The paper "The Concept of Marketing Mix" is a perfect example of a Marketing Term Paper. This report seeks to explore the concept of a marketing plan. It will define the concept and relate it to the business plan. The report will further highlight the elements of a marketing plan and interdependency between the elements. It will further highlight the tactical and strategic functions of a marketing plan. The structure of the marketing plan will be highlighted and each element discussed. Finally, a misconception on the marketing plan will be included as an aspect of reflection.
The report is divided into different sections which are clearly shown in the table of contents. Definition of a marketing plan A marketing plan is defined as a document that provides a vivid description of the marketing environment as well as an outline of the strategies and marketing objectives (Luther, 2001). Additionally, it specifies individuals responsible for carrying out the parts outlined in the marketing strategy. However, it is essential for organizations to decide on the particular products or services they want to market prior to design a marketing plan (Bangs & David, 2001). Marketing plan and business plan Studies have proven that both the marketing plans and business plans are essential for the successful operation of a business.
According to Cohen (2010) business plans and marketing plans assist businesses in organizing their daily operations as well as benchmarking the failure or success of businesses. Moreover, due to the fact that organizations/businesses change with the economic environment and the demands of the customers, it is essential for the marketing plans and the business plans to evolve throughout the business’ s lifespan (Westhood, 2010). Business plan Cohen (2010) describes a business plan as any document that gives a broad view of any given business that includes information on the financial aspects, location, staff, operations and marketing in addition to goals and missions that are clearly outlined.
Westhood (2010) points out that business plans are mostly used as a financial tool that provides lenders with essential information in determining the viability and financial status of the business. Even though business plans are commonly used in helping new businesses, they are essential throughout the lifetime of a business.
One of the key functions of a business plan is to develop strategies that are competitive in nature. Before giving the interdependency between a business plan and marketing plan, it is essential to describe the marketing plan in detail providing its tactical and strategic functions (Dibb & Simkin, 2008). Marketing plan According to Dibb & Simkin (2008), marketing plans provide detailed action that aims at achieving the goals and mission of the company. Wood (2010) in his study points out that marketing plans not only identify competition and marketing plans but also detail price points and the business.
It further provides an explanation of the ways used by businesses in generating customers. Some of the ways used to generate customers include trade shows and fairs, referrals and advertisements among other methods (Cohen, 2010). Due to the fact that marketing plans explain various ways of businesses overcoming challenges associated with competition, they are perceived as a major section in the business plans and thus they require not only detailed industry research but also a consideration (Wood, 2010)
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