Business Marketing Plans

Business Marketing Plans-24
A marketing plan has a formal structure, but can be used as a formal or informal document which makes it very flexible.It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives.The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars.

A marketing plan has a formal structure, but can be used as a formal or informal document which makes it very flexible.It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives.

Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable return.

This includes processes such as market situation analysis, action programs, budgets, sales forecasts, strategies and projected financial statements.

Thus, the definition of IBM's "corporate mission" in the 1940s might well have been: "We are in the business of handling accounting information [customer need] for the larger US organizations [customer group] by means of punched cards [technology]." Perhaps the most important factor in successful marketing is the "corporate vision." Surprisingly, it is largely neglected by marketing textbooks, although not by the popular exponents of corporate strategy — indeed, it was perhaps the main theme of the book by Peters and Waterman, in the form of their "Superordinate Goals." "In Search of Excellence" said: "Nothing drives progress like the imagination.

The idea precedes the deed." If the organization in general, and its chief executive in particular, has a strong vision of where its future lies, then there is a good chance that the organization will achieve a strong position in its markets (and attain that future).

It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals.

The marketing goals normally aligns itself to the broader company objectives.

For example, a new company looking to grow their business will generally have a marketing plan that emphasizes strategies to increase their customer base.

On the other hand, it should not be too wide or it will become meaningless; "We want to make a profit" is not too helpful in developing specific plans.

Jacob Zimmerem suggested that the definition should cover three dimensions: "customer groups" to be served, "customer needs" to be served, and "technologies" to be used.

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