According to Investopedia.com, a marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market. A marketing plan details the outreach and PR campaigns to be undertaken over a period, including how the company will measure the effect of these initiatives.”
A marketing plan may be a component of an overall business plan developed to achieve the company’s goals and objectives.
Since each business venture is different, the marketing plan must also be unique.
The marketing plan outlines the company’s specific marketing strategy and includes concrete actions to be taken to get the results necessary for the company’s success.
The marketing plan begins with an executive summary that quickly reviews major assessments, goals, and recommendations.
The main section of the plan presents a detailed SWOT analysis that covers the current marketing situation and potential threats and opportunities.
The next step is to state the primary objectives for the brand/product and outline the specifics of a marketing strategy to achieve them.
The marketing strategy is a significant component of the marketing plan.
It plots the course of the marketing actions, including strategies for the target markets, positioning, marketing mix, and marketing expenditure levels.
Additional sections of the marketing plan set out an action program for implementing the marketing strategy along with a supporting marketing budget.
The last section of the plan outlines the controls used to monitor progress, measure return on marketing investment, and take corrective action.
In summary, a marketing plan includes the following sections:
Current marketing situation
Threats and opportunities analysis
Objectives and issues
Readers Bureau, Contributor
Edited by Jesus Chan
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