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Making appropriate adjustments to what you can control in your plan will allow you to meet your goals despite changes in the market.  \nTherefore it is critical that you continuously evaluate what you have done, study the result and determine how far you are from your objectives.  \nA marketing plan helps you establish strategic direction and positioning.  \nAs you put together your marketing plan, you start thinking through your business and gain a better understanding of your customers, competitors and your market. This puts you in a better position to manage risks and capitalise on opportunities in the market. You will gain insights on how to innovate and meet your customers’needs on a deeper level. With a concrete plan to grow your business, you can win confidence from potential investors, partners and financial institutions.  \nIt also guides you in resource and budget planning. It can even help you manage implementation of marketing activities to gain a competitive advantage.  \nBefore developing a marketing plan, read the Market Assessment module to find out how to evaluate your plans before you enter anew market, develop a new product, pursue a new business idea or even invest in another company. Once you have made your decision to continue, develop a Marketing Plan to identify and plan the activities you need to implement to succeed.  \nYour Vision and Mission  \nWhere are you now? Where do you want tobe?  \nHow can you get there? Set SMART objectives.  \nThe Business Environment  \nUnderstand forces in the business environment that you cannot control and how they will affect your business. Analyse the four forces: political/legal, economic, socio-cultural and technological.  \nYour Competitive Position  \nUnderstand your company, competition and customers.  \nAnalyse them to tap on your strengths, improve your weaknesses, seize opportunities and minimise threats.  \nPotential Customers  \nIdentify customers who have a similar need. Position your product to meet that need.  \nCreate a value proposition to attract this segment.  \nMarketing Strategy  \nDetermine your marketing strategy.  \nDo you target a wider audience or a niche market? Do you attract consumers using product differentiation or pricing?  \nBest Marketing Mix  \nAddress the 4 Ps: product, price, promotion and place. Ensure that each component addresses your target market and supports your value propositions.  \nImplement and Evaluate  \nPlan the implementation of your strategy.  \nDecide what needs to be done, when it should be done, where it should be done, who will do it and find out how much it will cost.  \nYou need to measure and evaluate the outcome. Make appropriate adjustments where necessary.  \n2>  \nHow do I develop a marketing plan?  \nSTEP 1  \nVision and mission statements create internal awareness of your  \nThink About It  \nCompanies with vision  \nConsider the following vision statements. Notice how they differ even though they belong to companies in the same industry. Do you know which companies own each of the following statements?  \n(a) \"Inspire the World, Create the Future.\"  \n(b)“Global Top 3 by 2010 in Telecommunication and Electronics”  \n(c)“No.1 Green Innovation Company in the Electronics Industry in 2018”  \nAnswer:  \n(a)Samsung (b)LG (c)","cbCaiuaWAokeBOro","https://ap.wps.com/l/cbCaiuaWAokeBOro","pdf",1457488,36,"English","# Why do I need a marketing plan?\n## What is a marketing plan?\n## Building blocks of a marketing plan\n# How do I develop my marketing plan?\n## Vision and mission\n## Analyse the business environment\n## Analyse your competitive position\n## Identify your potential customers\n## Select your marketing strategy\n## Determine the best marketing mix\n# How do I implement and evaluate my marketing plan?\n## Plan implementation details\n## Measure and evaluate outcomes","[{\"question\":\"Why is a marketing plan important?\",\"answer\":\"A marketing plan establishes strategic direction and positioning. It helps manage risks and opportunities, supports resource and budget planning, and guides marketing implementation to gain competitive advantage.\"},{\"question\":\"What are the key steps to develop a marketing plan?\",\"answer\":\"Develop your vision and mission, analyse the business environment and competitive position, identify potential customers, select a marketing strategy, and determine the best marketing mix using the 4Ps.\"},{\"question\":\"How should a marketing plan be implemented and evaluated?\",\"answer\":\"Plan what needs to be done, when, where, who will do it, and the estimated cost. Measure and evaluate outcomes, make appropriate adjustments, and keep the plan flexible to respond to market changes.\"}]","Marketing Plan | PDF",1789207422,13]