Marketing Plan


What is Marketing Plan?

Marketing plan is a document that companies prepare when planning a particular job, project or business. Point out how they intend to achieve their marketing objectives and thus facilitate and manage marketing efforts.

It's another element of the business plan, the main objectives sought with this work are indicated and the economic and technical aspects of this investment are defined prior to its launch.

Through the drafting of a marketing plan, companies study the environment that'll surround the new project, so that it can face and anticipate its characteristics and evolution. For this reason, it's of great importance for them to have one when preparing a new job.

Through the marketing plan, the current situation is presented in the form of analysis of the objectives set by the company. These will be pursued through the use of different marketing strategies operated by the company.

How to develop a marketing plan?

In this document, different processes or phases are specified on which to base the planning: analysis of the situation, determination of objectives, elaboration and selection of strategies, action plan, establishment of budget and control methods.

Before its elaboration, the market must be analyzed in order to capture everything learned in the marketing plan. The steps to be followed in the project by its creators and what is expected of these phases in terms of costs, possible benefits, time spent on the project and the resources to be used for this purpose are detailed. With the help of preparing this plan, you get a clear vision of what you want to achieve with this project and the way forward. It's therefore necessary to know the current situation of the company and the actions to be taken to achieve these objectives.

It's a basic management tool that companies that claim to be competitive should have. Through the study and collection of environmental data (market, competitors...) we will know how to define the phases of the plan and the resources of the company to devote to each of them.

The variables that the marketing plan will take into account are the product, distribution, price and communication. In other words, the marketing plan will assume the so-called marketing mix to develop a series of plans through which your project ends up being carried out. That is, specific marketing variables are detailed.

Therefore, all instruments of the Marketing mix are integrated and coordinated to achieve the strategic objectives of the company, resulting in the Marketing Plan.

Phases in the development of the marketing plan

In the elaboration of the Marketing Plan, a systematic process must be followed, consisting of a series of stages that must be covered sequentially. Each of these phases or stages can be defined with a specific question to which each of the stages of the plan must answer:

- Diagnosis: Where are we currently? Why? What are the current trends and market needs?
- Prognosis: If so, where will we be in the future? What hypotheses can be formulated for the future of the company?
- Objectives: Where do we really want to be in the future? What profitability, benefits or volume of sales are expected to be achieved?
- Strategy: What is the best way to achieve the objectives? What are the critical factors to achieve success?
- Operational: What specific actions should be taken? By who? When?
- Control: What measures should be taken to detect if the plan is developed as planned?

For such a plan to succeed, it must be as realistic and practical as possible, since when setting goals it'll be necessary that they be well defined so that the working methods in terms of marketing are realistic. In addition, because current environments are more changing than ever, it'll be important for planning to be flexible.

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