Developing a Marketing Plan
Course Name and Code
Developing a Marketing Plan
To my understanding peer-reviewed are those articles that are written by professionals in the field of scholarly work and are reviewed by a number of other experts in the field before these articles are published. The reason to why these articles are reviewed by several experts is to ensure that the articles meet the quality needed and are accurate to the topic. Looking at some of the non-reviewed sources like blog post the articles are not published. Most of them have low quality content and lack accuracy. Whereas, academic sources have quality, are scientifically valid, and reach reasonable conclusions. The reviewed articles differ from others sources because during the reviewing process the article are given more authority compared to others (Jandrić, 2021).
Marketing plan carry businesses marketing strategies. Having a quality marketing plan will play a vital role in identifying target market and how products and service will gain from it (Tien et al., 2019). The marketing plans have information that discusses the products and service (Chernev,2020). The plan guides the company or business how to market its product and services to potential customers. Coming up with a marketing plan require are a lot of research using different sources to compile the information gathered to one document that gives a detailed discussion of the company’s future market, how competitors are doing, the market industry, market trend and other factors to consider before launching. Some of these sources that I think are more essential for developing a market plan includes: Economic indicators, Industry overviews, library’s marketing database, and Brand management sources, Business forecasting sources, print books and websites.
According to Fahad and Tran, (2019), economic indicators are major economic measurements that are mostly used by analyst to analyze the performance of current and future economic activity and opportunities as well. Choosing to develop a market plan using economic indicators is beneficial because, the economic indicators are publication that is mostly released monthly with brief and updated information. The data in these economic indicators are released by experts in government, non-profit and universities.
A good marketing plan must have a collection and enough information regarding financials, investments strategies, and the marketing performance among other important factors. To have this information, use of Industry overviews is necessary. Industry overviews provide this basic information about the company interest. The sources are beneficial to making decisions about investments, venturing to the industries and other business-related activities.
Marketing plans need a reliable data, library database contains information that one can depend on (Amelicichin & Budevici-Puiu, 2018). The information in the database is useful and interesting to come up with a good business plan. Most of the information in the library database is peer-reviewed. For one to come up with a quality marketing plan, brand name is a must. To develop a good brand name, using Brand management sources will help to look at the structure to several products and services in different markets. The source makes sure one is able to get information to come up with a unique quality brand to those of competitors.
A marketing plan should have predictions. One can use business forecast sources to predict on sales, budgets and other company expenditures information. Using this source will help the company to use data and market trends to meet its obligations. Other sources include print books and online websites that are related to the market one is planning to venture into.
Jandrić, P. (2021). A peer-reviewed scholarly article. Postdigital Science and Education, 3(1), 36-47.
Chernev, A. (2020). The marketing plan handbook. Cerebellum Press.
Fahad, Z., & Tran, H. (2019). Development of a digital marketing plan by using a combination of digital marketing tools.
Tien, N. H., Phu, P. P., & Chi, D. T. P. (2019). The role of international marketing in international business strategy. International journal of research in marketing management and sales, 1(2), 134-138.
Amelicichin, E., & Budevici-Puiu, L. (2018). Theoretical and practical aspects on the analysis of sports marketing plan. Sport & Society/Sport si Societate, 18(2), 3-6.