A kind of product or service the

A marketing plan is simply a document that lays out the company goals and objectives and how they will make a decent profit. It will have everything laid out in it and will clearly show how the company will attain its sales quotas, etc. The marketing plan has a wide variety of components. These include, “market research, target market, positioning, competitive analysis, market strategy, budget, and metrics” (Emerson 2014). The first component is researching the market and see what people’s current tastes and preferences are. This will help decide on what kind of product or service the company should produce or provide, respectively. Now once the trends, tastes, and preferences in the market have been identified, the next thing that should be identified is the target market. The target market is the ideal clientele that the product would most likely suit the needs of. The target market has to be properly identified because the advertising resources have to be properly channeled to the correct target market. If the target market is not correctly identified, then the advertising resources will not be channeled correctly or appropriately. The next step is positioning, which is coming up with good catchphrases and slogans (Emerson, 2014). The good catchphrases and slogans will improve the number of customers and client that the company will get once it starts advertising. The next step is competitive analysis, which is basically looking at who the competitors are (Emerson 2014). It is important to recognize various parameters such as the price at which the other rival companies are selling the similar product and who their target market is. In addition, it is important to decide if the rival company does or does not occupy the full niche. If it does occupy the niche, then the new company will have a hard time establishing a stronghold in the market. If the rival does not occupy the niche, then the new company will have a much better chance of establishing its place in the market. The next component is the market strategy which is basically how the company will get customers’ attention (Emerson 2014). In addition, this can be achieved through radio advertisements, billboards, flyers, social media, websites, door-to-door advertising and a whole range of others. The next component is budget and this is basically the amount of money that will be spent on the advertising resources (Emerson 2014). The budget is an important aspect because it has to be planned over a specific period of time and if too much is spent, the company will not have enough money to spend on other things. The final component is metrics, which is basically a website or tool that can be used to track and record marketing success.Part 2: There are many different components involved in the marketing strategy that can later be used to ultimately market a product and make a good profit. For example, it is important to do a once every month or once every two month SWOT analysis to check for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal to the company, while opportunities and threats are external to the company. Moreover, the company needs to do all four of these correctly so they can best allocate their resources to maximize their profits. In addition, the opportunities could be changes in market trends and consumer tastes while threats could be like rival competition for rival companies. When starting a business it is also very important to set very reasonable goals. This is because the amount of money in marketing will be spent wisely. It is also important to make sure every now and then that the fiscal and sales goals are being met. ¬†Finally, the marketing manager also has a responsibility to make sure the company’s marketing goals are being met. They can do this by putting advertisements in the right place as well as letting as many customers as possible know about their new and innovative product. ¬†

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