In order to satisfy the needs and wants of its customers, every business firm must develop an appropriate marketing plan. Market planning is a dynamic concept because it must be modified in accordance with changes in the needs and desire of consumer. Stronger the marketing, higher will be the profit margin.
There are several points that should be kept in order to launch an effective marketing these include the price structure of the product, different promotional activities that must be effective, and an efficient distribution system. Instead of applying the bookish theories and traditional methods, a company must also develop and proceed according to the advancing system and technology.
To manage and run an effective business plan a business owner must have an adequate knowledge about the behavior of the market. Customer’s behavior, dealer’s behavior, competitor’s behavior and most importantly the government’s behavior should be learnt before launching and advertising a new product in the market.
In any market to earn a successful and higher volume of sales and profit margin the marketing management should be well aware of the prevailing behavior consumer’s buying power in the market. Having knowledge about the buying habits, living habits, and purchasing power of the customers, one can easily run a smooth and efficient market plan. Including the above factors the price policy plays an important role. Allowing discounts on new launches and offering bonuses at certain level of purchase, are some methods that can be followed in order to make the marketing strong and efficient.
Moreover, while dealing with the marketing plan one must observe the marketing methods of the competitors dwelling in the market. Advertising more prominently and by following new innovative styles, usually takes companies ahead of their competitors allowing a strong hold over the entire market. Social media marketing and E-mail are the new perspectives of this era which are adopted by every single firm in developing the marketing sector.Publisher: Fadiyah Sameh