A Marketing plan is a definite assignment for MBA students. A marketing plan is often done based on a product, service or company. I can help the students of business and management develop a marketing plan. A marketing plan will include the following.
- Executive summary to summarise the entire study
- Situation analysis to summarise facts and insights gained from market research and marketing analysis. This may include PESTEL analysis, SWOT analysis. or any similar technique
- The company’s mission statement or long-term strategic vision. This is when the marketing plan is based on a company. When the marketing plan is based on a company or services this section is to be based on the targets to be achieved.
- A statement of the company’s key objectives, often subdivided into marketing objectives and financial objectives. Here one has to ensure SMART (specific, measurable, achievable, relevant and time bound) objectives.
- The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved. Along with positioning the marketer has to consider methods to reach target segment, social media marketing, traditional advertisements etc.
- Implementation choices for each element of the marketing mix (the 4(5)Ps). The basis of many marketing plans is based on 4Ps of marketing. Now it is being extended to 5Ps and then to 6Ps.
- Budgetary requirements have to be considered.