A marketing plan is a detailed strategy that considers distribution, production, and advertising costs to achieve a desired return. It involves gathering information from various sources and setting specific goals with an action item list. Marketing specialists are often involved in developing a plan, which can take three to six months to create.
Marketing plans are detailed strategies on how to successfully go about marketing one or more products and earn an expected amount of return from the effort. A comprehensive marketing plan will consider such important elements as distribution costs, production costs, advertising costs and any expenses related to identifying and marketing products to consumers in target markets. The marketing plan can focus on strategies for the next twelve-month period, the next calendar year, or include three to five years in the future.
While this is not always the case, companies tend to develop a marketing plan by invoking the services of a marketing specialist. Marketing specialists may be associated with the public relations firm hired by the company to build a viable advertising campaign or be an employee of the company. In both scenarios, the specialist will work with others within the corporate structure to develop a plan that efficiently appeals to both advertisers and consumers while achieving the greatest possible degree of return within the marketing plan term.
A truly solid marketing plan goes beyond setting general goals. Often, the plan is highly detailed moving past general goals to identify specific goals that are achieved throughout the life of the marketing plan. In addition to establishing these specific goals, an escalation list or action item list is also defined for each goal. This helps the marketer not only know what the goal is but also how to achieve the goal.
Developing a proper marketing plan involves gathering information from a variety of sources. Advertisers’ opinions about the product line are very important. Company executives provide insight into the manufacturing process and costs associated with creating products. Marketing executives identify the consumers who are most likely to buy the product, define the characteristics that apply to this consumer base, and how the product line will meet their current needs and wants.
While there are templates available for marketing plans, it’s usually difficult to simply fill in the blanks on a form and come up with a workable plan. However, these guidelines and templates can help lay the groundwork for a plan that is specifically geared towards the products that will be marketed and the consumers that will buy the products. Creating a viable marketing plan is not a task that can be accomplished overnight, even for a small business. Generally, it takes at least three to six months to work out the details that will lead to the formation of a marketing plan that has a good chance of success.
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