Marketing plan - Part 11 - Marketing Essay Example
Marketing plan is a written document that summarizes what the marketer has learnt about the market place and indicates how the firm plans to reach its marketing objectives - Marketing plan introduction. Its executive summary should contain main goals and recommendations. The knowledge of goal setting provide managers with foundation for formulating strategies .The goals of Lite food industry may be long run goals e.g. aiming for survival and growth of the industry or short run goals which aims e.g. turnover and profits which the industry will be making. T he current marketing situation contains the information on costs, sales of the products, their competitors in the market and various process in the macro-economic environment. . Threats are current or future conditions in the environment that is unfavorable to an organization’s current and potential outputs e.g. Some industries may enter into the market with products which they sell cheaply than that of Lite food industry and also rising sales of substitute products. . Opportunities are current or future conditions in the environment that is favorable to an organization’s current or potential outputs e.g. growing number of customers, introduction of new technologies that an organization can easily exploit.
Objectives are intended outcomes of the organizations effort to meet the day-to- day needs of the customers and other stakeholders. The industry’s objective may be to sell up to $50000 per day. Marketing strategy specifies the target market and related marketing mix. It also includes the competitive position of the industry, financial and marketing objectives and also how the products are branded in order to capture the eyes of customers in order to purchase them. Action program may include the courses of action incase there is a problem in the industry e.g. some objectives have not been attained. Planning and operating budget is concerned with forecasted relationship between revenues and costs e.g. material and sales budgets. They express organizational and departmental plans anticipated consequences of future operations of Lite industry in quantitative terms. Control is achieved by an evaluation of relationship between actual revenues and costs and budgeted estimates. The control job provides the feedback that leads managers of the industry to modify their marketing strategies. To maintain control the manager of the industry may use a number of tools like computer sales analysis, accounting analysis of expenses and also marketing research surveys.
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