Executive Summary

When a company has a prospect for a new product they have to determine whether that product will make it or not and then determine what the marketing plan for the new product will be. A marketing plan is an organizational tool that companies create to communicate what the expectations for the new product is, what all roles and responsibilities each team member have in launching the product and determining the functions of the product such as mission, customer needs and offerings. Generally the CMO Chief Marketing Officer creates the marketing plan with the help of a dedicated team and research group. Its an in depth outline identifying all the information that’s needed and necessary for a successful product launch as well as helps give direction

The summary gives a brief discretion of the contents of the marketing plan and its components. The business challenge is designed to persuade and inform investors, potential supply chains and stockholders on what to expect from the product. The next two sections market and strategy have the most amounts of pivotal information to include the SWOT analysis which is strengths and weaknesses of the product, competition, target customers, offerings and what to expect from the future market and economy. The predicated budget and profit margin is the last section besides the in-depth

The marketing plan is a crucial outline of the what’s to be expected with the launch of a product. “The marketing plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value” (Tanner, & Raymond, 2013). Its in depth description helps team members know their role and responsibilities, informs stock holders and management of expectations for the product and allows for the company to seek possible investors and begin marketing to the consumers and potential supply chain. The more informative and outlines a market plan the better chances of success because it creates guidelines, goals and supports the functions of launching a new product. Each section and segment of the market plan are made up of different components that all have their own importance, research and strategic information that go into determining the successes of the product and its life span. These components include information such as the SWOT analysis, which is designed to determine the strengths, weaknesses and competition the product may have. The goals and objective of the product, what the target consumer is and how they should market to those consumers whether it is mass marketing or target marketing. The marketing strategy or the five P’s which include price, product, place, promotion and people. Some other key components are