Marketing Plans

Marketing plays a critical role in the strategic planning process of both large and small companies. The marketing plan operates at two levels;

1. At the strategic level it develops the marketing strategy based on the environment and the opportunities available to the firm;
2. At the tactical level it specifies the marketing tactics for advertising, merchandising, pricing, after sales service etc, in a particular period (usually one year).

Typical marketing plans specify the 4 P’s of marketing namely Product, Price, Promotion and Place.  In recent years marketing plans have begun featuring 6 P’s by adding 'People' and 'Process' to the mix.

Key benefits of formalising a marketing plan are:

1. They formally study the impact of changes in the macro environment and industry environment of the firm, and the lifecycle of the firms products or services, in a competitive environment;
2. They provide a focus on the marketing tools that will provide the best ‘bang for buck’ to the firm, and allocate marketing dollars to the firms best advantage;
3. They focus on brand building, and customer service; and
4. They make the firm aware of the customer’s needs and make the customers aware of what the firm has to offer.

Contact AllAn Rodrigues or Sam Fairhall of The Business Farm for information on formal marketing plans.