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What is a marketing plan? Evaluate the role such a plan can have for a business. - Leaving Cert Business - Question B - 2007
Question B
What is a marketing plan? Evaluate the role such a plan can have for a business.
Worked Solution & Example Answer:What is a marketing plan? Evaluate the role such a plan can have for a business. - Leaving Cert Business - Question B - 2007
Step 1
What is a marketing plan?
Answer
A marketing plan is a comprehensive document that outlines a firm's strategies to promote its products or services effectively. It organizes a company's policies concerning the elements of the marketing mix, commonly known as the 4Ps: Product, Price, Place, and Promotion. This plan is essential for achieving a business's overall objectives as it provides a structured approach to handling the marketing aspects of a business.
In developing a marketing plan, particular emphasis is placed on market segmentation. This involves identifying distinct groups of consumers and understanding their specific needs and preferences. Additionally, conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is crucial during the planning process, as it enables businesses to identify internal and external factors that may impact their marketing efforts. Overall, a well-defined marketing plan serves as a roadmap to guide the firm's marketing activities.
Step 2
Evaluate the role such a plan can have for a business.
Answer
The role of a marketing plan in a business is multifaceted and plays a critical part in its success. Key aspects include:
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Co-ordination of activities: A marketing plan ensures that various marketing efforts and activities are synchronized and aligned with the company's goals, promoting efficient use of resources.
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Targets/goals: It establishes clear marketing objectives and targets, enabling the company to measure its progress and effectiveness in the marketplace.
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Raising finance: A well-structured marketing plan involves a financial overview that helps attract investment or secure funding, as potential investors often look for a clear marketing strategy before committing resources.
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Performance – monitored and controlled: The marketing plan allows for the monitoring of marketing performance against set targets, which helps in identifying areas for improvement and ensuring that the company remains on track in achieving its objectives.
In conclusion, the evaluation of a marketing plan's role involves recognizing its significance in coordinating efforts, setting goals, facilitating financial planning, and monitoring performance, all of which contribute to a business's overall effectiveness and competitive edge.