The Significance of a Marketing Plan

A sturdy foundation coupled with proper planning ensures the development of a well built house. Hence, marketing and innovation are just two of the many functions or tasks of any successful business. Every company around the world should have a marketing plan if their business is to expand and profits gained. Therefore, a plan is often times a drafted manuscript that outlines the necessary steps that will be undertaken by a company on how certain objectives will be carried out. Additionally, this plan normally serves for up to four (4) years and then another plan is later devised. A company may draft a marketing plan for a product or a service that they are offering to the general public.

Some companies tend to include their marketing plan within their long-term business plan. However, there are certain steps or strategies that must be followed in order to have a successful plan. Business professionals would say that a plan forms the basis of a successful and growing company hence; it is advisable that marketing takes place at all times whenever a company sees it necessary. When devising a plan there should be a clear explanation of the service being offered or the product being sold along with what the company hopes to achieve. Secondly, a budget plan should be included which explains a detail account of all the money that is expected to be spent. Thirdly, the market to whom the product will be sold or the service being offered and last but not least ways in which the company will market the product or service being offered. These mechanisms are very important throughout the planning process if a company should be successful.

Like a company lawyer who is hired to handle all the law aspects of a company, the services of a marketing expert are employed to draft successful market plans. A marketing expert has the same job description of a Public Relations Manager hence; they are responsible for advertising the company’s product and or services. However, will smaller businesses, owner or owner’s tend to devise strategies on their own as well as advertise their products and services on their own as well.

A good plan takes into account goals and objectives for the duration of the company hence, the plans put in place will primarily be for continued growth and development of a business. For each plan drafted there is a specific goal and with that goal comes ideas of how each objective will be attained. Hence, a plan keeps a company’s ‘eyes’ on the prize at all time. A marketing plan is not devised based on information from the marketing department only, it takes into account all other departments within the company as a result every area is included.

It is indeed very difficult as it relates to constructing a marketing plan; it takes a lot of thought process as well as proper planning. However, following the necessary guidelines will make it somewhat easier when a company is drafting their own marketing plan. The formation of a marketing plan does takes time as it will never happen in two to three days of planning hence, take the time a plan wisely.