Marketing Plan Essay Structure
A marketing plan essay is an academic assignment in which you must do research on the political/environmental/economic environment in order to write a comprehensive report that highlights strategies that can be used to convince potential customers to buy a product or service. A marketing plan assignment demonstrates that the student understands how to lay out a short and long-term plan for success. By setting out defined goals, the company is able to remain focused as they carry out their plan. Ultimately, a marketing plan essay is used to show that the company can remain viable and profitable.
Marketing Plan Essay Writing Guide
Product identification involves understanding an existing product or one that has recently been introduced to the market. From the production of the good in its raw form through the delivery of the finished product, it is important that the company focus on building its brand name, proper packaging, demonstrate evidence of quality, perfect the distribution channels, and find any way to gain a competitive edge over the competition.
The marketing objective is a well-defined, measurable, achievable, realistic, and time-specific plan for achieving the company’s short and long time goals. In other words, it cannot simply be a generic goal such as, “Increase our profits.” By using measurements, the company will be able to evaluate whether the plan is succeeding and even make adjustments. For instance, a company might try to find ways to increase their client base by 10 percent within a period of 6 months. To achieve this, they might create an advertising campaign that targets a certain demographic that might be persuaded to try the product or service.
The market is an area or arena where a business sells its products and services. When determining whether to enter a particular market, it is important to determine whether the company can fulfill a need that does not yet exist in the market, or at least deliver something better than what does exist. If the size of the market were large enough, penetration would be easier than if the business were to open in a smaller town since the larger population would mean more customers to go around.
When developing a marketing plan, it is important to compose a detailed summary of the competition in the market. In particular, it is necessary to look at the competition’s history, the demographic that they are targeting, the number of chains (if applicable), their pricing policies, their economic outlooks, their brand recognition and packing, their advertising campaigns, and how well they rate in terms of customer satisfaction. Once an assessment of the competition’s strengths and weaknesses is done, the marketing plan can look for ways to both take advantage of weaknesses and chip away at the strengths by offering goods or services that are superior.
The price that a company charges is based on a variety of economic factors such as the principles of supply and demand, competitors’ prices, cost and availability of raw materials needed to manufacture the product, and the current economic state. In addition, efficiencies that the company implements in order to reduce operating expenses and deciding when to offer discounts, offering appealing financing options, and even brand prestige also influence pricing. When the company confronts price increases in certain materials, they are left with two choices: they can either increase the price of their own product to make up for this, or they can shrink the size of their product while maintaining the same price.
Promoting a product or service through various media is the best way to spread the message about its existence. Using social media platforms such as Facebook, Twitter, Instagram and YouTube are cost-effective ways to achieve this. In addition, traditional advertising campaigns on television, radio and in print publications also provide good opportunities to promote the product. It is important to set a budget and identify ways to measure how much revenue is being generated for every dollar spent on promotion. For large companies, test marketing a promotional campaign in smaller areas and measuring its effects is a cost-effective way to determine whether to take the promotion nationwide.
Distribution is important for making sure the manufactured products get delivered to the stores and customers’ homes in an efficient, streamlined way. When developing a marketing plan, it is important to take into account the logistical challenges associated with distribution. For example, if the company produces perishable goods, it is essential that the items reach the store shelves well before the expiration date. Manufacturing goods based on different raw materials means receiving the right amounts of each and being able to assemble the final product in large enough quantities to meet customer demand. Constructing warehouses and leasing a fleet of semi-trucks would also be part of the distribution process.
The sales forecast is the amount of product that the company predicts they will sell in the short and long term. Being able to determine how much the company will sell will have an effect on every other facet of the business. For instance, if the forecast is negative, the business can lay off employees in order to save the company in the long run, cut their losses by halting production of an item that isn’t selling well, or alter their advertising campaign in order in the hopes of improving the outlook. It is important to note that in some cases the factors that lead to lower-than-expected sales forecasts are unavoidable. For instance, the general state of the economy, the changing habits of consumers, gas prices, and even political tensions can hurt a company’s bottom line. Nonetheless, the company must have a plan to anticipate any potential problems.
A company should review its marketing plan every year in order to determine its short and long term health. The economic and political environment as well as changes in consumer behavior are in constant flux, which means the company needs to have a plan to detail with any challenges. At the same time, if the company is experiencing success, the marketing plan should find ways to keep the momentum going and even expand upon this success by increasing production, adding new products to its line or even entering new markets.
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