MARKETING PLANNING
By Surabhi Chourasia
A marketing plan is a report that outlines your marketing strategy for your products or services, which could be applicable for the coming year, quarter or month.
A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan so that goals may be achieved. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business.
A marketing plan includes:
An overview of your business’s marketing and advertising goals
A description of your business’s current marketing position
A timeline of when tasks within your strategy will be completed
Key performance indicators (KPIs) you will be tracking
A description of your business’s target market and customer needs
Marketing plan vs. marketing strategy
Although often used interchangeably, the terms “marketing plan” and “marketing strategy” do have some differences.
Simply speaking, a marketing strategy presents what the business will do in order to reach a certain goal. A marketing plan outlines the specific daily, weekly, monthly or yearly activities that the marketing strategy calls for.
Purpose of a Marketing Plan
The purpose of a marketing plan includes the following:
To clearly define the marketing objectives of the business that align with the corporate mission and vision of the organization. The marketing objectives indicate where the organization wishes to be at any specific period in the future.
The marketing plan usually assists in the growth of the business by stating appropriate marketing strategies, such as plans for increasing the customer base.
State and review the marketing mix in terms of the 8Ps of marketing – Product, Price, Place, Promotion, People, Process, Physical Evidence, and Performance.
Strategies to increase market share, enter new niche markets, and increase brand awareness are also encompassed within the marketing plan.
The marketing plan will contain a detailed budget for the funds and resources required to carry out activities indicated in the marketing plan.
The assignment of tasks and responsibilities of marketing activities is well enunciated in the marketing plan.
A marketing plan integrates business functions to operate with consistency – notably sales, production, finance, human resources, and marketing.
Structure of a Marketing Plan
The structure of a marketing plan can include the following sections:
Marketing Plan Objectives
Marketing planning outlines the expected outcome of the marketing plan with clear, concise, realistic, and attainable objectives. It contains specific targets and time frames.
Market Research – Market Analysis/Consumer Analysis
Market analysis includes topics such as market definition, market size, industry structure, market share and trends, and competitor analysis. Consumer analysis includes the target market demographics and what influences their buying decisions – e.g., loyalty, motivation, and expectations.
Target Market
This defines the target customers by their demographic profile, such as gender, race, age, and psychographic profile, such as their interests. This will assist in the correct marketing mix for the target market segments.
Marketing Strategy
The marketing strategy section covers actual strategies to be included according to the marketing mix. The strategy centers on the 8Ps of marketing. However, firms are also at liberty to use the traditional 4 P’s of marketing – product, price, place, and promotion. The 8 P’s are illustrated below.
The correct marketing mix is determined by the target market. The most expensive options are advertising, sales promotions, and PR campaigns. Networking and referrals are less costly.
Marketers also need to pay attention to digital marketing strategies that make use of technology to reach a wider market and have also proven to be cost-effective.
Digital marketing channels, which became popular in the early 21st century, may eventually overtake traditional marketing methods. Digital marketing encompasses trending methods, such as the use of social media for business.
Marketing Budget
The marketing budget or projection outlines the budgeted expenditure for the marketing activities documented in the marketing plan. The marketing budget consists of revenues and costs stated in the marketing plan in one document.
The effectiveness of the marketing plan depends on the budget allocated for marketing expenditure. The cost of marketing should be able to make the company break even and make profits.
Surabhi Chourasia (MBA)
Marketing manager
surbhichourasiya5@gmail.com
