A marketing plan is a blueprint that outlines a business advertising and marketing efforts for the coming year.
It describes business activities involved in accomplishing specific marketing objectives within a set time frame.
It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives.
Marketing plans start with the identification of customer needs through a market research.
Marketing plans describe how the business can satisfy identified customer needs while generating an acceptable return.
The marketing plan shows the step or actions that will be utilised in order to achieve the plan goals.
For example, a marketing plan may include a strategy to increase the business's market share by fifteen percent.
The marketing plan would then outline the objectives that need to be achieved in order to reach the fifteen percent increase in the business market share.
A new company looking to grow their business will generally have a marketing plan that emphasises strategies to increase their customer base.
Acquiring marketing share, increasing customer awareness, and building a favourable business image are some of the objectives that can be related to marketing planning.
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan.
The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars.
The marketing plan offers a unique opportunity for a productive discussion between employees and leaders of an organisation.
It provides good communication within the company.
The marketing plan also allows the marketing team to examine their past decisions and understand their results in order to better prepare for the future.
It also lets the marketing team to observe and study the environment that they are operating in.
This app provides marketing plan templates.