What is Marketing Plan
Marketing plan is a plan of very specific strategies to be carried out to market a product or service to the target audience and persuade the potential customers that your product or service offers the best value for their money. It must contain well researched and analyzed strategies and tactics to reach the objectives - successfully market a product/service to consumers and get a maximum return of investment after paying for all the costs and expenses from production to promotion/advertising.
Goals of Marketing Plan
The main goal of every marketing plan is of course to provide a detailed set of actions to reach and persuade the target audience to buy yours and not the competitor’s products/service. But a marketing plan also seeks to help businesses:
- identify both the strengths and weaknesses of their marketing approach in the past
- identify their market, potential customers and competition
- determine a set of detailed marketing actions to be followed in the future; marketing plans usually provide a set of strategies for the forthcoming 12 months but they sometimes also outline very detailed marketing strategies for a time period up to 5 years
Factors That Influence the Development of a Marketing Plan
In order for the marketing plan to help a firm to successfully market its products/service to the potential buyers and generate profit, the development of a marketing plan must be based on a careful consideration of several factors, both internal and external: the cost of production, distribution and promotion as well as the strength of the competition in the target markets and other factors that may influence reaching the goals within the set time frame.
Development of a Proper Marketing Plan
Marketing plan that contains very specific initiatives to be carried out and considers all the factors that may influence its outcome is developed either by in-house marketing experts or is outsourced to marketing specialists. Either way, it must be based on an extensive research of the target market, potential customer’s habits and behaviour, the market’s demands and needs, the existing competition and all the costs and expenses related to particular marketing strategies and goals. The end plan, no matter if a part of the overall business plan or separate document must provide a very detailed list of very specific actions to be overtaken over the set time period.