- 20 lessons
- 5 quizzes
- 5 week duration
2. Key Chapters
3. Marketing Mix
4. Final Exam
1.2 What is the purpose of a marketing plan?
Marketing Plan is a plan, as the name itself suggests. It is the roadmap that guides the marketing effort of the company. It is used by the company to assess the progress made in actual against what was planned in the beginning.
If the marketing team finds that the things are not going as expected as per the plan, then changes are made along the line.
The marketing plan should be comprehensive and detailed. The reason is that after a month or two, team may forget some of the key details that are not penned down. This may lead to the strategy implementation with some misses.
Due to these misses the company will start derailing from what it had to accomplish in the first place. So it is very important that the marketing plan contains all the necessary details that are required for the implementation of the plan.
Detail is directly proportional to the clarity. If you have inserted good amount of detail in the plan, chances are less that the team will get confused.
Some of the common purposes of marketing plan are listed below:
- To know the target customers for the product
- To know the activities that needs to be done to attract those customers
- To know the money company has to invest for this activity
- To know the possible success of targeting
- To know where the whole company is heading towards customer acquisition and retention
The list above is not exhaustive and there are several other purposes that can be served by a marketing plan.