For the GWC Valves USA Organization, since they have a various number of products that they sell which are various and unique types of valves, they need to come up with a marketing plan for every single product that they have in order for it to sell and for them to make a profit. A marketing plan is an essence for every company that sells physical goods if they want to have a positive return on investment and make profit.
A marketing plan is something that allows a company to get background information and plan information. It is usually divided into two different sections which first consists of being able to conduct a situation analysis and then the actual plan of how they are going to implement these new strategies and tactics, evaluate and control how they are and will be doing this and then take corrective action when the plan is complete. A marketing plan consists of fifteen different sections such as external influences, market analysis, product brand analysis, competitive analysis, SWOT analysis, market positioning, marketing objectives. Marketing strategies, target market, marketing mix, budget, market penetration, market development, product development and diversification.
When it comes to the external influences, this includes knowing about the latest economic trends, social and demographic trends and technology trends. The market analysis contains information on the market size and growth, the regional market importance, market segment analysis, seasonal analysis, consumer data, consumer behavior, other factors and media. The product brand analysis contains the sales volume, market share, new-product activity, distribution, and marketing communications. The competitive analysis is an analysis on the direct competition whereas a SWOT is being able to identify the strengths, weaknesses, opportunities and possible threats of the product. The marketing objectives is very important since you get to set objectives for the sales volume, market share, profit and for the product. The target market is one of the most important aspects since if you can nail who you are targeting, then your marketing plan will fail.