What Is A Marketing Plan?
Some businesses will have an annual planning phase, as part of the general business plan, it is common for a marketing plan to be developed. This will typically incorporate a number of different factors, which will enable the business to focus and define its marketing plan for the proposed term.
Often the marketing plan will be closely aligned with the “corporate mission”, and in addition the plan will be the strategy behind how a business is intending to make and increase sales figures for the forthcoming period. There are a number of factors which are common within a marketing plan and these include:
A marketing plan will normally contain marketing objectives, which will normally include some or all of the following areas: Price, Product, Promotion, Placement, People, Physical Environment, Process and Packaging. This is also known as the 8 P’s, and these elements should each be considered as you develop your businesses marketing plan.
Prior to developing the marketing plan, you first have to consider what the purpose of the marketing plan is for your business. Are you looking to develop new products and services, or is this about increasing the sales of your primary product or service?
Typically the term of a marketing plan will be between 1-5 years. It is, of course, possible to develop a shorter marketing plan, and this should be incorporated within the annual business planning process where possible.
Going through the process of developing a marketing plan, can take time and energy to complete. However, this will sometimes enable the business to focus and push forwards, if there are clearly defined objectives. There are a number of professional consultants and organisations who may be able to assist with developing a marketing plan for your business if it feels like too much work!
Once you have completed the marketing plan template, remember to review this at least once per year. There is no point in spending the time and energy in developing a marketing plan, if this is not reviewed, and tweaks and amendments are made.
Here at marketing plan templates, we have developed a strategic marketing plan template, which if implemented, will enable your business to plan, develop and improve your businesses marketing plan strategy.