Steps to monitor, control and evaluate the effectiveness of your marketing plan

STEPS TO MONITOR, CONTROL AND EVALUATE THE EFFECTIVENESS OF A MARKETING PLAN
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In marketing, understanding what a market plan is, is of immense important. Having knowledge of what it entails is not the only thing that matters. It is important that the marketer has knowledge on how to control, monitor and evaluate that marketing plan, without which, achievement of the marketer`s goals and objectives becomes hard. A market plan is what guides a marketer in introducing a product or service into the market. It entails all the strategic steps that have to be taken and how the marketer plans to approach the market and how he plans to sustain himself in the market. The plan should include the targets of the marketer which have to be realistic and achievable (Blackwell, 2008).
Market control involves the processes of monitoring the market plan and ensuring that the contents of the plan are followed to the latter. Besides ensuring the plan is implemented as denoted in the plan, it ensures that adjustments are made where appropriate. It thus means that there cannot be planning in the absence of control. In every organization, resources for production are limited; hence control is effective in ensuring that the scarce resources are put into effective use. Market plan control involves setting of standards and comparing thus, for the Nike follow me company, there are many approaches that it would have to consider in controlling its market plan. It will have to consider the market share of the product. This will be achieved by carrying out an analysis on the market share. If the market share of the product is not as set in the plan, then considerable corrective measures have to be undertaken (Blackwell, 2008).
It will also look at the quality and sales analyses as control measures towards the achievement of the goals. Other approaches that could be used in controlling the Nike follow company include the budgets, the marketing information system, feedback from clients, cash flow statements and the location of present and potential buyers, competitors` activities as stated in the plan and reaction of buyers to the set prices and the promotional activities of the product. Control of such factors is crucial ...