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North East University Bangladesh

Course Code: MKT-133

Course Title : Principles Of Marketing

Submitted To Fathema Farjana Hani

Assistant Professor

Submitted By Aysha Akter

20th Batch

Id No: 180301010008

Submission Date : 01/12/2020

Marketing Plan

Introduction
A marketing plan for new product is important for any business. Its aim is to increase the profits of
business. The strategic marketing strategy and marketing plan fit combined in that both are
important for the success of a consumer good company (Roman, 2004). Without a marketing plan,
corporations can become unsure in marketing attempts. The aim of the marketing plan is to support
consumer good company reach their goals of marketing. The marketing plan must be a succinct,
comprehensible, and carefully planned that serves as a direction through the marketing plan
(Kotler, 2008). It must concentrate on the aim of the marketing and the goal to perform that aim.

Discussion
The purpose of marketing plan can appear clear, but through putting it up front and in writing, the
consumer good company will stay concentrated on its goal. Several consumer goods companies
consider their marketing strategy is about enhanced exposure, obtaining press, writing cool ads,
and the like. These are not aims; they are tools (Roman, 2004). The end outcome of any of these is
to enhance income. It is of little importance to have a plan if the company lacks either the
knowledge or the resources to use it. Because every plan should focus different exclusive
considerations, it is not logical to recognise every essential aspect at an important position

Business Objectives/Goals

With respect to the complication facing fast moving consumer good, it must focus for an increase
sales income throughout the important events, make budget of marketing and enhance awareness of
consumers (Robert, 2010).

Marketing Audit

The fast moving consumer good is a normal product presenting fresh, prepared from scratch menu
items in a relaxed environment marking authentic English fare made from high-class, fresh
ingredients ready to request of customer (Robert, 2010). It presents modern fast moving consumer
good. Normally promotion with flyers and have daily specials. The target market is teens and people
in the area especially in different events.

SWOT Analysis

This SWOT analysis captures the important strengths and weaknesses within the fast moving
consumer good, and defines the opportunities and threats facing managers of fast moving consumer
good.

Opportunities

A rising market of consumer goods that are outsourcing activities of event planning.

Being one of the first service presenters focusing on this particular position.

Comparatively low overhead.

Target Market Segment Strategy

Over the last few years, the company has observed a failing style in sales. Much of this is due to the
addition of different brands in the region (Simon, 2008). Several consumers are taking benefit of
the production for varieties of fast moving consumer goods. The segmentation of market is
separated into the important target markets. The division demonstrates the variations in marketing
plan that will be applied to focus every particular market.
Middle class, "white collar" people from the downtown area.

Weekend and late nighter’s partiers.

Customers, Cost and Competition

Customers: As stated earlier, a large number of the company’s total consumers will consist of
those who prefer the fine quality fast moving consumer good, whereas the remaining consumers

will be those who will use the lower end products of the company. The company will focus only on
the 24% of the consumers in its marketing strategies (Tim, 2000).
Cost

The company will provide its services to different range of consumers based on their cost
preferences. The cost is dependent upon the plans that the consumers prefer which include the
following;
Value (suitable for users preferring lo wer cost)

Individual (suitable to the individual needs of every consumer)

Family (a plan suitable for the entire family)

 Contents of a Marketing Plan
1 Executive summary
2 Current marketing situation
3 Threats and opportunity analysis
4 Objectives and issues
5 Marketing strategy
6 Action programs
7 Budgets
8 Controls

Executive Summary
The executive summary is the opening section of the marketing plan. It presents a summary of the
main goals and recommendations to be presented in the plan.
The executive summary helps top management to locate the plan’s major points quickly. A table of
contents should follow the executive summary.
Current Marketing Situation
The current marketing situation is the first major section of the plan. It describes the target market
and the company’s position therein.
This section contains information about the market, product performance, competition, and
distribution.
It contains a market description that defines the market, including major market segments. The
market planner estimates market size as a whole and segments for the few preceding years and then
reviews customer needs and factors in the marketing environment that may influence customer
purchasing.
Then comes product review, which shows sales, price, and gross margins of the product line’s
major products.
A subsection on competition identifies major competitors and evaluates their strategies for product
quality, pricing, distribution, and promotion. It also shows the companies and each of its
competitors present market share.
Finally, a subsection on distribution describes recent sales trends and changes in the major channels
of distribution.
Threats and Opportunities
In this section, the planner lists as many threats and opportunities as anticipated that the product
might face. This section enables the manager to anticipate important developments that might
affect the company.
An increase in the number of competitors and the introduction of new products are examples of
threats. In contrast, the improvement of economic conditions and product innovation are examples
of opportunities that have important implications for a marketer.
Threats and opportunities should be carefully analyzed from the company’s standpoint so that the
managers might develop proper strategies to counter these threats and exploit these opportunities.
Objectives and Issues
Analysis of threats and opportunities leads the marketer towards setting objectives and consider
issues that will affect them. The objectives should be stated in terms of goals the company would
like to attain during the plan’s period.
For example, a company’s goal may be ”to increase market share by 10 percent during the next
year.”
This raises an important issue. How can market share be increased? The marketer should consider
the major issues regarding increasing market share.
Marketing Strategies
In this section of the marketing plan, the manager outlines the broad marketing strategy or ”game
plan” for attaining the objectives. Marketing strategy is the marketing logic by which the business
unit hopes to achieve its marketing objectives.
It consists of specific strategies for target markets, positioning, the marketing mix, and marketing
expenditure levels. The marketing strategy should detail the market segments on which the
company will focus.
These segments differ in their needs and want, responses to marketing, and profitability. The
company would be smart to put its effort and energy into those market segments; it can best-serve
from a competitive perspective and then develop a marketing strategy for each targeted segment.
The manager should also outline specific marketing mix elements such as new products, field sales,
advertising, sales promotion, prices, and distribution. The manager should explain how each
strategy responds to the threats, opportunities, and critical issues spelled out earlier in the plan.
Action Programs
Marketing strategies should be translated into specific action programs that will indicate what to do
and when and by whom it will be done and its cost. The action plan indicates when activities will
be started, reviewed, and completed.
Budgets
Action plans allow the manager to make a supporting marketing budget that is essentially a
projected profit-and-loss statement. It shows the forecasted number of units that would be sold and
the average net price for revenues.
On the expense side, it shows the cost of production, physical distribution, and marketing. The
difference is the projected profit. Top management will review the budget and either approve or
modify it.
Once approved, the budget is based on materials buying, production scheduling, personnel
planning, and marketing operations. Budgeting can be very difficult, and budgeting methods range
from simple ”rules of thumb” to complex computer models.
Controls
Control is the last section of the marketing plan. It outlines the control methods that will be used to
monitor development. Goals and budgets are set for a specific time period. This allows the
management to review the results each period and identify businesses or products that are not
meeting their goals.
Persons responsible for managing these businesses and products have to explain these problems
and the corrective measures.