Businesses that market themselves successfully will in all likelihood have a marketing plan that is adaptable to a changing business landscape. A marketing plan will help you determine the marketing resources you will need to apply to meet your marketing and corporate objectives whether you have a small business or large company. The key purpose and focus of marketing planning is identifying and creating competitive advantage with intelligence coming from the market. It is about what you want to achieve (marketing objectives) and how you plan to get there (marketing strategy). A marketing plan can streamline the matching of resources to opportunity, enable increased coordination of efforts, develop a future market mindset within your company and help your business thrive through a combination of employing long-term strategic marketing and shorter tactical marketing.
So what do marketing plans involve?
- The marketing plan should be integrated with the corporate plan so that objectives cascade down into each department.
- A marketing audit to comprehensively review and appraise internal and external factors that affect the company’s profitability to direct the marketing strategy/objectives.
- The audit will lead to a concise SWOT analysis generated internally from a variety of viewpoints. This is done for each product or market segment. From the SWOT’s assumptions can be made that guide the marketing objectives you will set.
- Strategy should now be formulated with sub-objectives and action plans to achieve these within each individual department. The budget and resources needed to carry out these objectives should be determined.
- The marketing objectives are measured and reviewed to inform future planning.
Whilst this is an extremely simplistic view of a fairly complicated and lengthy process, the importance of market planning cannot be overemphasized since it will help your company survive, thrive, adapt and capitilise on emerging markets.
ISM training specializes in marketing training and will be running ‘Strategic Marketing Planning’ in Dubai, October 18th to 20th , please contact Michelle if you wish to book a place.