Marketing

Which components are the most important when developing a marketing plan? Explain why. Discuss at least three key components
In my opinion, the most critical components of developing a marketing plan would include the marketing strategies, a situation analysis, and the SWOTT analysis. All of these components are useful within the business setting for a variety of reasons. With a SWOTT analysis, the company is able to see whether or not the product or service is doing well and fitting in with the latest trends within the market. By having this type of component the company is able to see where the weaknesses are for that product or service so that they may act quickly in resolving any issues that may arise. When it comes to situation analysis is another component that companies should use in order to know what the macroeconomic or social factors may be before creating a newer product. Also, having marketing strategies in effect will allow the company to see the demand for the product so they might be able to bring in some profits from the product or service they have created. Marketing strategies are another component that businesses will use in order to maximize their profits. Every business has to compete to stay within the market. This means they have to constantly keep checking their product or service for the better of the consumer.

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