Why is a marketing plan importantSolutionplan is a future co

Why is a marketing plan important?

Solution

plan is a future course of action, which defines the objectives and targets of sales for a particular period. the marketing plan clarifies the key marketing elements of a business and maps out directions, objectives and activities for the business and its employees.

it is a strategic plan which explains the firms goals and objectives like the production schedules, maintanance of safety stock, projected sales and demand and so on.

a typical marketing plan describes the products\'s 4ps; Product, Price, Place and Promotion.

product: what is our product? who are the target customers, what is our unique specification and so on

price: what pricing strategy will the company follow for this product? Is the plan to sell large volumes so that economies of scale can keep the price low? Or will it be marketed to a niche at a high price?

place: it says about the availability of the product in the market, at different areas.

promotion: what kind of promotional activities have to be take to reach the goals and targets.