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Fundamentals of Market Planning

A marketing plan is essential for marketers and companies in general. Setting sales targets gives employees and employers a common goal, which can ensure greater harmony in the workplace. Additionally, such a strategy facilitates the efficient allocation of resources. For instance, once it is drafted, the company can determine how much financial and human resources should go towards selling the firm’s products (SelfLearn, 2018). Furthermore, a marketing strategy is essential for new businesses because it can help them acquire funding. Presenting a well-written plan to venture capitalists can help a new business secure capital. Given how important a marketing plan is, it is essential to know how to draft one.

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The Acme Consulting Sample plan is an excellent example of a marketing strategy. It contains segments such as situation analysis, marketing strategy, and controls. The first section gives an analysis of the market and competition. This is important because it gives the business a deep understanding of the environment in which it operates. Next, the plan describes the selling strategy that will be used, including the company’s mission, marketing objectives, and financial goals. The final section on controls discusses the implementation procedure and contingency plan. It is essential to know how a plan will be executed and have a backup plan in case of any eventualities. The Acme Consulting Sample Marketing Plan contains the qualities of a good plan because it is detailed, contains measurable goals, and is understandable.

The given podcast is an informative resource on market planning. It begins by discussing the need for a marketing plan and then proceeds to give a step-by-step guideline on how to draft one. For example, in the strategy section, which is the core of the plan, the source teaches learners how to carry out market fragmentation and demographic analysis (SelfLearn, 2018). It also gives information on how to develop the four main elements of marketing: product, pricing, promotion, and place. A thorough understanding of the marketing mix facilitates tactical planning. The resource is insightful for anyone who wants to know more about marketing or for business people who wish to develop one.

Reference

SelfLearn-en. (2018). How to write a marketing plan? Step by step guide + templates. YouTube. Web.

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StudyCorgi. (2022, June 23). Fundamentals of Market Planning. Retrieved from https://studycorgi.com/fundamentals-of-market-planning/

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StudyCorgi. 2022. "Fundamentals of Market Planning." June 23, 2022. https://studycorgi.com/fundamentals-of-market-planning/.

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StudyCorgi. (2022) 'Fundamentals of Market Planning'. 23 June.

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