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Marketing plan

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Assume you are a newly hired marketing manager in a company. As you spend time with other peer marketing managers, you realize that the company doesn't place an emphasis on planning within the marketing organization. Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans?

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Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans?

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Planning is essential in marketing in order to effectively distribute and utilize the resources allocated for the marketing function in the organization, establish benchmarks and targets for the marketing department as well as formulate plans and activities to achieve those benchmarks and targets. Further, planning is also essential to mitigate risks and handle unexpected situations arising in the future. Planning helps to achieve chaos in the marketing department and provides sense of direction to the marketing team in order to achieve their goals and targets.

The essential components of a marketing plan are:

Analyze the Market

This section plays an important role in determining who will purchase your product or service, and why. You need to identify such attributes as gender, age group, where they live, their buying habits and ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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