The Marketing Plan is the step by step implementation of your Marketing Strategy. The Marketing Plan consists of the specific actions your business will take to achieve the objectives of your Marketing Strategy.
Every business, small or large, will be more successful with a business plan. And the key component of a business plan is the marketing plan. Unfortunately, the majority of new businesses do not have a well thought through and formalised marketing plan. This is evident in the number of small business failures in most western economies.
A marketing plan summarizes the:
Who, What, Where, When, and How Much questions of company marketing and sales activities for the planning year:
1. Who are our target buyers?
2. What is unique about our product or service? (Positioning in the market)
3. What is the Marketing Budget?
4. Where will we spend the marketing budget to reach the target buyers?
5. When will marketing spending occur?
6. How much in the way of sales, spending, and profits will we achieve?
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