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Signed in but can't access contentOxford Academic is home to a wide variety of products. The institutional subscription may not cover the content that you are trying to access. If you believe you should have access to that content, please contact your librarian. Institutional account managementFor librarians and administrators, your personal account also provides access to institutional account management. Here you will find options to view and activate subscriptions, manage institutional settings and access options, access usage statistics, and more. The Marketing PlanA marketing plan details actions necessary to achieve one or more specified objectives essential to selling a product or service. Learning Objectives Compare the differences between a marketing, strategic and business plan Key TakeawaysKey Points
Key Terms
IntroductionA marketing plan is a written document that details actions necessary to achieve one or more specified objectives in order to sell a product or service, a brand, a product line, or a corporation as a whole. Marketing plans can range from one to five years in length. Marketing Plans, Strategic Planning, and Business Plans People sometimes confuse marketing plans with strategic planning because the two are so tightly intertwined. System Pyramid: A system pyramid explains the key leadership attributes for strategic thinking/planning. A
marketing plan implements a goal and plan of action that has been identified and put into writing. What Makes a Marketing Plan EffectiveAn effective marketing plan conveys a sound business strategy that is aimed at a large and varied audience. The plan must be:
The Key is a Good PlanMarketing Plan: A marketing plan is created through the collaboration of a diverse group of people. Many different individuals from different business disciplines contribute to the writing of a marketing plan to insure a consistent style and voice the final version is usually written by only one person. This function can be outsourced or executed by an employee of the business. The team consists of the following:
The Marketing Plan's Target AudienceEvery marketing plan is written and devised with a specific, well defined target audience in mind. Plans usually target:
Advantages of a Marketing PlanThe marketing plan creates alignment between the organization's vision and the stakeholders' understanding of that vision. Learning Objectives Understand the most important
aspects and advantages of a marketing plan Key TakeawaysKey Points
Key Terms
Marketing plans help organizations identify key objectives, capture opportunities, avoid threats, and leverage core competencies. Marketing plans provide a basis to set tasks and organize work efforts towards the strategies that should have the greatest impact for the organization. Marketing Plan AdvantagesCreates AlignmentThe biggest advantage of a marketing plan is building a bridge between the vision of the organization and the marketing and sales of products and services. At the strategic (upper management) level, organizations have a mission and vision. This mission and vision must translate from the executive team to all internal and external stakeholders. This is called alignment, or having all stakeholders (along with the organization) on the same page. Marketing plans are particularly useful in aligning the vision with the brand, and ensuring that what is communicated to potential customers is accurate and meaningful to the core target market. Provides Market Data Marketing plans are largely research based, at least in the earlier stages of development. In order to build a marketing plan that matches the needs of the market, the organization will invest in accumulating research and data on the behaviors, needs, opportunities, and threats of the external market environment. Useful frameworks to look into for this are the PESTEL framework, SWOT analysis, and Porter's Five Forces. It is also critical to conduct a
competitive analysis in order to understand the organization's position relative to key competitors. Helps Brand BuildingWith a strong research-oriented understanding of the market, and alignment across the organization in terms of vision and mission, the organization can now build a brand that represents the vision while addressing core needs in the market. Through associating the organization's competitive advantages with a given need in the marketplace, the organization can begin building a brand within a target market(s). Mitigates RiskIn nearly all contexts, planning is a great tool for avoiding risks. The simplest way to avoid making a mistake is considering all potential options, weighing the opportunity costs, and selecting the option with the lowest risk and/or the highest return (the optimal risk/return ratio). Marketing plans enable the research required to consider the risks and returns of various segments, equipping the organization with the knowledge to mitigate risk and capture opportunities. Marketing Plans: A diagram of the inputs and advantages of a strong marketing plan, with a focus on marketing communications. Successful PlanningHowever, just making a marketing plan won't necessarily capture the above advantages. In order for the marketing plan to be effective, certain criteria must be met. Marketing plans are professional documents, usually drafted by mid-upper level marketers. Considering the wide variety of considerations, and the significant impact it will have on strategy, constructing a marketing plan carefully is critical to success. Marketers should focus on accomplishing the following five things when building a marketing plan:
Marketing Plan ElementsA marketing plan's elements may vary based on the organization and its industry, but readers still expect to see certain common elements. Learning Objectives Review the elements of a marketing plan and their relationship to the company operations Key TakeawaysKey Points
Key Terms
IntroductionA marketing plan's elements, length, and focus can vary depending on the company, the industry it is in, and whether the plan is written for:
For example, a technology startup's marketing plan may not be the same as that of a more established company due to the different environments in which they operate. The technology startup operates in a market that can change at the blink of an eye and its marketing plan may reflect this fact by being less elaborate and more flexible than that of the established company. For example, the
startup may not state exactly where it plans to spend its advertising funds. An established consumer goods company, by contrast, may have a media plan for the entire year.
