A marketing plan is a written document that specifies the required actions to attain one or more marketing objectives. A good marketing plan should communicate to every member what is desired of them, so they have some level of goal clarity, understanding of assumptions that lie behind the goals and the context of each activity and decision.
The Elements of standard Marketing Plan
- Executive summary and table of contents
- Mission Statement
- Summary of performance till date
- Summary of financial projections
- Market overview
- SWOT Analysis For Major SBUs
- Portfolio Summary of all the SBUs and Market Assumptions
- Marketing Objectives and Goals
- Financial Projections For at least three Years
- Marketing Strategy
- Marketing Action Plans
Explanation of marketing planning process-
The marketing planning process must begin by setting the corporate objectives and should be followed by strategies and plans for each function.
- The first step in marketing planning process is setting marketing objectives and policies.
- The second step is designing the marketing system. In the marketing system , a company has to design each function with its contribution.
- The third step is developing separate objectives, programmes and strategies for each function, so that they can be accessed for the target’s purpose and the board objectives.
- The fourth step is drawing detailed plans for each function for a shorter period .
- The fifth step is merging the marketing plans in to organisational plans.