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Giving appropriate examples, explain the nature and contents of a marketing plan. What is the purpose of a marketing plan? What are the characteristics of a good marketing plan?

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Introduction

Giving appropriate examples, explain the nature and contents of a marketing plan. What is the purpose of a marketing plan? What are the characteristics of a good marketing plan? ??????????? The term Marketing has undergone a few transformations over the last couple of decades as technology and therefore opportunity and competition, has evolved. No one can ?pin? an exact definition to the label of ?marketing? so what is marketing exactly? Contrary to popular opinion, it is not just the act of advertising and promoting a given product or service. Marketing entails, relies on and involves many aspects of an organisations structure in order to operate with optimal efficiency and effectiveness. It involves constant updating of both process and outcome and often requires a proactive mindset or approach. Although one company?s definition of marketing may vary to that of another organisation, marketing is seen as the act of creating and building beneficial exchanges with target buyers for the purpose of achieving organisational objectives. A marketing plan is the first step or process and is often a prominent figurehead in analising a company's current direction and success in its given field. Marketing plans differ from company to company, however, there are a few integral sections that form the base of the marketing plans? structure. An executive summary, which contains a brief outline of the marketing plan itself and any relevant goals, objectives or opportunities is the first segment of the plan. This should be clear and concise and outline the direction of the plan so that management can quickly determine the suggested direction and/or opportunity available. ...read more.

Middle

Fast food and drive through service fall under the banner of convenience, service or innovation, identified as mainstay strengths in a SWAT analysis. The ?golden arches? refers to McDonalds logo, its trademark and this sign doesn?t have to contain words for it to be immediately recognised by consumers around the world. This logo is a great example of successful promotion implementation in the marketing mix. ?Would you like fries with that?, a famous phrase known in the western world by millions and part of McDonalds staff training and protocols, is a simple example of a cultural aspect created by McDonalds that has been enforced by management through marketing plans and In turn lead to immediate brand recognition. The Big Mac and happy meal being worldwide ?staple points? of McDonalds? menu, indicate perfect product placement within the fast food industry. McDonalds has obviously planned years in advance, reacting proactively to changing trends, such as healthier menus whilst also sticking to their key cultural values to build up high public regard. ?Marketing plans are integral for both small and large business operation. They create a sense of authority or cultural significance, look at both financial and visual opportunities and threats and take into account the ever-changing publics perceptions and spending patterns. Without a marketing plan, the direction of not only the marketing department but also the company itself would be non-existent. A company can no longer afford to have a weak link in the chain. ...read more.

Conclusion

Stars ? this area of the Boston box Is the high profitability, good market share with a high growth rate. Question marks ? low market share in a high growth market, this means that cash in required to maintain or increase their market share to become stars or they will lose their share of the market. Cash cows ? these produce a lot of cash and have a high market share but have a fairly low growth rate. Dogs ? these have a low market share and a low growth rate and need to be withdrawn as they will only end up losing the business money. Ansoff Matrix * The Ansoff Matrix is a tool that helps businesses decide upon which product to use as well their new market growth strategies. * Ansoff?s product/market growth matrix suggests that a business?s attempts to grow depend upon whether it markets new or existing products in new or existing markets. Different forms of marketing: * Market Penetration is a strategy for growth as it is when a business focuses on selling existing products into already developed market places?. * Market development is a growth strategy where a business tries to sell it existing products into new markets. * Product development is a growth strategy where a business aims to introduce new products into existing markets * And the final one is where a business takes a new product and introduces it into a new market. These are the only four types of marketing a product and no matter what a business does to marketing; it will always fall into one of these categories. ...read more.

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