A market research plan is an integral planning tool in the business world since it allows marketers to identify an issue in the market and present a feasible and cost-effective solution to the problem (Burns, Bush, & Sinha, 2000). The plan consists of an objective section which details what the plan seeks to remedy. It is imperative to note that the objective must meet the SMART threshold. Furthermore, the deliverable outcomes detail the measurable aspects that the plan seeks to achieve. The outcome section also encompasses how the data would be analyzed. The other integral segment of the marketing plan is the target audience (Zuckerman, 2012). By understanding the demographics of the target population, the marketing plan can be tailored to resonate with the audience. Typically, conveying the plan in a persuasive manner is crucial in ensuring the entire workforce rallied behind the plan. Cohesion in the implementation of the marketing research plan is vital since it would eliminate unnecessary and often counterproductive backlash.
The other component of a marketing plan is the research methods that will be used in collecting information pertaining to the problem being explored. The credibility of the plan is dependent on the accuracy of the method employed in gathering the information (Brace, 2018). In this regard, the method chosen for the study was crucial. The other component of the marketing plan is the timeline. The timeline is crucial in warranting the feasibility of the marketing plan. Dividing the plan into period would promote the attainability of the project as it will allow the project to be partitioned into small achievable tasks. The budget is a detailed amalgam of expenses that would allow wholesome implementation of the marketing plan. Also, the ethical consideration component seeks to ensure that no regulations surrounding research were violated in the course of the completion of the study. Further considerations segment covers areas that can be explored to better put the market research findings into perspective.
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References
Brace, I. (2018). Questionnaire design: How to plan, structure and write survey material for effective market research . Kogan Page Publishers.
Burns, A. C., Bush, R. F., & Sinha, N. (2000). Marketing research (pp. 599-602). Upper Saddle River, NJ: Prentice Hall.
Zuckerman, Alan (2012) Healthcare Strategic Planning. Third Edition, Health Administration Press.
