Marketing Plan:

It is formally elaborated in the marketing case studies, as well as marketing research papers and reports. The planning is meticulously defined in the business documents for the development and implementation as per the current position of the brand in the market. Apart from the b-schools, the marketing online assignment help is also offered to the marketing professionals responsible for drafting the marketing plan for a period of one to five years in an enterprise or organization.

Marketing Mix:

It can be defined as the tool that is applied by the marketers with the sole purpose of marketing and coveted visibility. It is a term that is used to describe a particular set of tactics or actions. A business enterprise applies these tactics for the promotion of its products and services brand in the market. Here, it is the marketing mix that comprises of the 4 Ps i.e., product, price, place, and promotion. It is worth to note that all the components of marketing mix are interrelated to one another and does affect each other. Let us understand all these four components of marketing mix one by one-

1. Product

This element of marketing mix can be defined as goods and services that are sold to the customers or people to successfully fulfill their needs. The marketers present in the market make a thorough assessment of the significance of their products and services. The sales strategies are developed after successfully evaluating the product life cycle i.e., the phase of growth, the phase of maturity and the phase of decline. It is critical to assess the following questions to enable the development of the right product or service.

•    What does the targeted audience or customer expect out of the service or product?
•    What are the functional features that you would integrate to your product or service to successfully fulfill the requirements of the customer base?
•    How does the customer or the targeted audience is intended to use the product or the service?
•    What is the brand name of the product or service?
•    What are the different variants of the product? What are the different colors and sizes in which it is accessible in the market?

2. Price

What is the total amount that the customer is required to pay to own the product or service? It is the price that primarily decides the profitability of a business venture. Principally speaking, there are three different forms of pricing strategies present in the market, namely, neutral pricing, marketing penetrating pricing, and market skimming pricing. Various sorts of expenditures such as raw materials, cost of manpower, machinery as well as the money spent upon the promotional activities, etc. All these factors are taken into consideration while deciding the price of a product or service. It is pivotal to analyze the following questions to successfully develop the correct pricing strategy -

•    What is the cost of production of that service or product?
•    What price is expected by the target customer?

3. Promotion

The third element of marketing mix would involve different tools and methods to help ensure that the potential and target customers are made aware regarding the product or service through various channels of communication. Marketers utilize the events like advertising, online marketing, sales promotion, banner ads, events and public relations to success promote the given service or product. If the promotion is effectively done, then it will have the capacity to boost the sales of the product or service to an exponential level. This is somewhat that ultimately helps a business enterprise to achieve its strategic marketing goals and objectives.

To develop the right kind of promotion strategy, it is critical to assess the following questions-

•    What is the most ideal time to promote or launch the given service or product?
•    What are the promotion strategies opted by the competitors?
•    Which is the most suited place(s) or way to reach the target audience or customers?

4. Place

In the simplest of the terms, it is the place or location where the service or product is distributed or made available to the targeted customers. The target market segment, the target customers, type of service or product, availability of the resources, and price are some of the major factors that eventually decide the place of selling or distribution of goods or services.