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The Essential Contents of a Marketing Plan

Market Research

James Marriot

September 12, 2007

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Every marketing plan has to gel with the current market situation and has to be in accordance with the needs of the people. It is important that every marketing plan encompasses aspects like situation analysis, sales forecast, marketing strategy, and expense budget. Experienced market research professionals help the company by providing it with all this information.

In order to find out and gather all this information for the company, market research companies use market research tips, strategies and techniques.

Situation analysis—Situation analysis generally includes SWOT analysis and competitive analysis. Market analysis consists of market forecast, customer information, market need analysis and segmentation. Once the required information is colleted and analyzed it is passed on to the client company.

Marketing strategy—marketing strategy includes mission statement, objectives, and a focused strategy regarding market segment focus and product structuring. This work requires technical knowledge and therefore market research companies are hired do this work.

Sales forecast—Sales forecast includes the details of the month wise sales and a follow up on plan pertaining to the actual analysis. Generally, market research plans contain information on sales such as the region wise sales, sales by market segment, product division, through channels, managerial responsibilities and through various other means.

Expense budget—this step includes the calculation of the monthly expenditure and to match the expenses budgeted expenditure with the actual expenditure. A market research plan includes sales methods, programs, promotion, management responsibilities and other similar elements. Market research companies have analyzed, that it is very important that every company decides upon its expense budget well in advance.

Market research companies also say that planning is done for the results and not for the plan itself. The success or the failure of the market plan depends upon the results delivered by it. What is more important is, to put the plan into practice rather than looking into its brilliant idea or its extensive market research. Introducing specific, measurable and concrete plans, which can be practices easily, can alter the implementation of the plan. The actual results must be in lieu with the planned results. Hence it is of great importance that every company drafts its marketing policies and market research plan, keeping it mind the goals that it wants to achieve.

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RNCOS E-Services Pvt. Ltd. is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our market research reports, visit us at our website or email us.

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