The Marketing Plan
As a marketer, you’ll need a good marketing plan to provide direction and focus for your brand, product, or company. With a detained plan, any business will be better prepared to launch a new product or build sales for existing products. Non-profit organizations also use marketing plans to guide their fundraising and outreach efforts. Even government agencies put together marketing plans for initiatives such as building public awareness of proper nutrition and stimulating area tourism.
The Purpose and Content of a Marketing Plan
Unlike a business plan, which offers a broad overview of the entire organizations mission, objectives, strategy, and ...view middle of the document...
From Marketing Plan to Marketing Action
Companies generally create yearly marketing plans, but some plans may cover a longer period. Marketers start planning well in advance of the implementation date to allow time for marketing research, thorough analysis, management review, and the necessary coordination of departments.
For effective implementation and control, the marketing plan should define how progress toward objectives will be measured. Managers typically use budgets, schedules, and performance standards for monitoring and evaluating results. With budgets, they can compare planned expenditures with actual expenditures for a given week, month, or other period. Performance standards track the outcomes of marketing programs to see whether the company is moving forward toward its objectives.
The Major Parts of the Marketing Plan
1. The Executive Summary
This section summarizes the main goals, recommendations, and points as an overview for senior managers who must read and approve the marketing plan. Generally a table of contents follows this section, for management convenience.
2. Current Marketing Situation
In this section, marketing managers discuss the overall market, identify the market segments they will target, and provide information about the company’s current situation.
a. Market Description
By describing the targeted segments in detail, marketers provide context for the marketing strategies and detailed action programs discussed later in the plan.
b. Benefits and Product Features
Clarify the benefits that the product features will deliver to satisfy the needs of customers in each market segment.
c. Product Review
The product review should summarize the main features for all of the company’s products. The information may be organized by product line, by type of customer, by market, or by the order of product introduction.
d. Competitive Review
The purpose of the competitive review is to identify the competitors, describe their market positions, and briefly discuss their strategies.
e. Distribution Review
In this section, marketers list the important channels, provide an overview of each channel arrangement, and mention any new developments or trend
2. Strengths, Weaknesses, Opportunities and Threats Analysis
Strengths are internal capabilities that can help the company reach its objectives.
Weaknesses are internal elements that may interfere with the company’s ability to achieve its objectives.
Opportunities are external elements that the company may be able to exploit to its advantage.
Threats are current or emerging external elements that may possibly challenge the company’s performance.
3. Objectives and Issues
The company’s objectives should be...