BSBMKG609 Develop a marketing plan.docx - BSBMKG609 Develop...

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BSBMKG609 Develop a marketing plan 1. Describe 4 different marketing options you could include in your marketing plans. To make a marketing plan powerful some of the marketing things that our marketing plans will be inclusive of are Marketing research, Business competition, Marketing plan budget, Marketing goals. Marketing plan is prepared with the objective of bringing the company to great marketing path. It is the responsibility of the company to develop the marketing plans in consideration of overall organizational goals and aims of the business to satisfy the customers with the quality of products and maximum profits of the organization. Plans of the marketing are made with the objective of minimizing the risk of failure when executing the plan (Elliott, et. al., 2014). This helps in identifying the risks and challenges which our organization can face while stepping in the market. The four options we can include in our marketing plans are: Marketing research- marketing research is the study of market which enables us to identify the risks, opportunities, new technology, and the information about the new products of the competitors. It helps us to find out the current demand for the product and the customer’s needs. The market research helps to gain information about the issues and marketing techniques which could be used to attract customers (Elliott, et. al., 2014). This is very necessary for the organization to have market research for better operations in the competitive market. Business competition- The organization should include the business competition analyses study in the marketing plan to play safe in the market. Business competition study is the assessments of the competition business have with the other firms of the same industry. The company needs to know the biggest competitors they have to compete with in the market to get the lead position and maximum customer’s attraction (Elliott, et. al., 2014). Marketing plan budget- the organization has to take into consideration the marketing plan budget while preparing the marketing plan. The budget of market plan should not exceed
much that it increases the overall budget of the organization. The company has to minimize the cost of planning the market strategies as the company has to invest in different activities in future to attain marketing objectives (Elliott, et. al., 2014).

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