The current business environment is demanding and requires organizations to have a proper approach to handling issues as they arise within the premise. That brings about the concept of a business plan, which denotes a comprehensive document that indicates how the organization is likely to create awareness and improve operations in the marketing department. In most instance, the plan executes on a yearly basis to make it possible in tracking progress and implement the best control mechanisms. The comprehensive plan usually includes all the business activities that play a crucial role in meeting the ultimate goals (Ryan, 2016). The success of any marketing plan requires the most effective strategies that much be achieved. That gives rise to the components of the plan, which is equally essential within every organization. Failure to meet the demands of the scope results to scope creep, which present a negative impact on the ultimate success of the organization.
For every marketing plan to be active within an organization, there is need to ensure that seven key components work together. That is the first step in providing success in the implementation process. The first component is the market research. Ideally, the component evaluates the market demands to determine the buying habits. Moreover, it is imperative to have a clear understanding of the market size as well as all the other factors that will foster growth. In most organizations, failure result due to the inability to determine the needs of consumers. That makes it hard to design products that meet market demands. The effective market research will solve any problem that might arise due to the mismatch in demand. The second component is the target market (Armstrong et al., 2015). Ideally, every production should target a given population. That makes it possible to reach them during marketing. Certain organizations fail to have this aspect into consideration and find it an uphill task during marketing. Market segmentation should be comprehensive enough and incorporate at least two level. That will refine the production process and eliminate any incident of pilferage that can arise.
The third component is the positioning. Ideally, the approach relates to the perception in the mind of consumers. Do consumers view you like the best producer in the market? Do they find you the best alternative in the market? The best way to address the question is through the development of the best brand. It is imperative always to get the information from the consumers on how to improve the production process. That makes it possible in handling key challenges that might arise within the organization. The fourth component is the competitive analysis, which evaluates all the potential competitors in the market. The instance makes it possible to understand their strengths and weaknesses. That makes it possible to improve operations within the organization with the aim of getting a competitive edge. The next component is the market strategy, which explores on every existing opportunity to have a positive impact on sales. The component explores all the existing ways of creating awareness such as social media and direct email among other methods. Next, there is need to have a clear understanding of the budget (Ryan, 2016). There is need to have a threshold that will promote termination in case the return is not sufficient enough to ensure growth within the premise. Ultimately, embracing the metric is critical since it provides a means of tracking progress while addressing main critical concerns within the plan. The ability to evaluate all the other components ensures growth, and that is the main reason for success.
In conclusion, the use of marketing plan is such an essential element in every organization since it makes it possible in developing products as well as services that meet users’ demands. The ability to have a good image helps customers in identifying why the particular product or service is the best. Competition is currently stiff in the contemporary society, and failure to convince customer is the main reason for failure within the organization. It is necessary to ensure that the consumers have a deeper understanding of the products offered.
Goals and objectives are crucial to making marketing success within an organization. There is need to create a correlation between the mission and vision statement and that which the company takes part in a given instance. For every small business venture, it is imperative to leverage the existing resources and the audience. That will help in evaluating the extremes on aspects related to costs within the premise. As outlined above, the importance of a marketing plan is to create a sense of direction and make it possible in meeting the set demands within the organization (Grzegorczyk, 2017). An objective that a business can set includes the possibility of drafting a business plan. The existence of such a plan acts as the foundation of the venture and must follow specific aspects of the enterprise. The central question that should be asked on most occasions is the business objective. It is imperative to have a comprehensive plan of the business one year from now or set merely timeliness and work towards making such timeliness a reality.
Coca-Cola Company stands out in the market with the objectives that can be quantified in most occasions. The company had a target of scaling operation in different locations in the world. That started in modules and managed to reach the ultimate target. The marketing goals is also an instance which is evident within the company (Shields et al., 2015). The ability to have a clear marketing share makes it possible to project on key operations and achieve scalability within the premise. The units sold is also a crucial part to explore on matters related to the unit sold. Creating awareness is a crucial part that every organization should embrace. The ability to have the best conversion rate on matters related to the sales is necessary within the organization and makes it possible in streamlining operations.
In conclusion, innovation when setting goals and objectives is key to ensuring success within the organization. The process should evaluate all the customer needs and ensure that the production process aligns with the demands. The goals of Coca-Cola has been on the ability to reach a wider market. The use of social media makes it possible to have wider coverage. Moreover, there exist other methods of advertisements such as TVs, which makes it possible to meet the target market. Coca-Cola Company has the best market segmentation, and that is possible in the marketing domain. It is possible to frame the message in the best way possible reach markets in different locations. Competitive edge mostly arises once an organization can understand the market needs and align with their marketing plan. Ideally, that should be the primary goal and objective of the premise.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.
Grzegorczyk, W. (2017). New Marketing Concepts in Marketing Strategies on International Markets. Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 51(2), 97-104.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., … & Plimmer, G. (2015). Managing Employee Performance & Reward: Concepts, Practices, Strategies. Cambridge University Press.