Nature and Characteristics of a Marketing Plan Research Proposal

Nature and Characteristics of a Marketing Plan - Research Proposal Example According to Longenecker et al. (2005, p. 295), after a marketing plan is presented in written form, it serves as an orientation for the achievement of coming operations. Needless to say, a marketing plan permits the marketer to penetrate the marketplace with an awareness of opportunities and challenges. On the other hand, a business plan gives a wide preview of the organization, which includes the employees, geographical location and goals and missions (Pride et al 2011, p. 301). The business plan provides lenders and creditors with essential information to establish whether the business is feasible, financially stable and in a position to bring profits. Just like a marketing plan, a business plan gives the strategy of value generation (Pride and Ferrell, 2012, p. 342). Marketing Plan Structure and Elements A marketing plan can be offered in diverse ways. Many organizations require a printed marketing plan since a marketing plan is big and can be multifaceted (Pride and Ferrel, 2006, p. 253). Information about the task and action obligations may be misplaced if transmitted in words. In spite of the marketing plan presentation approach, some elements are frequent in most marketing plans (Payne, et al., 2011, p. 276). They include â€Å"defining the business mission, performing a situational analysis, defining objectives, delineating a target market, and establishing components of the marketing mix† (Pride and Ferrell, 2012, p. 332). Additional components contained in a marketing plan include â€Å"budgets, implementation timetables, required marketing research or elements of advanced strategic planning† (McDonald and Wilson, 2011, p. 312). According to Walker et al. (2005, p. 156), choosing a substitute to follow is dependent on company viewpoints and traditions. The selection is also dependent on the instrument used to make the resolution. Organizations have one or two viewpoints when they anticipate profits. They either trail proceeds immediately or aim to amplify their market share and then trail the earnings (Knight, 2004, p. 167).