Marketing Plan and Product Performance

Marketing Plan and Product Performance

Introduction

Marketing plan is an excellent tool that helps a business forecast the success of its products. Marketing has a great influence on every area of a business. Marketing involves a broad range of activities including identification of customer needs and demands and promoting a product or service. The marketing activities also involve research and analysis. Product development is also an important part of marketing efforts.

It is necessary to create a marketing plan because of diverse reasons. The most important reason of making a marketing plan is to identity a target market for a product. The step of identifying target market is the most important step in product launch. Before bringing a new product to the market, companies need to understand their target market. It allows companies to customize their products according to the needs of the target market. A part from identifying target market, marketing plan also helps in devising short-term and long-term marketing strategies. Once the target market is identified, and goals are specified, companies need to make marketing budget. For this purpose, it is important to forecast the cost that would be required to carry out each marketing activity. The marketing plan allows companies to identify the cost that would be required to carry out each marketing activity. It allows companies to achieve the best possible results within limited resources.

Marketing strategies play an important role in the success of an organization. The current era of globalization has increased the need of creating a marketing plan before making and implementing strategies (Kotler & Westman, 2006).

Marketing plan involves a series of activities that are carried out to achieve specific goals or objectives. It is the responsibility of the marketing team to make an effective marketing plan. The objectives of a marketing plan may be short term or long term. Marketing plan helps a company forecast the success or failure of a product (Holden, 2000).

Marketing Plan and Product Success

In several cases, marketing plan leads towards the success of a product or service. However, in order to utilize the benefits of a marketing plan, it is important to make it in a proper structure. The making of a marketing plan requires adequate research. Marketing research allows a company forecast the need of its products. In many cases, companies need to create a demand for their products. For this purpose, it is important to promote the product among target customers. The need of a product can also be increased by increasing the awareness of customers (Spallina, 2005). One of the examples of a successful marketing plan that also resulted in the success of the product is the marketing plan of Coca Cola. The success of the marketing plan of Coca Cola was a great achievement for the company. In order to promote the brand, the company made an outstanding musical advertising campaign that attracted the attention of a number of customers across the globe (Klein, ...