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Marketing Plan

Reviewed by Sweta | Updated on Sep 30, 2020

Catalogue

Introduction

A marketing plan is a blueprint which outlines the marketing activities, including strategies an organisation seeks to implement to achieve its business targets. The plan may be period-specific, such as an annual plan, or project-specific. A marketing plan provides the details of marketing activities and outreach campaigns to achieve the objectives.

Understanding Marketing Plan

A marketing plan consists of the following components:

  1. Research activities to facilitate pricing and new market penetration plans
  2. Designing marketing messages for a segment of customers, such as women, or for a target geographical area
  3. Selecting the mode of marketing, such as hard print or electronic mode depending on the target segment or market
  4. Setting the marketing metrics to measure the outcome of a marketing plan

A marketing plan is generally a part of the overall marketing strategy of an organisation. A marketing plan builds on the value proposition or the brand equity of a company. It identifies the products or services and the target markets to plan the scale and method of marketing.

In the case of small companies, they may combine the marketing strategy and marketing plan to streamline its business promotion. The marketing plan may describe the monthly, quarterly, or yearly marketing activities. The company may have a limited range of products and services.

A marketing plan may also make a statement of intention or describe the value proposition of a company. The value proposition states how the products and services make a difference to a customer, providing reasons for value creation and value buy for a customer.

A marketing plan may require adjustments in the light of results of test marketing or change in circumstances.

Conclusion

A company may continuously make an assessment of the progress of a marketing plan. The marketing metrics provide real-time feedback on potential customers or the effectiveness of various marketing methods. Based on the feedback, a company may deploy additional marketing resources or cut down on certain activities.

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