Why A Marketing Plan Is Important In Any Business?
In any business success, marketing always plays a key part. You have to make a good relationship with your customers. You need to work out how you will reach and win new customers and make sure that they will be happy and remain satisfied of the services you are providing them. You need to always review and keep on improving everything you do to stay ahead of the competition.
Although marketing plays an important role, it will not guarantee sales unless by doing it with a laid out plan. A well-researched and logical plan is important to have a better chance of building a long-term profitable relationships. A marketing plan will serve as a reference or your basis to execute a marketing strategy. By laying out plans, it will set out a clear objectives and explains how you will achieve them. You can define your business well if you have a written document that details the necessary actions to achieve your marketing goals. A marketing plan is considered a part of an over all business plan.
A marketing plan is backed up by a solid marketing strategy. It would be useless without a working strategy. So you need to be clear about your objectives and how you’re going to achieve them. You have to be realistic with your plans by setting measurable objectives, deadlines, defining responsibilities and considering your budget. A good marketing plan should assist you to integrate your total marketing effort and ensures a systematic approach to developing products and services to meet and satisfy your customer’s needs.
Having a solid marketing plan will let you identify your customer’s needs and wants. You can determine the demand for product and aid in the design of product that will satisfy and fulfill consumer needs and wants. It also helps you identify your competitors and make you analyze what are their advantages over you or your advantages over them and focus on those things. You will know if your marketing strategies are working or not and maybe you can switch to another one. You will be able to identify new product areas and new or potential customers.
When you do have a marketing plan, you will know what are the specific thing you need to do and focus on things that play an important role in running your business. Every plan laid out has a specific target so that progress can be monitored. A marketing plan usually covers transactions for years and most probably you still have a standing business in the years to come.
Gwyn Estember
http://www.articlesbase.com/internet-marketing-articles/why-a-marketing-plan-is-important-in-any-business-619519.html
Why is each of these components important to a business plan?
I am struggling with this for my business coursework
1.Business Idea
2.Business Ownership
3.My Market
4.My competition
5.My Industry
6.Management
7.Funding Business
8.Financing of Company
9.Sales
10.Promotion
11.Business Information
the only thing i can tell you is the real issue you are facing is "Business Credit". i have a business myself i know how to run a successful business. but when it comes down to it that doesn’t matter. if you don’t have business credit you cant really survive as a business.
luckily i found this out and my business is almost where it should be. there are resources out there that can help you if you search a little harder .oh yell and those thing you list will fall in place like sales, funding, promotion, marketing,etc. oh yell i give you some clues companies do not like to dill with soleproparters or partnerships. so you might want to incorparate your business and dont be a lazy thinker use the Internet theres allot of resources out there that can help you with this. i could tell you everything but it wouldnt help.
References :
ok ill give you a clue . check places like myspace and askjeeves or youtube and you might find what you are lookin for. clue#1 when you go to this sites put in business credit. good luck on your business because when you find how to build your business credit you will never have this problem again.oh that was clue#2 building business credit
I think you may be making some of these harder than they need to be. A lot are pretty straight forward. Even if not presenting a business plan to a financier for funds, everyone should do a business plan because it makes you take a long hard look at your business.
It makes you look at details you may have glossed over when thinking about them on the surface. It helps you really get to know your business. You would be amazed at how many small businesses go into business without knowing who their target market.
1.Business Idea – need to know why you are in existence – truly explain your idea
2.Business Ownership – so you know the structure of the company – sole prop; corporation; partnership, etc
3.My Market – need to know who you are marketing so you structure everything to meet their needs; if you go out without knowing who your target audience is you are doomed
4.My competition – so you know what they are doing (advertising, target markets, innovations, customer service), their market share, your market position among them
5.My Industry – is there enough of a demand for the product/service or is the industry saturated; are there any regulations that might hinder the business (government regulations, supplier issues, etc)
6.Management – who will be running the business on a day-to-day basis; know their strengths and weaknesses; assign responsibility and accountability
7.Funding Business – Where will you get your funds for day-to-day operations.
8.Financing of Company – So you know where you will obtain your money to get your business started and keep the doors open. Will it be through a bank, credit card, personal funds, or investors
9.Sales – Forecast the sales for each month over a certain period of time (usually 3-5 years). This helps you determine when you will break even and start showing a profit
10.Promotion – To communicate your company’s message to your target marketin, ultimately pulling them to do business with you
11.Business Information – ?? Not sure what you are asking for here.
Once again, the overall purpose is to make you take a long hard look at your business, to get to know it better
References :
http://www.instinctivemarketing.com/marketingplan