Marketing Plan

A Marketing Plan is a business plan that covers marketing goals.

• Example(s):
  • It can support a Marketing Strategy.
  • It can guide a Marketing Program.
  • It can include an Ideal Customer Profile (ICP).
  • …
• Example(s):
  • …
• Counter-Example(s):
  • a Sales Plan.
  • a Product Plan.
  • a Software System Development Plan.
• See: Promotion (Marketing), Market Research, Marketing Mix, Marketing 4 P's, Product (Business), Pricing.

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References

2021

• (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/marketing_plan Retrieved:2021-3-17.
  • A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan so that goals may be achieved. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business.

2021

• (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Marketing_plan#Outline Retrieved:2021-3-17.
  • A marketing plan should be based on where a company needs to be at some point in the future. These are some of the most important things that companies need when developing a marketing plan:
    • Market research: Gathering and classifying data about the market the organization is currently in. Examining the market dynamics, patterns, customers, and the current sales volume for the industry as a whole.
    • Competition: The marketing plan should identify the organization's competition. The plan should describe how the organization will stick out from its competition and what it will do to become a market leader.
    • Market plan strategies: Developing the marketing and promotion strategies that the organization will use. Such strategies may include advertising, direct marketing, training programs, trade shows, website, etc.
    • Marketing plan budget: Strategies identified in the marketing plan should be within the budget. Top managers need to revise what they hope to accomplish with the marketing plan, review their current financial situation, and then allocate funding for the marketing plan.
    • Marketing goals: The marketing plan should include attainable marketing goals. For example, one goal might be to increase the current client base by 100 over a three-month period.
    • Marketing Mix: The marketing plan should evaluate the appropriate marketing mix. This includes setting up the marketing 4 P's the product, price, place, and promotion. These four elements are modified until the best combination have been found that will cater the needs of the product's customer that would result to the maximum profitability of the company.
    • Monitoring of the marketing plan results: The marketing plan should include the process of analyzing the current position of the organization. The organization needs to identify the strategies that are working and those that are not working.

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