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It describes business activities involved in accomplishing specific marketing objectives within a set time frame.A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals.A marketing plan can also be described as a technique that helps a business to decide on the best use of its resources to achieve corporate objectives.
The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars.
Different aspects of the marketing plan relate to accountability.
For example, if a company's marketing plan goal is to increase sales growth then the company leaders may have to increase their sales staff in stores to help generate more sales.
The marketing plan offers a unique opportunity for a productive discussion between employees and leaders of an organization. The marketing plan also allows the marketing team to examine their past decisions and understand their results in order to better prepare for the future.
The marketing plan would then outline the objectives that need to be achieved in order to reach the fifteen percent increase in the business market share.
Marketing planning segments the markets, identifies the market position, forecast the market size, and plans a viable market share within each market segment.
This "corporate mission" can be thought of as a definition of what the organization is, or what it does: "Our business is ...".
This definition should not be too narrow, or it will constrict the development of the organization; a too rigorous concentration on the view that "We are in the business of making meat-scales," as IBM was during the early 1900s, might have limited its subsequent development into other areas.
Acquiring marketing share, increasing customer awareness, and building a favorable business image are some of the objectives that can be related to marketing planning.
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan.