What Is Marketing Plan?

What is marketing plan?

Marketing plan is when a company do a planning about what type of market it is going to target and also how the company will operate in the future in level of its marketing. Marketing plan is a very important thing that a company must take into consideration, if the company have a good marketing plan its business should be able to flourish with all the customers it brings in new types of market value. When there is a marketing plan, it is much better as they will know how and when to target different planning.

 The main thing is to have product specification it consists more of company-wide plan that describes activities involved in achieving specific marketing objectives. A market plan begins with the identification. The identification of the marketing plan is through the market research. Specific customer needs and how the firm intends to fulfil them while generating an acceptable level of return. It generally includes analysis of the current market situation that is the opportunities and trends.

The budgets, sales forecasts, strategies, and projected financial statements also play a key part of the marketing plan. This will enable the company to have a better knowledge of the market system and to know the positions of its competitors.

The Importance of Marketing Plan 

The marketing plan is very important. The reason is because there are always many things that a company must take into consideration before doing something. The importance of market plan is important; there are numerous factors for this.

i. Marketing Helps in Transfer, Exchange and Movement of Goods

Marketing is very helpful in transfer, exchange and movement of goods. Goods and services are made available to customers through various intermediaries.  For examples wholesalers, it is helpful to both producers and consumers. Through these two it is the consumers who are the beneficiaries as it is for the consumers that they need to manufacture a product that the consumers want, for example like Apple must do marketing to know what kind of I phone the customers want, their likings .

To the former, it tells about the specific needs and preferences of consumers and to the latter about the products that manufacturers can offer. According to Prof. Haney Hansen “Marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer.”This means that the more marketing is done so as to have a better proportion in the market. It shows that the company must manufacture product that will be more likely to be accepted by the consumers .

ii. Marketing Creates Employment

Marketing involves many people in one form or the other. The major marketing functions are buying, selling, financing, transport, warehousing, risk bearing and standardisation and other factors. In each such function different activities are performed by a large number of individuals and bodies. Thus it provides more jobs and responsibilities for people. Thus, marketing gives employment to many people. Majority of the population in a country is directly or indirectly dependent upon marketing.