEURSHIP. The Art, Science, and Process for Success. McGraw-Hill Education
