Effective marketing practices form the foundation of a successful organization. There are various elements of an effective marketing plan which range from situational analysis, market positioning, budget, competitive analysis, and executive summary among others. These elements vary in their importance to the marketing approach adopted by a particular company. I would say the essential aspect is situational analysis (Kotler, Kartajaya & Setiawan, 2016). For this element, marketers are required to identify with the current trends in the market while determining the cultural, social, political, and economic influences that are associated with a specific target market. Moreover, the marketers have to identify the customer's profile within a particular target market to implement strategies that would adequately meet their needs hence increasing the rate of production and sales.
The necessary information for analysis could be acquired through fieldwork practices or by studying the market from the available research online. Subsequently, the executives would have to develop a campaign that outlines the plan to execute the appropriate marketing strategies. This step is relatively essential as it helps actualize the insights gained through the situational analysis process. The campaign is characterized by the customer base for the products and the open competition for similar products on the market. Not only does the document provide detailed information on the market but also creates a platform for the development of training programs while aligning the respective segments of the company to the marketing approaches (Baker, 2014). Besides, the marketing campaign is essential as it lays out a substantial structure of the budget to be used in promoting the marketing techniques hence ensuring every stakeholder shares the same goal. The executive summary would be the last most crucial element of a marketing plan as it is the implementation stage which relies on the effectiveness of the situational analysis and the campaign to be used.
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References
Baker, M. J. (2014). Marketing strategy and management . Macmillan International Higher Education.
Kotler, P., Kartajaya, H., & Setiawan, I. (2016). Marketing 4.0: Moving from traditional to digital . John Wiley & Sons.
