BUS 620 WEEK 6 DQ 1 ( Marketing Plan )

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Identify characteristics of a good marketing plan. Assess the strengths and limitations of

implanting a marketing plan. Determine when a marketing plan should be revised. Respond

to at least two of your fellow students’ postings.

Response 1

“The success of a marketing plan depends on effective communication with other parts of the

organizations and a variety of marketing units, especially those concerned with sales,

advertising, promotions, and marketing research.” (Mullins & Walker, 2010) A marketing

plan involves an executive summary, current situations and trends, performance review, key

issues, objectives, market strategies, action plans, projected profit and loss statement,

controls, and a contingency plan.

Having a marketing plan is a successful way to set up goals for an organization. It means the

company will be striving to meet those goals. By having the plan, it means the company can

set certain timelines in order to make sure the plan is implemented correctly. The limitations

of the plan is that once the plan is fulfilled, a new marketing plan must be created. There will

always need to be continuous marketing plans created once the previous one is completed.

A marketing plan will need to be revised if there is an obstacle in the way of completing the

plan. Another reason to revise the plan is if the resources needed to complete the plan run out.

Mullins, J & Walker, O. (2010). Marketing management. New York, NY: McGraw-

Hill/Irwin

Response 2

A marketing plan is an essential component of an organization's success. Found in this plan

is the blueprint to effectively execute the marketing mix to bring forth desired outcomes in all

aspects of business. Although this singular document holds a lot of weight, by design it is the

creation of several authors.

Large and small organizations must delineate tasks based on size. A marketing plan is

constructed in a format that includes the following sections: Executive summary, Current

situation and trends, Performance review (for an existing product or service only),Key issues,

Objectives, Marketing strategy, Action plans, Projected profit-and-loss statement, Controls

and Contingency plans. (Mullins and Walker, 2010, p. 488)

The purpose of a marketing plan is to set up specific parameters that are directly related to

profit, direction and growth. A marketing plan should be revised if the organization's focus

changes due to shifts in the industry, negative publicity that results in products being re-

launched or economic downturn resulting profit losses. Marketing plans should be reviewed

consistently to ensure the organization's mission is aligned with its image and presence in the

industry.

Mullins, J & Walker, O. (2010). Marketing management. New York, NY: McGraw-

Hill/Irwin

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Identify characteristics of a good marketing plan. Assess the strengths and limitations of implanting a marketing plan. Determine when a marketing plan should be revised. Respond to at least two of your fellow students’ postings. Response 1 “The success of a marketing plan depends on effectiv ...
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