As against the old era where the main focus is on selling what the company produces, the new economy is mainly about Marketing where customer's value is key(value is what customers derive at a cost).
Due to the abundant choices at the consumer's disposal, the goal of a business is to organize all marketing efforts towards providing customers value at a profit which is also known as Marketing Plan.
- MARKETING PLAN
ANALYZING THE ELEMENTS OF A GOOD MARKETING PLAN : THE CASE OF A PROSTHETIC PRODUCING COMPANY.
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- The prosthetic company plans to aid the people living with disability.
- The company analyzes it's strength, weakness, opportunity and threats. It's strength and opportunities include the growing demand of prosthetics. While it's weakness and threats can be generalized into high cost, expertise and competition.
- Customers are those with missing body parts that would want to replace them.
- Market entry is making prosthetics look and work exactly like a body part with enhanced technology.
- The company's expected to have a growth rate of 5.4% in the next four (4) years.
- The percentage of profit is allocated to marketing campaign.
- Feedbacks from customers, medical professionals, insurance company are put together to have an edge above competitors.
- Online and in-store sales are considered for the sales of prosthetics. Sales through hospitals, healthcare providers are great channels of marketing.
- Each marketing activity is monitored through various methods such as web traffic , database etc
- Market efforts are evaluated to see if objectives of the business are fully met.
In summary, A good market plan is based on comprehensive research and proper evaluation to meet company's objectives.
References :Ilias Avgeropoulos(2004) Marketing Planning power point , Kotler (2000) Marketing Management
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