All in all, the marketing plan is a perpetual process that consists of seven steps. The initial stage of the marketing plan involves the designation of chief marketing objectives. This is the foundation of the marketing plan on which the entire marketing plan would be carried out. It is immensely essential and crucial to the success of the marketing plan that the further steps to be carried out are in complete harmony with the marketing objectives. The second step in the line is the identification of threats and opportunities for the brand in the marketing arena. Next comes the specification of the target market, which the brand is going to be targeted at. This should not be a vague picture at all. Rather, the target market should be clearly defined and lucidly identified in terms of demographic and psychological factors.
After deciding the target market, comes the development of marketing strategies that should be in sync with the main marketing objectives. This would be accomplished by using the elements of the marketing mix. Following this step, the next step would be to design an action plan to incorporate the strategies that have been designed. The penultimate step in the marketing plan is to implement the action plan while the last step involves the evaluation and appraisal of the outcomes and the execution of further action in accordance.
After deciding the target market, comes the development of marketing strategies that should be in sync with the main marketing objectives. This would be accomplished by using the elements of the marketing mix. Following this step, the next step would be to design an action plan to incorporate the strategies that have been designed. The penultimate step in the marketing plan is to implement the action plan while the last step involves the evaluation and appraisal of the outcomes and the execution of further action in accordance.
