Having a good marketing plan will help improve your odds against experienced rivals and new entrants. Planning enables you to recognize and take action on various trends and consumer preferences that other companies have overlooked or completely ignored and to develop and expand your own select group of loyal customers. This article will talk about the various elements in creation of a successful marketing plan highlighting the process of marketing, understanding the concepts of segmentation, targeting and positioning of a product, understanding the elements of racketing mix and using it in different concepts.
Page | 5 Company Introduction The Maldives Industrial fisheries company, MIFFS is a public company engaged in the production, processing and marketing of fish and fish related products. This company was incorporated in 1993 and is currently an international company exporting to United Kingdom, Germany, Thailand, Japan, Sir Lankan and in other markets such as India, Spain and Singapore. In Maldives Miffs is best known for their fastener tuna chunks and is without a doubt the market leader in this field in Maldives.
Miffs has always given priority to ensure all miff’s product are of good quality and that they meet local needs and wants. Miff’s aim is to increase sales by provide the quality products that the people are asking for. In relation to this Miffs received the highest food standards, accredited by the European Union and is complemented for Miff’s pole and line process of fishing fish. Page | 6 3. Elements of marketing Process A.
“A marketing audit is simply a systematic analysis and evaluation of the Organization’s marketing position and performance” (BP learning media Ltd, 2010, p. 44). Marketing audit shows the current position of the company, how far it has gone on and where its destination is. A management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation” (Lake, 2014).