Marketing Plan can be defined as a written plan or document that refers to the particular organizations adaptation of a particular marketing strategy. It can also be defined as the written plan of a company that underlines the various marketing activities that the company would undertake in the following months or weeks. A marketing plan must include general information like for example, the particular service or product that is being offered by the organization, the pricing of the product or service, the target market, that in other words means the market in which the product or service is being proposed to be sold, and important information about the different competitors who offer similar products and services, and the marketing budget, that is the amount of money or finances that has been earmarked for the purpose of this particular marketing plan.
The success of a well-planned and well-executed marketing plan depends on the amount of interest the intended customer shows in the plan. Therefore, the marketing plan must be able to generate more than ordinary interest in the customer so that the intended target of the plan would be achieved. This means that the marketing plan must specify all the various actions that the company intends to take to make the customer get interested in the product or the service in such a way that he would like to buy that product or service without much persuasion. If the marketing plan is to be successful, then the marketing strategy must also be well written and planned, since the marketing plan is nothing but the implementation of the marketing strategy. It is the marketing strategy that is responsible for providing the targets and the goals for the marketing plan, and also the path to be taken in future. A marketing plan can either be an individual document or can also be a part of the entire marketing strategy of the company.
In general, a marketing plan will include the following: the various products and services that are being offered under the particular marketing plan, the USP or the Unique Selling Proposition of the products that are being offered to the customer, the Pricing Strategy for those products and services, the Sales Plan and also the Distribution Plan for the various services and products, and the total Advertising and Promotional Plans for them. The marketing plan must also include details about the target market, and also, most importantly, details about the competition, which will be contained in the 'Competitive Analysis' part of the marketing plan.
The first step to be taken when sitting down to write a business plan is to conduct a thorough analysis and examination of the intended or the target market, that in other words defines the people who the company wants to sell the products and services to. Not all the people in the particular city or area would be interested in buying the particular product being offered by the company and this is why the specific customer would have to be analyzed and the plan be molded according to this customer. In addition, the number of such customers has to be researched, and a projection has to be made about the numbers, while keeping in mind the fact that these numbers may change due to various reasons like market trends and marketing policies.
The secret of the success for a marketing plan depends on the amount of time and resources that have been spent on 'research'. Research is important in all aspects and in all areas of the plan. In this case, the target market has to be thoroughly analyzed on the basis of these points: how old are the intended customers, and what gender do they belong to, what is their occupation, are they married and with children or are they single, where do they live, are they single, or do they belong to a family group, what is their regular income level, what is their style of living, and what is their spare time occupation, and what are their outside interests, how do they feel motivated and what in fact motivates them generally. When answers to all or some of these questions are obtained, then the first step towards creating a target market for the product or service has been taken.
Any marketing plan must have as its primary aim the plan of not only attracting large numbers of customers, but also in keeping them loyal to the particular brand that is being promoted by the company,...
The two major rivals on the Chinese market are BMW and Audi. As a consequence, BMW has cut its retail prices in 2005 for its three and five series sedans by 12% or 13%, which caused a decrease of $12,048 for BMW 530i (Xinhua News Agency, 2005). As specialists in the field have predicted, since 2005 the Chinese luxury and sports vehicles market has diversified, and so did the competition.
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