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MARKETING PLAN DEVELOPMENT AND REALISTIC MARKETING BUDGET

Marketing plan development involves various aspects such as setting a realistic marketing budget. Primarily, a marketing plan is a document that outlines the marketing efforts of a business over a period usually a year. Moreover, it highlights the marketing strategy, advertising, and promotional activities that the business plans for the period. The plan identifies the target market, the value proposition of the brand or products, and the metrics for assessing the effectiveness of marketing incentives. Furthermore, a business should adjust its marketing plan on an ongoing basis. The marketing plan should focus on the creation, timing, and placement of specific campaigns.

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THE PROCESS OF MARKETING PLAN DEVELOPMENT

Marketing plan development begins with the definition of the goals of a business. Additionally, the goals should be specific, measurable, attainable, and realistic. When setting the business goals, it is also important to create a realistic marketing budget for the year. Moreover, a business should carry out an analysis of its strengths, weaknesses, opportunities, and threats. This is in terms of factors such as the target markets, the current position, and the competitive position. Furthermore, a business should create its buyer personas to help in developing marketing goals. These marketing goals help to develop the marketing strategy of the business.

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THE STEPS TO CREATE A REALISTIC MARKETING BUDGET

The primary step in creating a realistic marketing budget is establishing the financial and strategic goals. This may include the number of sales that a business wants to make or the amount of revenue it wants to bring in. Additionally, determining the potential costs is essential for marketing plan development and setting a budget. Moreover, the business should consider the marketing strategy that can fit within its budget. Finally, the business needs to determine a suitable budgeting method. Many companies develop new marketing budgets from the plans and actual spending of the previous year.

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