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Wednesday, 19 September 2018

The Elements of Marketing Plan

Situational analysis .
 Action program.
 Support and finance.

 The situation analysis assumes a question where are we now? It includes a review of the current market situation for the product, the product sales trend competitors position, the product problem and opportunities .

 Marketing objectives answers the question where do we want to go? And usually include quantitative target like sales, market share, profits, e.t.c. the marketing objectives are translated into specific objectives, the four controllable variables. The strategy is usually a single statement indicating the general route all today achievements of objectives.

The overall strategy is further broken down into sub strategies for some or all of the four variables of the marketing mix.

 Action programs review the actual step to be taken if plan is occasion responsibilities are assigned to individuals, budget are allocated, tax priorities are set and time schedules for completing the various activities are established.

 The control section of the plan indicates how the plan execution will be monitored by showing what variable will be looked at when and by whom and also what may be done if the results vary from plant target levels.

 The support and finance variables usually monitored include sales, market share, cost, profit, consumer awareness, e.t.c.
In summary, all marketing plan should accomplish the following.
 Act as a roadmap.
Assist in management and control and monitoring the implementation of strategy.
 Inform new participants in the plan of their role and function.