Components of a Marketing Plan - Desklib

This document discusses the 7 important components of a basic marketing plan including market research, target market identification, market positioning, competitive analysis, market strategy, budget, and marketing metrics. It also explains the relevance of marketing dashboards in the context of a marketing plan. The document cites Spiller & Tuten (2015) as a reference.

Running head: MARKETING
Marketing
Student’s Name
University Name
Author’s Note

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Table of Contents
Components of a Marketing Plan....................................................................................................3
Metrics.............................................................................................................................................4
Marketing Dashboards.....................................................................................................................4
Reference List..................................................................................................................................6

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Components of a Marketing Plan
There are various components of an essential marketing plan. however in order to make a
market plan appropriate and suited to the exact business environment of the organisation there
are 7 important components that need to be included in a basic marketing plan. The first
component is. Online libraries as well as other online services can utilise to acquire market data
that can help in development of the market research. Identification of the consumer buying habits
in the concerned industry where the company is operating, rate of market growth of market
decline, the size of the market as well as other current trends in the market essential to
understand in order to develop a proper market research.
The second component of a marketing plan is identification of target market. As Spiller
& Tuten (2015), defines, a properly described and defined target market tips identifies who are
the most likely buyers of the organisation. In identifying the target market at least two to three
different levels of market segmentation should be discussed in order to highlight the wide range
of target market of a company.
The next market component is the Market positioning where by the perception of the
constant brand in the Marketplace is assessed. Any business can be provided in this context. If a
restaurant is selling burgers the customers will visit the place more if the perceive the
concentration to be a place where I can go for availing gluten free food or other healthy options
and parallel if the restaurant has provisions for those who are in love with a double cheeseburger,
the Market Positioning of that restaurant will be higher than many others (Spiller & Tuten,
2015). Fourth component is competitive analysis is conducted no need to understand who are the
major competitors of the products as well as the services of the organisation. Here in the price
point at which other competitors are selling and what market segment the other competitive

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framing to approach are also analysed. Next comes the component of market strategy. Market
strategy is the best path to realise, analyse address predict the sales goals. The market strategy
looks over the entire Marketplace and thereby produces specifications like events content
strategy, sweet dreams, seminars, webinars as well as other activities and analyses how these
activities are implemented by the company in order to gain access to the customers. Other
essential components of the marketing plan a budget as well as a marketing metrics.
Metrics
Various online as well as offline marketing metrics can be implemented by any
organisation for tracking the marketing success going to the marketing plan that the head
implemented. However, recently videos specialised as well various specialised as specific online
marketing metrics tools has emerged that makes the work for marketers easier. One search tool is
the Google Analytics that is kept for Website conversions very simple Excel sheet is used to
compare the budget of the Company against their actual return over investment (Spiller &
Tuten, 2015). This metric is enacted what is period going on from 30 to 60 days and by the end
the results are evaluated by the tool itself. The functioning characteristic of majority of
marketing metrics are similar. If higher level of leaves are not returned by the marketing metrics
it implies that a better marketing strategies required.
Marketing Dashboards
There is high relevance of marketing dashboards in the context of a marketing plan.
Marketing dashboard is marketing report that has been designed for constant monitoring as well
as a broad distribution. Marketing dashboards especially created for making the target goals of

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marketing teams more specific and helping them to drive towards achieving your goals with the
availability of reading knowledge regarding what is going on Under the Hood.

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Reference List
Spiller, L., & Tuten, T. (2015). Integrating metrics across the marketing curriculum: The
digital and social media opportunity. Journal of Marketing Education, 37(2), 114-126.