What is a marketing plan?
A marketing plan facilitates the marketing activities that will be carried out by the company within a defined time period. The marketing plan is the key that provides structure to the implementation of a successful marketing strategy. A marketing plan is the practical execution that details how the goals will be achieved. It sets clear guidelines for which marketing activities to run, and when, in order to reach the company’s desired results. In a marketing plan, one of the elements could, for example, be to set a goal of increasing sales of a specific product or service over a six-month period. This is to be achieved by targeting ads towards a defined audience through digital platforms.
What should a marketing plan include?
A marketing plan consists of several components. Here are some of them:
- A marketing plan includes future objectives and the marketing activities to be carried out. Objectives and marketing activities have a set timeframe for when they should be achieved. The time period is usually from 6 to 12 months. This can, for example, involve increasing awareness of the company and launching new products.
- A marketing plan must include a clear allocation of responsibilities, defining which people or departments within the company are accountable for the various activities. This provides the company with clarity and ensures that all tasks are handled efficiently.
- The marketing plan should include a budget for the various marketing activities, specifying how much should be allocated to each activity within a defined timeframe. A marketing plan is an important budgeting tool.
Summary
In short, a marketing plan is a high-level plan that provides detailed guidelines for specific activities and initiatives, designed to help companies achieve their business objectives.
