- Posted by: GroVine
- Category: Business, Business Growth Strategy, Marketing, Marketing Management, Marketing Plan
A marketing plan is a document that consists of detailed analysis of target market, how the product shall be promoted, what will be the costs incurred, what is the expected ROI and in what period of time, what measures to take to effect revenue generation and how, how to beat competition and build loyal customer base.
A sound marketing plan consists of following elements –
- Goals & Objectives
- The Need/The Want
- Product/Solution Offered
- Product/Solution Pricing
- Product/Solution Packaging
- Target Market Analysis
- SWOT Analysis
- Sales Forecast
- Revenue Generation Model
- Branding & Promotion Strategies & Mix
- Product Distribution Strategies
- Marketing Team Strength & Structure
- Marketing Budget
- ROI Measurement Plan
Marketing department is a cost centre, hence, it is important to align marketing plan with business objectives.
If the marketing activities are carried out without keeping business goals on mind, the possibilities of losing money and resources in form of time and man-hours and asset, can increase. It is important to plan marketing processes as per the short and long term business goals.
A company’s business goal can be –
- Increasing profits
- Increasing market share
- Business Expansion(Geographic)
- Business Diversification
Marketing plan may differ for each of the above objectives. The geographical target area may differ, focus on product lines may vary, target potential customers may change etc. The marketing budget may be affected and it can vary as per the requirement of the marketing plan which is supposed to help achieve defined business objective.
You may need to align your marketing plan with your business objectives for –
- Achieving your business goals and objectives faster and meet your business targets
- Efficient and cost effective utilization of available resources
- Efficient budgeting of marketing activities
- Efficient ROI from marketing plan implementation
- Reduction of risks from potential threats
- Timely tapping of available opportunities
- Reducing losses from having to change marketing plan every now and then because of no business direction
- Building long term company reputation in market along with long term market relations.
GroVine is your extra pair of hands and additional set of brains to help you achieve your business goals and objectives. We offer marketing and business management services to help you achieve operational excellence, reduce costs, increase productivity, increase revenues and improve profitability.