A marketing plan must be designed properly because it is essential to the company's success.

In order to
fulfill the organization's mission statement, each department will offer its specialties. Therefore,
businesses require a team to do a comparative analysis of related items, determine how the products
stack up against the competition, and possibly even conduct test marketing (Tanner et al., 2016).
Additionally, a sales manager and marketing researchers would contribute their ideas to forecast the
number of units sold. The team size may increase significantly before the marketing planning is finished
due to the involvement of executives in the planning and approval processes.

The most important aspect of a marketing plan is knowing who the target market is, and it deserves a
great deal of consideration. Throughout the entire year, it is a constant activity. Throughout the year, it
is necessary to keep track of consumer information. The most important information is new information
about them from the previous year, and potential adjustments to the plan based on new incentives they
expect from the offer. In order for the proper corrective steps to be implemented, it is crucial to
highlight how you notice changes in your customers. Last but not least, customer expectations help
identify problems that arise this year and analyze them in preparation for fixing them in the subsequent
year. The conclusion would be considered the least critical portion of the marketing plan, despite the
fact that each component is important. Only the most senior executives and financiers would read it
critically, but the implementation team would pay close attention to the details.

A marketing audit, which provides an overview of the state of a company's marketing initiatives, is first
triggered by financial concerns, which indicate which portion of the audit is essential at the moment
(Tanner et al., 2016). The marketing environment audit, which comprises assessing the macro and micro
environments and obtaining data, is the most crucial component of the marketing plan. Examples
include market rivalry, determining the demands of the intended audience, and gauging how well a
marketing, promotion, or sales campaign performs in terms of return on investment (Tanner et al.,
2016). The marketing system audit, which assesses if the business has forecasting, inventory
management, and marketing control issues, is the least significant component of the marketing audit.
They are continuing processes in businesses that don't hold off on doing market audits until there are
problems.