mkt_week_2.5.docx
Based on previous experiences, I have seen Marketing Plans help a business to succeed. However, I have also seen a business that has had a great Marketing Plan and failed in spite of it, as the work ethics weren’t there for all parties involved. Therefore, I think it is essential to have one, but that in itself will not guarantee success. With that said, a good Marketing Plan needs to be well-defined and cover many areas, beginning with an Executive Summary and SWOT Analysis, and also contain strategies for advertising, profitability/expenditure, market share, message, and time frame. Of course, it also needs to cover its marketing objectives and use of the marketing mix as well as employee information (positions and job responsibilities) and be based on qualitative and quantitative research data and analysis. Lastly, it should provide an explanation of how the business plans to monitor each part of the plan to make sure it is reaching its goals, and be willing to follow the plan, revising it when necessary (Paley, N., 2006). If a Marketing Plan covers all of the main objectives and is carefully researched and followed, it should help the business to be successful.
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