What is a marketing plan?
A marketing plan is a solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business.
Marketing Plan: Definition
Marketing Plan - Definition: A marketing plan is a comprehensive document or blueprint that outlines a business advertising and marketing efforts for the coming year. A marketing plan also includes a description of the current marketing position of a business, target market and a description of the marketing,a business will use to achieve marketing goals.
It describes business activities involved in accomplishing specific marketing objectives within a set time frame. It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives.
A marketing plan has a formal structure, but can be used as a formal or informal document which makes it very flexible. Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable level of return.
A marketing plan can also be described as a technique that helps a business to decide on the best use of its resources to achieve corporate objectives. This includes processes as market situation analysis, action programs, budgets, sales, strategies, forecasts and projected financial statements.
It can also contain a full analysis of the strengths and weaknesses of a company, its organization and its products
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