Marketing plans are essential because they make sales easier for any business owner. When you target your ideal customer more smartly, you reduce marketing costs and increase your chances of converting leads into sales.
The goal of creating a marketing plan is:
- To help you remain alert to and prioritize relevant opportunities.
- To ensure you develop winning marketing strategies.
- To ensure the successful implementation of a marketing strategy
A good marketing plan comprises of the following:
Executive summary:
The executive summary summarizes the marketing plan, outlining its main points and providing an overview of past and future marketing actions.
Corporate strategy:
The section on corporate strategy outlines the organization’s vision, mission, and high-level goals.
Internal and external analyses:
The internal and external studies describe your market position regarding the product, pricing, distribution channels, and methods, allowing you to assess your strengths, weaknesses, opportunities, and threats.
Marketing objectives:
Marketing objectives describe what the planned marketing efforts should achieve within the targeted period. These objectives can be either quantitative or functional.
Marketing strategies and action plans:
Marketing strategies and action plans specify how you’ll go about achieving the agreed marketing objectives.
Implementation:
The implementation section describes how and when the various parts of the action plan should occur. In addition, it contains a schedule that identifies essential milestones and deadlines.
Control and forecasting:
The control and forecasting section outline appropriates procedures for tracking progress and comparing actual and projected performance during the plan’s implementation.
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