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ELEMENTS OF A MARKETING PLAN


ELEMENTS OF A MARKETING PLAN

(1) Objectives: The first component of a marketing plan is objective or goals. The objectives are the end points or targets toward which all activities of the organisation have to be goals and targets. Basic marketing objectives define the long-term purpose of the company. Basic marketing objectives remain in use for a long period of time. They represent company’s mission in the context environment. The objectives mentioned in the long-term marketing planning may be termed as basic objectives of the company.

(2) Policies: Policies are general principles that are formulated by a company to guide its personnel for the purpose of decision making in different areas. Brech has defined policy as “A pattern of direction for the guidance of those who carry responsibility for the management of the activities of the enterprise.” Thus, marketing policies may be termed as broad guidelines which mark as area or limit the boundaries in which action may be taken by the marketing personnel. Policy provides guidance and a framework within which marketing personnel may take decisions with regard to different issues of marketing.

(3) Strategies: In war and sports, strategy has been considered to be a technique for outmaneuvering an opponent. In simple words strategy may be defined as an action-plan to achieve specific goals during a specified time. Marketing strategy refers to the conceptual planning that directs the selection of opportunities for subordinate goals. A strategy broadly outlines the marketing response to competitors’ actions and prevailing market situations. Strategies are also formulated to take maximum advantages of a marketing opportunity, to effectively deal with specific crises and for the purpose of full exploitation of the company’s resources.

(4) Budget: Terry has defined budget, “As an estimate of future needs, arranged according to an orderly basis, covering some or all of the activities of an enterprise for a definite period of time.” Thus, budget may be termed as a statement of expected results and considered to be an instrument of managerial control. A marketing budget may be termed as a statement of anticipated marketing results in aggregate in respect of each product, distribution channel or market segment and is expressed and is expressed in financial or numerical terms.

(5) Programmes: Ailen defines “A sequence of action steps arranged in the priority necessary to accomplish an objective.” Marketing programme is a time and resource bound sequence of pre-determined marketing actions formulated within the limits of the marketing policies and strategies and designed to achieve marketing objectives. A marketing programmes is composed of procedures and rules. Procedures guide in detail the exact manner in which an activity should be accomplished.

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