We detail information Marketing Plan Meaning and its Importance.
Marketing Plan Meaning and its Importance
Marketing plan is the process that consist of analyzing current situation information about marketing opportunities, selecting target market, determining market objectives, designing, and developing marketing strategy or course of action to achieve these objectives and allocating these resources to the ingredients i.e., marketing mix and developing procedure and policies.
“The marketing plan is the central instrument for directing and coordinating the marketing efforts”. Philip Kotler.
Nature of marketing plan.
Following is the nature of marketing plan.
- Purposeful.
- Primary function.
- Pervasive.
- Forward looking.
- Intellectual process.
- Continuous.
- Integrated process.
- Choice.
Importance of Marketing Plan:
a. It helps businesses stay focused on their target market, competitive positioning, and desired outcomes.
b. It establishes priorities, sets timelines, and defines action steps to achieve marketing objectives.
c. Businesses can allocate their resources effectively with the help of a marketing plan.
d. It helps businesses gain a deeper understanding of customer needs, preferences, and behavior.
e. It guides businesses in positioning their products or services effectively.
f. A marketing plan helps businesses identify market opportunities and capitalize on them.
g. It promotes consistency and cohesion in marketing activities.
h. A marketing plan serves as a communication tool, aligning stakeholders within the organization around marketing objectives and strategies.
i. It helps businesses identify potential risks and challenges in the market and methods to eliminate it risk.
Other Important Links:
a. What is Marketing: CLICK HERE
b. Importanance of Marketing: CLICK HERE
c. SWOT analysis and examples: CLICK HERE
Frequently Asked Question
a. What do you mean by marketing plan?
“The marketing plan is the central instrument for directing and coordinating the marketing efforts”. Philip Kotler.
b. What are the 7 steps of a marketing plan?
Following are the 7 steps of a marketing plan:
- Collect the information about the market, target audience, and competitors to inform your marketing strategies.
- Identify the specific customer segments you want to focus on and understand their characteristics and preferences.
- Make specific, measurable goals that you want to achieve through your marketing strategies.
- Determine the approaches and methods that you will use to reach your target market and achieve your objectives or goal.
- Make sure that your marketing strategies into actionable steps, timelines, and have budgets to run it.
- Convert your marketing plan into action by following marketing strategies.
- Monitor the performance of your marketing activities, evaluate the results and take actions to optimize your marketing efforts.
c. Why is a marketing plan?
= Marketing plan is necessary to identify your target market and how your product or service can benefit it. Similarly, to effectively allocate resources, prioritize initiatives, and increasing the chances of achieving marketing success.
d. What are the 7 elements of a marketing plan?
= Following are the7 elements of Marketing plan:
- Product
- Price
- Place
- People
- Promotion
- Packaging
- Process
e. What are the 4 keys of marketing plan?
= Following are the 4 keys of marketing plan:
- Product
- Price
- Place
- Promotion.
