- 20 lessons
- 5 quizzes
- 5 week duration
2. Key Chapters
3. Marketing Mix
4. Final Exam
1.3 What are the benefits of a marketing plan?
A marketing plan helps the company know where it is and where it wants to go. Not only this, it also paves the path for these goal achievements.
Every company should prepare a marketing plan for themselves. Marketing plan guides the organization in knowing the steps it should take and the effort it will incur.
I have listed below some of the common benefits that can be achieved by a marketing plan:
– It helps the company know about the customers to whom the product can be sold.
– It helps the company prepare marketing messages to inform and attract the customers
– It helps the company stay focused on one goal.
– It helps monitor the progress as the implementation progresses.
– It helps the company procure funds if the investors find the plan promising.
– It keeps entire company on the same page. Everyone knows where the company is heading.
– It keeps the company proactive and gets things done in advance instead of waiting for the market forces to shake the leg.
– It helps identify any new market opportunities through regular analysis.
– It keeps goals SMART, that is, specific, measurable, achievable, realistic, and time-bound.
– It gives structure to whatever you do to achieve your business goals.
– It keeps branding and communication to the customers consistent across all the channels.
– It helps know what worked in the past and what failed to work.
– It provides accuracy to whatever work you do in terms of marketing.
– It shows bigger picture and lets you know where you are heading with the current market scenario and your effort.
Well, it is quite a big list of benefits that you can get if you have a marketing plan for your company.
This is the end of the briefing section of the marketing plan course. In the next section we will learn what constitutes an actual marketing plan.