as part of your free 30-day trial. 10 Key Components of a Marketing Plan by Michael Fleischner Last Updated: Mar 31, 2020 A marketing plan is the first step in creating a successful marketing program for your business. Here are the ten basic components of a marketing plan. If you're thinking about developing a marketing program, you need to begin with a marketing plan. Seven Essential Components to a Marketing Plan When you start out in business, two things are scarce: time and resources. Marketing Mix of McDonalds analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the McDonalds marketing strategy. which … It is a valuable tool for planning, implementing and controlling the marketing activities.. It doesn’t matter how large or small your organization is, or what kind of products or services you sell, utilizing an effective marketing communication mix can help you increase your revenue. Fig. 10+ marketing strategy templates are available in Aha! Marketing Information System (MIS) collects, analyses, and supplies a lot of relevant information to the marketing managers. Fortunately, it doesn't have to be complicated in order to work. Or download the free Excel and PowerPoint templates below. Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc. The marketing mix is a very important tool that helps businesses understand what the product or service can provide and how successful marketing of the product can be anchored on. Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. The role of MIS is to identify (find out) what sort of information is required by the marketing managers. The marketing communication mix, sometimes referred to as the promotion mix, is a set of five tools that businesses use to communicate with their customers, prospects and stakeholders. This mix is generally implemented through the 4P’s of marketing, namely Price, Product, Promotion, and Place. A well-defined marketing strategy sets the overall plan for how you will reach your target market and explain the benefits of using your product or service. To create an effective new business strategy and … Components of Marketing Information System MIS. Step 1: Situation Analysis Step 2: SWOT Analysis Step 3: Strategic Market Plan Step 4: Marketing Mix Strategy Step 5: Marketing Budget Step 6: Profit Plan Step 7: Perform Review Adjust Marketing Plan as Necessary Figure 14-9 Components of a Market Strategy Review Handout Owning the Marketing Plan Supporting the Marketing Plan Adapting the Marketing Plan Detailed Action Plans 2. Marketing Mix of 4P‟S for Competitive Advantage www.iosrjournals.org 41 | P a g e constitutes the core of company’s style of marketing. 1 Marketing Mix Cycle II. The Ten Key Components of a Marketing Plan . All these elements are very significant and depend upon each other; the four elements in the marketing mix are inter related. McDonalds Marketing Mix (4Ps) Strategy Uploaded by MBA Skool Team, Last Updated: April 19, 2020.