Learn how to prepare a Marketing Plan for a company (with example)

Marketing Management Course
AllAssignmentHelp Academy
  • 20 lessons
  • 5 quizzes
  • 5 week duration

1.1 What is a marketing plan?

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In the words of Benjamin Franklin, “If you fail to plan, you are planning to fail.”

Marketing Plan does the same. It tries to protect the company from failing. The companies that do not plan, are mostly on the path to failure.

If you define it in simple terms, marketing plan is a plan to advertise and market your product to the targeted customers. Through the marketing plan you decide who are your target customers and to whom you are going to sell your products. You assess the qualities of your product and identifies the audience who will purchase your product. After this, you prepare strategies and tactics that will help you attract those people to your products or services.

Marketing plan is a business document which contains all the necessary actionable details that will be implemented by the company in the next one year generally. The marketing plan can be of more than one year or any number of year. But due to the volatile nature of the market, the companies generally prepare one year marketing plan.

Marketing Plan is the only document related to a business that contains details on who are your target customers and how you are intending to reach them. It also contains the expenses company will incur to implement the plan.

In the next lesson we will learn the purpose of the marketing plan.