A marketing plan should explain how a business will succeed within a given industry, the challenges, and competitive market factors that impact it. Some of the factors include market size, expected growth, current events and how people are reacting to your message. In some market there is growth but because of high levels of competition from various companies which provide discount and premium services, it can be tough to get any market share. Many markets can evolve quickly so an emphasis should be on attracting new customers to help increase revenue.
Problem Identification, what are the main issues and challenges faced by the company? What is the business experiencing difficulty with? ie: customer traffic, a drop in sales and profits, and a negative shift in the consumer perception about the brand. To address these symptoms the business must understand the problems by analyzing the market, its consumers, and internal marketing strategy. time to start looking into if the market has seen an increase in buying power; therefore there has been an increase in competition from the new entrants, the marketing area. Marketing in a competitive environment means focusing on one or a combination of quality, reliability, brand awareness, and trying to capture new or retain existing customers. Some symptoms can be caused by not much different from competitors. Therefore potential consumers don’t see any value compared to the rest of the market, resulting in reduced customer traffic.
A brand’s social media awareness should never be a weak point weak which is creating a barrier for consumers to build an individual and trusting relationship with the business. If not this can causing the business difficulties in revitalizing the brand image and effectively communicating promotions to their consumers. controls the promotions and marketing material disseminated by their authorized dealers, limiting marketing efforts. However creating a marketing strategy that will increase brand awareness, build strong customer relationships and develop a higher quality experience will address these core concerns.
Objectives of the Marketing Plan should achieve the following:
- Increase voice and data subscriptions
- Increase Facebook likes
- Achieve an increase of brand awareness
- Increase overall in store traffic
- Increase contract renewal rate with existing customers
- Increase the amount of subscriptions from internal and external competition
Examples should be specific, objectives of the marketing plan are (timed-defined, specific, measurable)