Nature and Characteristics of a Marketing Plan Research Proposal

Nature and Characteristics of a Marketing Plan - Research Proposal Example agree to Longenecker et al. (2005, p. 295), after a marketing plan is presented in written form, it serves as an orientation for the achievement of coming operations. Needless to say, a marketing plan permits the marketer to penetrate the marketplace with an awareness of opportunities and challenges. On the early(a) hand, a traffic plan gives a wide preview of the organization, which includes the employees, geographical location and goals and missions (Pride et al 2011, p. 301). The business plan provides lenders and creditors with essential information to establish whether the business is feasible, financially stable and in a point to bring profits. Just like a marketing plan, a business plan gives the strategy of apprise generation (Pride and Ferrell, 2012, p. 342). Marketing Plan Structure and ElementsA marketing plan can be offered in diverse ways. Many organizations require a printed marketing plan s ince a marketing plan is blown-up and can be multifaceted (Pride and Ferrel, 2006, p. 253). Information about the task and action obligations may be lose if transmitted in words. In spite of the marketing plan presentation approach, some elements are public in most marketing plans (Payne, et al., 2011, p. 276). They include defining the business mission, performing a situational analysis, defining objectives, delineating a target market, and establishing components of the marketing mix (Pride and Ferrell, 2012, p. 332). Additional components contained in a marketing plan include budgets, slaying timetables, required marketing research or elements of advanced strategic planning (McDonald and Wilson, 2011, p. 312). According to Walker et al. (2005, p. 156), choosing a substitute to follow is dependent on company viewpoints and traditions. The selection is also dependent on the doer used to make the resolution. Organizations have one or two viewpoints when they anticipate profits. They either trail outlet immediately or aim to amplify their market share and then trail the earnings (Knight, 2004, p. 167).