LO3 DEVELOP AND EVALUATE A BASIC MARKETING PLAN.

Developing and evaluating a basic marketing plan involves several steps, including market research, setting marketing objectives, identifying target customers, and selecting marketing strategies. The following is a basic outline of the process:

Step 1: Market research

 Conduct research to understand the market, including customer needs and wants, industry trends, and competition.

 Analyze the data to identify opportunities and threats that can help or hinder the business.

Step 2: Set marketing objectives

 Based on the research, set specific, measurable, achievable, relevant, and time-bound (SMART) marketing objectives.

 These objectives should align with the overall business objectives and be consistent with the organization’s resources and capabilities.

Step 3: Identify target customers

 Based on the research, identify the target customers who are most likely to buy the product or service.

 Create customer profiles to understand their demographics, psychographics, and behavior.

Step 4: Select marketing strategies

 Develop marketing strategies that will help achieve the marketing objectives.

 Consider the 7Ps of the marketing mix and select the most appropriate strategies for each element.

 For example, if the objective is to increase brand awareness, the promotion element of the marketing mix may involve advertising, public relations, or social media marketing.

Step 5: Evaluate the plan

 Regularly evaluate the marketing plan to ensure it is achieving the desired results.

 Use key performance indicators (KPIs) to measure the plan’s success.

 Adjust the plan as needed based on the results of the evaluation.

Overall, a basic marketing plan should be flexible and adaptable, focusing on the customer and their needs. By following this process and regularly evaluating the plan, businesses can effectively reach their target market and achieve their marketing objectives.