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About Marketing Plans
About Marketing Plans
A well thought out marketing plan encompasses the marketing strategy that a company will undertake to differentiate itself from its competitors in the market, and the tactics that will bring it to fruition. Once you have clearly defined your marketing objectives and target customers, ensure that your marketing strategy translates into real results by implementing it right, evaluating the outcome, reviewing areas for improvement and rewarding people for a job well done.
Why is Marketing Plan Important?
Why is Marketing Plan Important?
Marketing Plan is important:
To make your sales easier for a business owner.
It helps you establish strategic direction and positioning.
Guides you in resource and budget planning.
Helps you manage implementation of marketing activities.
Tip
It is important to note that some flexibility is needed in your plan to respond to market changes. Making appropriate adjustments to what you can control in your plan will allow you to meet your goals despite changes in the market.
Therefore it is critical that you continuously evaluate what you have done, study the result and determine how far you are from your objectives.
What Goes into a Marketing Plan?
What Goes into a Marketing Plan?
Parts of Marketing Plan:
Target Market
Positioning Statement
Value
Goals
Pricing Strategy
SWOT Analysis
Budget and Planning
Tip
Before developing a marketing plan, read the Market Assessment module to find out how to evaluate your plans before you enter a new market, develop a new product, pursue a new business idea or even invest in another company. Once you have made your decision to continue, develop a Marketing Plan to identify and plan the activities you need to implement to succeed.
How Do I develop a Marketing Plan?
How Do I develop a Marketing Plan?
Set a vision and mission statements:
A vision statement defines your intentions
Formulate strategies to reach your target market.
Encourage employees to be creative in marketing goals
Empower to do what is right.
Represents what you envision your business to be.
Identifies and positions the organization for the long term.
Example
The Marketing Institute of Singapore’s vision is “Creating Marketers”.
A mission statement defines the scope of activities
Tells about your current activities.
States your social mission, both external and internal.
Support in achieving your vision.
Example
The Marketing Institute of Singapore’s mission is to create marketers through quality education and training.
Case Studies
Case Studies
Companies with vision
Consider the following vision statements. Notice how they differ even though they belong to companies in the same industry. Do you know which companies own each of the following statements?
(a) “Inspire the World, Create the Future.”
(b) “Global Top 3 by 2010 in Telecommunication and Electronics”
(c) “No.1 Green Innovation Company in the Electronics Industry in 2018”
Answer:
(a)Samsung (b)LG (c)Panasonic
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