Ethics

Marketing Plan

Marketing perhaps plays the most critical role in the success of a business venture although a significant challenge exists in separating the concept of marketing and selling. Marketing refers to the process that brings together the abilities of a company or business and the requirements of its customers where the customer receives the benefits that satisfy his or her requirements while the company receives payment for goods and makes some profit. This aspect compels companies and other business organizations to strive to be flexible enough in order to achieve this balance in the marketplace. Marketing planning or plan refers to a description of the methods of applying marketing resources to achieve marketing objectives. This process is of great importance in businesses although resources and objectives vary from one organization to another as well as the timing. Marketing planning is applied to segment markets, identify market position, forecast market size, and to plan a viable market share within each market segment. The process of marketing planning involves, carrying out of marketing research within and outside the organization, establishment of strengths and weaknesses, making of assumption, forecasting, outlining of marketing objectives, definition of programs, budgeting, and setting evaluation methods. The benefits associated with marketing planning include better application of available resources to identify marketing opportunities, encouragement of team spirit, and facilitates achievement of organization’s goals and objective. A marketing plan is a key input to a business plan and through it, the business owners should be able to the most promising business opportunities for the company and outline how to penetrate, capture and maintain positions in identified markets. A marketing process involves manipulations four key elements commonly known as the four Ps’ which comprises of product, price, Promotion and place. Any marketing...