Marketing Plan

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What is a marketing Plan? Marketing plan Definition. A marketing plan may be a portion of a business plan and is a product specific, market specific, or a company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A marketing plan begins with the identification of specific customer needs through market research and how the firm intends to fulfill needs of the customers while generating an acceptable level of return. It generally includes analysis of the current market situation while looking at both opportunities and trends within the marketplace and detailed action programs, budgets, sales forecasts, strategies, and projected financial statements. A marketing plan is part of the “strategic planning process” which typically is done annually by most organizations. Some organizations will address the marketing plan as often as quarterly, while others will address a marketing plan as sparingly as once every five years. To be effective, a plan must be formalized in written form as a formal “marketing plan.” The process is used to take the general information and make it more specific, by taking the vision, the mission, the goals, corporate objectives of the organization, and individual action plans for each part of the marketing program. Once all of this information is relegated to one formal document, the organization can make sense of the causes and effects of one stage of the interactive process on another stage, amendments can then be made to the process. What is the purpose of a marketing plan? A clear marketing plan is a blueprint that should lay out steps which a company must take in order to achieve their marketing goals. A marketing plan should identify the seven P’s of marketing including product, price, promotion, place, packaging, positioning, and people. Looking at the seven P’s in detail and

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