Marketing Plan
A marketing plan is a representation that formulates how an organization wants to approach a specific market or target group with the objective of generating as much revenue as possible. The report is based on both internal and external research and analysis. These studies and analyses form the basis of the strategic, tactical and operational choices that follow. The internal and external environment analysis can be used to respond most effectively to external opportunities and threats in combination with an organization's strengths and weaknesses. The resulting desired marketing efforts and marketing objectives are reflected in a marketing plan. Thus, a marketing plan is a report that describes how a company strives to meet customer wants and needs using a marketing mix.
A marketing plan consists of the following components:
- A description of the marketing plan objective - SWOT analysis - A description of the target audience - A description of the marketing objectives
- A description of the marketing strategy
- A representation of the marketing budget
- A description of marketing tools
Benefits of using a marketing plan:
- A marketing plan can be used to aid in an analysis of an environment.
- A marketing plan contributes to taking customer-focused actions
- A marketing plan has an internal communication function
- A marketing plan can serve as a blueprint for assessing whether specific objectives have been achieved at the end of a period.
