Why Does Your Business Need a Good Marketing Plan?

A marketing  plan  is a written document that details the necessary actions to achieve one or more marketing objectives. It is meant to be a structured way of dealing with marketing issues, not a random collection of incomprehensible bits and pieces. It should be a key component of a business  plan  and is essential to  planning  the overall direction that you want your business to take. A marketing  plan  is not something that you write and then forget. It needs to be followed, monitored and updated. You want to regularly evaluate a your  plan  to make sure you are reaching the goals you set.

Marketing  plan  objectives are typically on the level of sales, profit, return on investment or, for larger businesses, market share. Marketing is a function of business and has many dimensions, including market research, customer service, advertising, targeting, packaging, pricing, e-marketing, and others. Marketing  plans , even those created within a small company, can vary in scope, format, length, and level of detail they do however typically include similar types of information.

Developing a good marketing  plan  is essential to the success of any business because you need to get everyone focused on the same issues and that’s what your  plan  should do. You need to customize your  plan  to suit your business and its objectives. It needs to be simple and to the point. In it you want to state your marketing objectives and do so in a way that your goals are very clear for everyone that might be involved with accomplishing the  plan  itself. Your marketing strategy needs to be clearly defined. It’s your  plan  of action for achieving each of your goals.

Marketing Actions are the tactics you  plan  to use to give your  plan  a life of its own. Developing a solid marketing strategy is the foundation of a well-written marketing  plan  and must be carefully considered before committing to it.

While a marketing  plan  contains a list of actions, If it does not have a sound strategic foundation it is of little use. The objectives in your marketing  plan  need to state just where the company intends to be; at some specific time in the future. The marketing objectives must usually be based, above all, on the organization’s financial objectives. If the marketing  plan  is to work, every exception to it must be questioned. Before you deviate from your  plan  you need to ask why you should do so. During the course of the year the lessons learned need to be documented so that they can be incorporated into the next year’s  plan .

A marketing  plan  for a small business typically includes descriptions of direct competitors that are marketing similar products. What the level of demand for the product or service is. A description of the product or service, including special features. What your marketing budget is, including the advertising and promotional  plan . A description of the business location, including the advantages and disadvantages of your location. And what your pricing strategy is going to be. A marketing  plan  is, after all, a structured way of dealing with marketing issues, not a random collection of incomprehensible bits and pieces.

This kind of balanced view is important to show risks are being recognized. Like a business  plan , a marketing  plan  is an essential guide. Some business owners don’t understand the value of a good  plan . Every start-up venture and existing business needs a business  plan , yet many entrepreneurs don’t realize a marketing  plan  is equally vital to your business success. A marketing  plan  is required if you want your business to become a household name. It  plan  provides structure to the marketing efforts of your business.