Executive Summary The Executive Summary gives an overview of the key elements of the marketing plan, with a specific focus on product, pricing, promotion, and placement. It describes the offering the company is making in the marketing plan which also includes people (staff), process (of providing a service ), physical evidence (which makes the service more tangible to potential customers), and philosophy (whereby the product reflects the philosophy of the
organization). Situation Analysis The situation analysis examines all the aspects that may impact sales of a specific company. It looks at both the macro-environmental factors that affect many firms within the environment and the micro-environmental factors that specifically affect the firm. Goals This element of the marketing plan states what the organization plans to achieve through the implementation of the marketing
plan. The goals may be stated in terms of profits or market share, for example. Marketing StrategyIt's all good and well to know what needs to be done and the tools you have to accomplish them, but without a strategy explaining how you are going to use these resources to reach your goals, you may find yourself running around in circles and running out of resources before the goals are reached. The strategy that is set forth in the plan must be strong enough to compel investors to put money into the company or project. Tactical ProgramsThe marketing strategy provides the overall picture of how the stated goals are to be met. The tactical program gets down to specifics. It details the day-to-day activities in the major marketing areas that will be performed to fulfill the strategy and achieve the stated goals. ImplementationImplementation involves presenting an action plan which lists the specific actions that need to be taken to reach the goal of the marketing plan. It also lists which department or person in the organization is responsible for carrying out the action. BudgetThis element of the marketing plan specifies the total resource allocation available for the marketing plan and the potential return on this investment. Budget: The budget is an important element in a marketing plan. ControlsHow will you know if your plan is a success without some way of measuring its impact? This section of the marketing plan explains how you are going to get that done. Controls also allow you to monitor your activities and make the appropriate adjustments when necessary. The actions of monitoring, evaluating, and measuring all fall under the heading of "controls. " Exhibits Exhibits will appear at the end of your marketing plan and will provide the details that back up what you stated in the main part of your marketing plan. Purpose of the Marketing PlanA formal marketing plan provides a clear reference point for activities throughout the planning period. Learning Objectives Identify the purpose and use of creating marketing plans Key TakeawaysKey Points
Key Terms
Introduction
You've probably heard this expression before, and many successful businessmen will probably tell you the same. Still, what's the point of creating a formal marketing plan? Exactly what purpose does a marketing plan serve? Marketing Plan: Marketing plans serve an internal and external purpose. Why a Marketing Plan is Essential A formal marketing plan provides a clear reference point for activities throughout the planning period.
However, perhaps the most important benefit of these plans is the planning process itself. This typically offers a unique opportunity, a forum, for information-rich and productively focused discussions between the various managers involved. The plan, together with the associated discussions, then provides an agreed context for their subsequent management activities, even for those not described in the plan itself.
Marketing plans are included in business plans, offering data showing investors how the company will grow and what kind return on investment they will receive.
Ultimately, marketing plans serve a purpose both inside and outside of the company. Licenses and AttributionsCC licensed content, Shared previously
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