What Are Some of the Difficulties in Creating a Marketing Plan?

Published: 2021-06-29 06:58:17
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What are some of the difficulties in creating a marketing plan?
Creating a well written and thoroughly researched marketing plan can be a daunting task. One of the biggest difficulties with any marketing plan is simply just getting started. There are many concepts that need to be addressed and planned when creating a marketing plan.In your marketing plan you must have strategies for pricing, distribution, promotion, advertising and market segmentation. You have to consider and prepare for factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, emerging technology and cultural trends. The research and planning that goes into all of these strategies and concepts can be extremely difficult and time consuming. When you create your marketing plan one of the most important and sometimes most difficult tasks is understanding and planning the four P's. The four P's of marketing: Product, Price, Promotion and Placement are the building block to any marketing plan.
Product- You must decide what it is you are representing. You will also need to become thoroughly familiar with the factors that establish products/services as strong contenders in the marketplace.
Price- What will you charge for your service or product? What price is the market around you willing to sustain? What pricing strategy will give you long term market control?
Placement-Where will you do your business? What is the cost to enter the market? Is there any competition in your area?
Promotion- What offerings and strategies will you use to promote and advertise? Will it be direct mail, cable TV, word of mouth? What budget do you have for advertising?
These are just a few of the questions you have to ask yourself when creating a marketing plan. Writing a marketing plan can be a very difficult and daunting task and progress may seem slow but it is critical for success to understand all of these factors.
Reference:
The Difficulty of Creating a Business Plan. Retrieved March 13, 2011. http://www.wahm.com/articles/the-difficulty-of-creating-a-business-plan.html
Why are Objectives so Important and How do we Define and Refine Them?
Marketing plans are typically created in order to meet an organization's objectives. "The ultimate purpose is to help your organization achieve a number of objectives - short-term performance targets - that will in turn, bring you closer to achieving goals, long-term performance targets tied to the mission" (Wood, 2011). Objectives allow organizations to see the bigger picture in terms of their productivity and to have measurable goals in place in order to become profitable.
Objectives are defined as "an end that can be reasonably achieved within an expected timeframe and with available resources. In general, an objective is broader in scope than a goal, and may consist of several individual goals. Objectives are a basic tools that underlying all planning and strategic activities" (businessdictionary.com, 2011). Our text further separates objectives into three distinct types: marketing, financial, and societal. Marketing objectives are primarily focused on the relationship with the customers. Financial objectives refer to the numbers (i.e. profits, sales, market share). Societal objectives look at what the company is doing for society (i.e. environmental concerns, giving back to the community).

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