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A marketing plan is an intended course of action which detail specific actions to achieve marketing objectives. The basis for a solid marketing plan is often a strong marketing strategy. A market strategy consists of proposed objectives, and the marketing plan answers the question of how to fulfill these objectives. Firms that are planning to produce a good or service will first determine or construct the proper marketing plan to use before they start.
The external market environment is primarily taken into account due to its importance in determining the status of the market that the firm will provide the good or service with.
Three main factors make up the external market environment: customers, competitors, and the company. The firm looks into their target market and identifies who they will produce for. The firm must also study the presence of competition and how it affects their product. Lastly, the firm’s own characteristics are studies.
This is done through the SWOT analysis which determines the firm’s strengths and weakness, the available opportunities, and the present threats.
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This is used to provide the firm with the information to decide on how to formulate their marketing plan. The 4 P’s of marketing are also vital to the creation of a proper marketing plan. The 4 P’s are product, place, promotion, and price. The product aspects deal mainly with the details of the actual good or service.
The aspects of transportation and shipping, such as where the product is distributed and how the good is sold fall under the second P, place.
The environmental factors that can affect product sales also fall under this category. Promotion refers to how the product is advertised and how it is marketed to the consumers. Lastly, price details determining what the firm receives in exchange for their good or service. All these components make up a sound marketing plan. Properly studying the factors that affect the sale of the product contribute to the success of the creation of a marketing plan.
Key Components of a Marketing Plan. (2020, Jun 02). Retrieved from https://studymoose.com/key-components-of-a-marketing-plan-new-essay
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