Marketing plan function
The purpose of a marketing plan must be understood to appreciate its significance. The principal functions of a marketing plan are as follows-----
1. It explains the situation: Marketing plan explains the market situation. That means it explains the strength of the competitors, consumer position, market growth rate, and company’ strength etc. For example, to market any particular product a firm has to consider who are the customers and their purchasing tendency, product quality and price of competitors, strength of competitors, and last company’s strength.
2. It specifies the results: It specifies the result that is expected. Marketing plan specifies the expected profit, market share, total sales, cost of sales, per unit cost etc.
3. It identifies the resources: It identifies the resources that will be needed to achieve the result. There are two basic functions of the firms—
a. production
b. ensure the consumption
So, to accomplish these functions firms have to identify the required resources. According to the function of the business, Different business needed resources is different. For example, the resources for grocery shopkeeper and multi dimensional product producer are not same.
4. It describes the actions: It describes the actions that are take place, so that the responsibilities can be assigned for implementing the campaign. Ensuring marketing mix after producing the product is known action program. At the time of ensuring marketing mix firms should make an adjustment with the resources.
5. It permits monitoring the ensuring actions and results: Marketing plan permits monitoring the ensuring actions and results, so that controls may be applied. It permits to monitor the schedule work, find the error if exist and evaluation of performance after the schedule time to compare with the target. If target is not fulfilled then take again corrective marketing plan.
