Blog entry by Olaoluwa Afolabi

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by Olaoluwa Afolabi - Saturday, 5 September 2020, 6:37 PM
Anyone in the world
One of the questions that were asked today in my Marketing class was the critical/key sections of the marketing plan. Having worked on ways to increase my company's userbase, I remember, I consumed those key sections of marketing plan just for knowledge sake as a Software person. Fortunately, my instructor did not ask me to give explanations to what I listed in the class, so this blog is about putting the resolution to those key sections.

What are the key sections of the marketing plan? They are:

  1. Situational Analysis
  2. SWOT Analysis 
  3. Goals and Objectives 
  4. Strategy and Plan 
  5. Budget 
Let us go through them one by one in a minimal explanation of what they are:

  1. Situational Analysis: This analysis pertains to information about a current event within the business, such as business performance and mostly where it stands in the market.

  2. SWOT Analysis: This gives information on the company's Strengths, Weaknesses, Opportunities, and Threats. You do this analysis to analyse how to make your company/product better than the competition.

  3. Goals and Objectives: It is essential to list your goals and objectives so as not to be lost. A good goal example is to increase profitability by 50% this year. Then you set the objectives that will make you achieve your goal, such as listing your product on e-commerce cart like Instagram, Facebook, Amazon.

  4. Strategy and Plan: Marketing strategy sections includes data about how the business and its items/products will be advanced and promoted.

  5. Budget: Budget is as what it sounds. You have to list financial expectation or forecast to how you will accomplish your marketing plans.
I hope this has been informative to you reading this blog, and I like to thank you for reading. Thank you.