Importance of an Effective Marketing Plan and Its Importance within the Business Plan
Introduction
Small and large organizations are dependent on the marketing process. In contemporary business, it is significant to augment the visibility of the positioning through the marketing process. The intention is to boost the attraction and drive sales. The modern business needs modern marketing traits or approaches. Therefore, an effective marketing plan is required. Interestingly, the effective marketing plan is to be aligned with the business plan.
Importance of an Effective Marketing Plan
An effective marketing plan is the need of every business. It can help companies to create products or services that can meet the demands of the target customer. The marketing plan is an outcome of intense market research. In a competitive market or industry, the marketing plan helps companies in formulating different marketing strategies. In a firm, the marketing plan is a kind of exercise that determines different future strategies, as far as product development is concerned. There are different elements in the marketing process such as sales promotions, marketing channels, market design, and profitability. Outcomes can become predictable only if the management makes an effective plan (Luther, 2011).
For Instance, the marketing plan is imperative because it prevents different market or business uncertainties. The firm may have several goals and objectives. A well-directed marketing plan facilitates achieving these goals and objectives. The firm requires a successful marketing process, and the marketing plan provides support. The marketing plan is a source for the management to evaluate or examine the future of a product or services in a systematic way. Identifying marketing opportunities and making effective decisions at the right time can be reflected in the marketing plan. Even with the unfavorable conditions, the management of the company can decrease the undesirable consequences. Thus, it can be said that the effective marketing plan leads towards business sustainability, and it justifies its importance (Valentin, 2014).
Importance within the Business Plan
Conversely, the business plan also needs perfection. The firm must create the capability to create an impeccable business plan that can be aligned successfully with the marketing plan. From a business model to business strategies, the connection is required to enable the systematic business process in the competitive market. For Instance, a firm decides to enter the new market by adopting the brick & a Mortar business model. Accordingly, it must make an effective marketing plan, which is quite pertinent (Valentin, 2014).
Interestingly, regarding the business plan, the marketing plan enables the firm to contain the strategic focus. Based on the market data or insights, the firm can make better business strategies that can lead towards a sustainable competitive advantage. The marketing plan is an integral part of the business plan that supports different business strategies. The business plan in the different market can be different, and it is due to the different market insights. The marketing plan is quite perceptible in the business plan, and without it, effective business strategies cannot be formulated (Luther, 2011).
The importance within the business plan is observable. Business plans and marketing plans support each other, and it drives business sustainability.
Conclusion
In the end, it is to conclude that the marketing plan is important for the business. However, the intention of the management is to make it effective to gain and sustain success for a long run in the competitive market. The marketing plan should be aligned with the business strategies. The sustained flow of the business and marketing process is necessary, and it is possible due to the effectiveness of these pillars. In this well-organized essay, the importance of the effective market plan and its importance within the business plan have been elaborated along with some key insights.
References
Luther, W. M. (2011). The Marketing Plan: How to Prepare and Implement it. AMACOM.
Valentin, E. (2014). Business Planning and Market Strategy. SAGE Publications
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