Marketing plan provides the organisation with guidelines with respect to marketing objectives, strategies and activities to be followed.
The various steps are:
a. Business situation analysis:
If it is an existing enterprise then it’s past performance and achievements are looked into it. If it is a new enterprise then aspects like personal profile of the entrepreneur, product development, experience of the entrepreneur, the need the product satisfies and marketing segmentation is looked into.
b. Identify the target market:
For any new venture, it is very essential to define clearly the specific group of potential customers whose needs the enterprise aims to fulfil.
c. Conduct SWOT analysis:
The plan needs to consider the Strengths, Weakness, Opportunities and Threats of the organisation to ensure success.
d. Establish goals:
The enterprise needs to set realistic, attainable goals. They need to quantify the goals so that they can be controlled and limit it to certain number.
e. Define marketing strategy: The strategy should comprise various decisions pertaining to the following P’s: Product, Price, Promotion and Place
f. Implementation and monitoring of the plan:
It is important for the entrepreneur to understand that this plan should be flexible and he should be prepared to make necessary adjustments as and when require
