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What Is A Marketing Plan

A marketing plan outlines an organization's strategy to promote products and services to target markets over a set period. It details campaigns, messaging tailored to demographics, platforms for promotion, and metrics to measure effectiveness. The plan is based on market research and a value proposition communicating how products solve customer problems. It identifies target markets and justifies promotional channel choices.

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126 views2 pages

What Is A Marketing Plan

A marketing plan outlines an organization's strategy to promote products and services to target markets over a set period. It details campaigns, messaging tailored to demographics, platforms for promotion, and metrics to measure effectiveness. The plan is based on market research and a value proposition communicating how products solve customer problems. It identifies target markets and justifies promotional channel choices.

Uploaded by

Bek Ah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What Is a Marketing Plan?

A marketing plan is an operational document that outlines an advertising strategy


that an organization will implement to generate leads and reach its target market.
A marketing plan details the outreach and PR campaigns to be undertaken over
a period, including how the company will measure the effect of these initiatives.
The functions and components of a marketing plan include the following:

 Market research to support pricing decisions and new market entries


 Tailored messaging that targets certain demographics and geographic
areas
 Platform selection for product and service promotion—digital, radio,
Internet, trade magazines, and the mix of those platforms for each
campaign
 Metrics that measure the results of marketing efforts and their reporting
timelines

A marketing plan is based on a company’s overall marketing strategy.

Without the correct metrics to assess the impact of outreach and marketing
efforts, an organization will not know which campaigns to repeat and which ones
to drop; maintaining ineffective initiatives will unnecessarily increase marketing
costs.
Understanding Marketing Plans
The terms marketing plan and marketing strategy are often used interchangeably
because a marketing plan is developed based on an overarching strategy
framework. In some cases, the strategy and the plan may be incorporated
into one document, particularly for smaller companies that may only run one or
two major campaigns in a year. The plan outlines marketing activities on a
monthly, quarterly, or annual basis while the marketing strategy outlines the
overall value proposition.

Fast Fact
A study for 2019 conducted by CoSchedule, a provider of marketing software
solutions, found that marketers with a documented plan or strategy are 313%
more likely to report success in their marketing campaigns. The company
surveyed 3,599 marketers from more than 100 countries.
Creating a Marketing Plan
A marketing plan considers the value proposition of a business. The value
proposition is the overall promise of value to be delivered to the customer and is
a statement that appears front and center of the company website or any
branding materials.
The value proposition should state how a product or brand solves the customer's
problem, the benefits of the product or brand, and why the customer should buy
from this company and not another. The marketing plan is based on this value
proposition to the customer.

The marketing plan identifies the target market for a product or brand. Market
research is often the basis for a target market and marketing channel decisions.
For example, whether the company will advertise on the radio, social media,
through online ads, or on regional TV.

The marketing plan includes the rationale for these decisions. The plan should
focus on the creation, timing, and placement of specific campaigns and include
the metrics that will measure the outcomes of marketing efforts.

KEY TAKEAWAYS

 The marketing plan details the strategy that a company will use to market
its products to customers.
 The plan identifies the target market, the value proposition of the brand or
the product, the campaigns to be initiated, and the metrics to be used to
assess the effectiveness of marketing initiatives.
 The marketing plan should be adjusted on an ongoing basis based on the
findings from the metrics that show which efforts are having an impact and
which are not.
Executing a Marketing Plan
A marketing plan can be adjusted at any point based on the results from the
metrics. If digital ads are performing better than expected, for example, the
budget for a campaign can be adjusted to fund a higher performing platform or
the company can initiate a new budget. The challenge for marketing leaders is to
ensure that every platform has sufficient time to show results.

Digital marketing shows results in near real-time, whereas TV ads require


rotation to realize any level of market penetration. In the traditional marketing mix
model, a marketing plan would fall under the category of "promotion," which is
one of the four Ps, a term coined by Neil Borden to describe the marketing mix of
product, price, promotion, and place.

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