V. Budgeting, Performance, and Implementation
This section identifies the schedule of activities, task assignments, sales forecasts, budgets, specific details of every activity, and those responsible for them. This stage spells how the business plans to carry out its plans and convince the stakeholders to approve it.
There is a budget breakdown for the marketing plan at this stage. The plan shows how resources shall be allocated, the persons in charge, and their respective responsibilities. There is also a timeline or chart that indicates the hours of work together with the ultimate deadline of implementing the plan (Kotler et al., 2011). It is a phase that demands great communication among members of the management team so as to ensure that scheduled activities are completed as planned. Also, contingency plans on how management would specifically react to any environmental developments such as strikes are included.
VI. Evaluation and Control
This is the final part of the marketing plan, which explains how the entire implementation of the marketing plan shall be evaluated as well as the specific measures to be taken should the goals fail to be met. With the control measures, the organization aims to reduce the gap between the planned performance standards and the actual attained performance (Solomon et al., 2011).
Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.
Marketing plan Essays - StudentShare
In assessing the threats, the organization must put into consideration the marketing assumptions that relate to the industry (McDonald & Wilson, 2011).
III. Goals and Objectives
This is the section where the company outlines its major goals together with its marketing and financial objectives. The most functional goals and objectives adhere to the SMART acronym:
Specific – the goals and objectives ought to be precise e.g. to increase the overall sales of the company
Measurable – the goals and objectives should be quantified clearly e.g. increase the overall sales by 25%
Achievable – the resources at the disposal of the company such as land, capital, & human resources should be sufficient to realize the set goals and objectives.
Realistic – the set goals and objectives should not be unreasonable and not beyond the company’s limits. They should be challenging as they can be but attainable.
Time-specific – the achievement of the set goals and objectives should have a clear deadline e.g. to increase sales of the company by 15% by December 31, 2012.
The best objectives expressed in a marketing plan are often in relation to profit and cash flow. This is because the marketing executives strive to better the value of the business. In addition, the profit and cash dictate the bonuses, promotions and overall morale in the company thus require special attention in a marketing plan.
A company’s major goals should consider both short- and long-term goals, where there is definition of the business itself, the market and technology goals of the company. Financial objectives are quantitative in nature e.g. to increase gross sales, gross margin, net income & decrease cost-of-goods.
However, the goals and objectives of the business ought not to be too many as they dilute focus and results in confusion. Most successful marketing plans will contain just a couple of goals and objectives.