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The following report analyses Franklin & Moore LLCs (F&M) marketing plan in relation to the elements of the marketing plan, the strengths and weaknesses of the plan, and also makes suggestions for improvement.

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Introduction

Executive Summary The following report analyses Franklin & Moore LLC's (F&M) marketing plan in relation to the elements of the marketing plan, the strengths and weaknesses of the plan, and also makes suggestions for improvement. A marketing plan gives purpose and direction to all the business's activities. 1The steps involved in developing a marketing plan are as follows; situational analysis, market research, establishes market objectives, identify target markets, develop marketing strategies and finally, implementation, monitoring and control. A situational analysis provides a precise understanding of the business's current position and where it is heading.2 Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem3. The next step in marketing planning is the formulation of marketing objectives. Marketing objectives are the realistic and measurable goals to be achieved through the marketing plan.4 Identifying target markets is another step in the marketing plan; a target market is a group of present and potential customers to which a business intends to sell its product.5 The next process of the marketing plan is to develop marketing strategies to achieve the marketing objectives. Marketing strategies are actions undertaken to achieve the business's marketing objectives through the marketing mix.6 The final step of the marketing plan is monitoring and controlling the marketing plan. Monitoring means checking and observing the actual progress of the marketing plan, while controlling involves the comparison of planned performance against actual performance and taking corrective action to make sure the objectives are attained. ...read more.

Middle

16 Franklin & Moore have a clear definition of their target markets. The strength of their target markets is the clear definition including size of the market, growth levels, and also a brief description of their behaviour and demographics. Figure 1- Franklin & Moore's Target Markets Franklin & Moore's graph gives an incorrect impression about the target markets, as this is a weakness to the marketing plan. The graph is split into three equal pieces; however the marketing plan says that it will focus more on large business as they provide the most revenue and more complicated planning services. This information is not reflected in this graph. Target marketing is a significantly important part of the marketing plan and Franklin & Moore have a very brief outline of their target markets. Developing Marketing Strategies Marketing strategies are actions undertaken to achieve the business's marketing objectives through the marketing mix. The marketing mix refers to the combination of the four Ps - product, price, promotion and place.17 * Product Despite the fact that Franklin & Moore is a service-based business and doesn't actually provide a tangible product, it still has a degree of product. The marketing plan has strength of highlighting briefly the importance of good service being provided to its customers. However, this section of the marketing plan is very vague as it doesn't explain in detail the product strategies. * Price The pricing strategies of the marketing strategy should be made according to factors such as cost of production, level of consumer demand, competition, and value of the service. ...read more.

Conclusion

Price Franklin & Moore could improve by identifying or supporting their prices. They have made prices according to value and level of expertise, however more factors are included such as prices of competitors and also if change in price will affect the demand for the service. Also costs should be stated. Promotion Promotion strategy could be improved upon by stating how the business will carry out this objective. Place In the marketing strategies, place isn't included and to improve this weakness Franklin & Moore can create a place strategy on how businesses and individuals can reach Franklin & Moore. They stated that they were in the Yellow Pages in the S.W.O.T analysis as strength however they fail to provide on strengths in this aspect. They could also improve by adding specific strategies on how Franklin & Moore will ask businesses to refer their accounting firm to other businesses. This could include anything such as business cards. Conclusion In conclusion, Franklin & Moore's marketing plan has much strength such as their SWOT analysis, and marketing objectives, however the plan can be improved with a more in depth and accurate target market. Also more detailed marketing mix strategies. Overall a suitable marketing plan however has weaknesses that can be improved upon. Words 1922 1 Textbook p174 2 Txt 179 3 Txt 180 4 Txt 186 5 Txt 190 6 Txt 193 7 Txt p201 8 Marketing plan 9 http://web.utk.edu/~gealach/glossary.html 10 Txt p175 11 Txt 176 12 Txt 180 13 Txt 180 14 Txt 186 15 MARKETING PLAN p13 16 Txt 190 17 Txt 193 18 Txt 181 ?? ?? ?? ?? ...read more.

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