Marketing Plan

304 Words2 Pages
MARKETING PLAN Every business thrives on the successful marketing of its products to customers. This is mainly because one of the reasons for the establishment of a business is profit making. The marketing plan represents a significant element in the business plan for a new venture. Marketing planning should be an annual activity that focuses on implementing decisions related to the marketing mix variables. These marketing plans must be monitored frequently, especially in the early stages of start-up in order to determine if the business is “on plan.” If not “on plan,” changes in the marketing mix or even in the goals and objectives may be warranted. A marketing plan is a written document that details actions necessary to achieve one or more specified objectives in order to sell a product or service, a brand, a product line, or a corporation as a whole. Marketing plans can range from one to five years in length. Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding

More about Marketing Plan

Open Document