Research Paper on a Marketing Plan

2021-07-02 21:15:19
3 pages
604 words
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University/College: 
Harvey Mudd College
Type of paper: 
Research paper
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A marketing plan is a written document that presents the marketers' findings about the marketplace, and shows how the company intends to achieve its marketing objectives. The plan illustrates the tactical guidelines and the marketing strategy, and the financial allocations for planning period (Kotler & Keller, 2015). It also outlines the control measures and contingency plans.

Marketing plans usually apply to a period of one year. The marketing plan is an important output of the marketing process, and provides focus and direction for the company, a product, a service, or a brand. The plan informs the company's internal and external stakeholders about the company'smarketing goals and explains how the company intends to achieve those goals (Kotler & Keller, 2015).

While the marketing department is the primary author of the marketing plan, the best marketing plans are developed by cross-functional teams. Working with cross-functional teams helps to ensureno critical factors will get overlooked.

A good marketing plan is simple, clear, and realistic, and has a long-term focus. A good marketing plan must containsufficient competitive analysis and must include support for its recommendations.

References

Kotler, P. & Keller, K. L. (2015). Marketing management (15th ed.). Upper Saddle River, NJ: Pearson.

 

Marketing Plan Template

Executive Summary

Situation Analysis

Mission

Product or service description

Value proposition

Internal environment scan (SWOT analysis)

The internal environment of a company involves four major factors which include strengths, weaknesses, opportunities, and weaknesses.

Strengths

Wendys is a renowned brand which produces quality products and services. The company has an extensive experience in the making of quality burgers that satisfy the needs of the consumers. The new burger may record high sales because of the strong brand image of Wendys Company. The new bug burger can compete effectively with established brands because Wendys was voted one of the best burger-making entities. The firm may use the existing supply chain network to maximize on distribution channels. Notably, Wendys is the third largest burger-making firms in the United States. It has more than 46000 workers and 6650 locations.

Weaknesses

Many individuals perceive burgers as unhealthy. Wendys has a low number of restaurants compared to other competitors. The company has not been able to market the new bug burger effectively in different parts of the world. The new burger is imitable in the sense that other companies can produce similar items. Although the bug burger is part of the firms strategy to diversify, it still has limited range of products. Therefore, it might be difficult for the new burger to penetrate new markets.

Opportunities

Wendys has the opportunity to grow due to the increasing demand for locust/bug/cricket burgers. These products are becoming increasingly popular due to the health benefits attached to them. Additionally, the company can expand into other countries, such as in India, Brazil, and China which are densely populated. The company has the opportunity to invest in aggressive product innovation to add new tastes and color to the new bug burger. The business can use its infrastructure to enhance its competitiveness in the marketplace. The major competitors to the company include McDonalds and Burger King. Clearly, the new burger has opportunities to achieve global growth.

Threats

The main threats to the new bug burger include imitation, healthy lifestyles, and aggressive competition. For instance, companies such as McDonalds have different types of burgers for varied consumers in the world. Additionally, McDonalds runs an aggressive marketing to increase its global appeal.

Critical issues

Market Analysis

Marketing research

External environment scan (PESTEL & Porter's five forces analyses)

Market size and growth

Market trends

Target market

Market segments

Customer analysis (including needs analysis)

Strategy

Marketing objectives (including financial objectives)

Positioning strategy

Product and branding strategy

Pricing strategy

Distribution and supply chain strategy

Integrated marketing communications strategy

Financial Projections

Break-even analysis

Sales forecast

Expense forecast

Implementation and Controls

Implementation

Controls

Contingency plans

 

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