A marketing plan is an outline that describes the prospective operations of business alongside its strategies and tactics. This would facilitate in the accomplishment of various tasks alongside maximum utilization of the organization’s resources. At the center of a marketing plan are the 4Ps of price, product, physical distribution, promotion, and also the identification of the target market alongside market research, positioning, competitive analysis, market strategy, budget, and metrics.
A marketing plan should complete the following objectives: Accurate identification of the target market, proper analysis of the firm’s competitive advantage, construction of a marketing mix (product, price, place, and promotion), a profit objective entailing the intended income anticipated from the promotional strategy, a growth aim to be attained alongside the intended market share goal, and a profit objective to be obtained as a result of the promotional strategy.
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A small business owner can benefit from market research collection, analysis, and data interpretation- which assists the owner to understand the requirements and wants of the potential customer base and, therefore, be able to incorporate them into their services. Additionally, the market research would enable the business owner to arrive at well-informed choices regarding the provisions to make and also come up with effective strategies. In a bid to correctly place products in the market, a small business owner would have to obtain market research from both primary and secondary market research. Primary research involves the direct collection of information through means such as experiments, surveys and questionnaires, observation, focus groups, field trials, and social media. Secondary research incorporates the collection of information from already established data as well as research. This may include manuals of firms and even balance sheets among other sources. They may also include forecast reports, local data, business directories, articles, and census data.
