Components of successful market plan

Components of successful market plan

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Components of successful market plan

Marketing plan is defined as a comprehensive document that illustrates business advertising and marketing efforts for the coming year . It illustrates business activities involved in fulfilling specific marketing set objectives with a specified period of time

Market focus, best marketing plans define target markets narrowly. For instance target market of a restaurant may be families, couples, baby boomers, teenagers, children, date nights, busy and rushed working people, or some combination. It will very rare to find a restaurant that works for a baby boomer couple’s night out at the same time working for families with small children. The best principle applied is choosing. Dividing and conquering.

Product focus, it relates with market focus. In case an individual requires baby boomers’ date nights, then serve good food. In an individual needs families with kids, then serve food quickly. Finally make the menu items relatively cheap and, maintaining safeties of food. Sushi doesn’t sell on price. Drive-through windows don’t deliver fast food.

Concrete, measurable specifics, an excellent marketing plan are characterized by dates and details. Strategy drives a good plan; however, tactics, programs and details make huge the difference. For set objectives to achieved, the plan must tie outcome back to activities and create with hard numbers to measure those results.

It is of no use for a restaurant have vague goals such as having the best-tasting food. It requires specifics that are connected to marketing information, insertions, posts, dinners served, return visits, members of the e-mail list, reviews, and stars. The major concern is to take a plan and focus ahead about how the marketer will determine if it was implemented. Will he or she be able to tell?

Responsibility and accountability, with groups and committees get little accomplished. Assign every part of a marketing plan to specific individuals. Measure the results of every task. Be sure a person is responsible for it. Peer pressure is significant. Individuals who are assign duties to implement plan have to be accountable for measurable results. Failure has to hurt, and achievement has to be rewarded. A good marketing plan requires commitment, not just involvement.

Reviews and revisions, every successful marketing plan is a planning process. It is not just a plan. Things change too fast for static plans. Excellent marketing plan is part of a process that entails setting goals, measuring results and tracking performance .. It entails regular review and revision. In circumstance where the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, marketing plan does not exist in that case.

References

Sicular, T. (1988). Plan and market in China’s agricultural commerce. Journal of Political Economy, 96(2), 283-307.

Stockman, N. (1992). Market, plan and structured social inequality in China. Contesting markets: Analyses of ideology, discourse and practice, ed. Roy Dilley, 260-78.