The Marketing Plan is an essential tool to support any decision making by the Marketing and Management team and it is advisable for any business to draw up at least one marketing plan per year.
According to Philip Kotler (considered a Marketing guru), the use of the marketing plan makes the company less vulnerable to crises, as these can be predicted in advance. It is also possible to outperform competitors by carefully planning products and services more suited to customers' wishes and needs, which reduces the problems of product marketing and planning. Planning guides, informs, and determines the direction to take. Solutions to problems such as lack of capital, lack of customers and few sales can also arise from coherent and consistent planning.
A Strategic Marketing Plan essentially has:
- The 4 "P" s of Marketing
- Point of sale
- Analyzes the Current Situation of the Company
- Defines the Target Audience
- Identifies Market Opportunities and Threats
- Competition Research
- Identifies Strengths and Weaknesses of the Business
- Predicts Marketing Goals and Targets
- Implements Marketing Strategies
- Outline Action Programs
- Expects Investment Available for Marketing