Preparing the Marketing Plan

Marketing plans vary widely in scope and detail.

Planning Relationships and Frequency

Marketing plans are developed, implemented, evaluated, and adjusted to keep the strategy on target. Since the marketing strategy normally extends beyond one year, it is useful to develop a three-year strategic plan and an annual plan to manage marketing activities during the year.

Planning Considerations

Suppose that you need to develop a plan for a new product to be introduced into the national market next year.

Responsibility for Preparing Plans. A marketing executive or team is responsible for preparing the marketing plan.

Planning Unit. The choice of the planning unit may vary due to the product- market portfolio of the organization.

Preparing the Marketing Plan

The Conference Board offers several examples of plan formats in its excellent reports on marketing planning. Format and content depend on the size of the organization managerial responsibility for planning, product and market scope, and other situational factors.

The Situation Summary. This part of the plan describes the market and its important characteristics, size estimates, and growth projections.

Describe the Market Target. A description of each market target, size and growth rate, end users’ characteristics, positioning strategy guidelines, and other available information useful in planning and implementation are essential parts of the plan.

Objectives for the Market Target(s). Here we spell out what the marketing strategy is expected to accomplish during the planning period.

Marketing Program Positioning Strategy. The positioning statement indicates how management wants the targeted customers and prospects to perceive the brand.

Forecasting and Budgeting. Financial planning includes forecasting revenues and profits and estimating the costs necessary to carry out the marketing plan.

International Planning Process. Planning for global operations is more complex than domestic planning