Posted in Marketing and Strategy Terms, Total Reads: 656
Definition: Marketing Plan
A marketing plan is a comprehensive strategy which underlines an organization's overall marketing efforts for achieving specific marketing objectives in a set timeframe. Analysis of the current marketing situation, sales forecast, marketing budgets and marketing communications are key components. A marketing plan can be product specific, market specific or include the overall company plan or overarching strategy across markets and product categories.
The marketing plan should be based on what the organisation hopes to achieve in the future and should be based upon the following
Marketing research: The marketing research includes identifying the target group of customers and their patterns and dynamics, the prospects of the industry and the product category as well as current and forecasted sales volume
Competitor research: A well-developed marketing plan should include a thorough analysis of competitors, identifying their core strengths as well as find market gaps which can be serviced.
Marketing plan strategies: this is related to marketing and promotional strategies. Identifying the message that the company wants to send across to its customers through appropriate advertisement and media vehicles are an important part of this step.
Budget: The amount of money allocated for a brand is limited. Hence the communication and research processes have to take that constraint into account.
Track the results of the marketing communication: Learning from an already executed plan to fine tune future strategies in the future is also part of the marketing plan