Purpose Of Marketing Plans

 | 
August 22, 2021
UPDATED: 
August 23, 2021
Purpose Of Marketing Plans

The purpose of a marketing plan is to offers guidance for the company's marketing department to implement steps needed to align with stated objectives and strategies. Companies typically develop one every few years, but they review it periodically or as often as necessary based on strategic changes in their industry environment.

Objectives

A significant purpose of the marketing plan is to set a company on a specific marketing course. Marketing goals generally align with broader company objectives- so, for instance, an organization looking to grow might emphasize strategies like increasing customer base or achieving competitive parity through low penetration pricing. The overview element helps companies ensure all their investments target something and help them meet desired outcomes more quickly than if they were winging it without any goals at all!

Budget

Marketing professionals often have convinced company leaders of the importance of assigning significant resources to the marketing budget. A thorough marketing plan lays out what is necessary for completing objectives and how much it will cost, making it possible for executives to assess the potential return on investment in money spent.

Accountability

Accountability is crucial to any marketing plan. A well-developed and implemented strategy has a direct correlation with success. The person or team assigned to each role in the implementation process will be more aware of their responsibilities, which can make them feel like they have an increased sense of accountability when it comes time for reporting progress back up through chain management channels (i.e., "keeping people informed").

Strategic Planning

The marketing plan is an important document that coincides with the bigger picture company strategic plan. Having a marketing plan helps leaders develop and monitor expectations for other functional areas. For instance, if sales growth is your goal, you may have to ramp up sales staff in stores to help generate more revenue; similarly, if customer service improvement is on the table as an objective of yours, then it would be wise to allocate funds into training and developing more vital team members so they can provide excellent support when needed.

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