The purpose of a marketing plan includes the following: Monitoring and performance mechanism: A plan should be in place to identify if the marketing tools in place are bearing fruit or need to be revised based on the past, current, and expected future state of the organization, industry, and the overall business environment.Ī marketing plan should observe the 80:20 rule – i.e., for maximum impact, it should focus on the 20% of products and services that account for 80% of volumes and the 20% of customers that bring in 80% of revenue. To achieve the goals in a business’s strategic plan, we need some type of budget that finances the business plan and sets measures and indicators of performance. The activities will need to be carried out within the marketing budget Budgeting Budgeting is the tactical implementation of a business plan. Marketing budget: A detailed outline of the organization’s allocation of financial resources to marketing activities. These strategies will include promotional strategies, advertising, and other marketing tools at the disposal of the organization. Marketing strategies: The development of marketing strategies to be employed in the coming period. In other words, a company’s market share. It should be appropriate for the organization and will largely be centered on the 4Ps of marketing – i.e., product, price, promotion, and place.Ĭompetition: Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share Market Share Market share refers to the portion or percentage of a market earned by a company or an organization.

Marketing mix: A combination of factors that may influence customers to purchase products.

Key performance indicators (KPIs) to be tracked Marketing activities: A list of any actions concerning marketing goals that are scheduled for the period and the indicated timelines. Outline of the business target market: Business target market demographics. Market research: Detailed research about current market trends, customer needs, industry sales volumes, and expected direction. Marketing objectives of the business: The objectives should be attainable and measurable – two goals associated with SMART, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound.Ĭurrent business marketing positioning: An analysis of the current state of the organization concerning its marketing positioning. It outlines the marketing strategy, promotional, and advertising activities planned for the period.Ī marketing plan will typically include the following elements: A marketing plan is a document that lays out the marketing efforts of a business in an upcoming period, which is usually a year.

Marketing plan pro 9