Marketing Plan - Revision history

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← Older revision		Revision as of 21:33, 17 January 2023
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	== Executing a Marketing Plan<ref>Executing a Marketing Plan [https://www.investopedia.com/terms/m/marketing-plan.asp Investopedia]</ref> ==		== Executing a Marketing Plan<ref>Executing a Marketing Plan [https://www.investopedia.com/terms/m/marketing-plan.asp Investopedia]</ref> ==
−	A marketing plan can be adjusted at any point based on the results from the metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher performing platform or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has sufficient time to show results. Digital marketing shows results in near real-time, whereas TV ads require rotation to realize any level of market penetration. In the traditional ~~[[Marketing Mix 4P's 5P's\|~~marketing mix model]], a marketing plan would fall under the category of "promotion," which is one of the four Ps, a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.	+	A marketing plan can be adjusted at any point based on the results from the metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher performing platform or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has sufficient time to show results. Digital marketing shows results in near real-time, whereas TV ads require rotation to realize any level of market penetration. In the traditional marketing mix model, a marketing plan would fall under the category of "promotion," which is one of the four Ps, a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.

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 == See Also ==
-[[Marketing]]<br />
+*[[Marketing]]
-[[Marketing Effectiveness]]<br />
+*[[Marketing Effectiveness]]
-[[Marketing Strategy]]<br />
+*[[Marketing Strategy]]
-[[Marketing Metrics]]<br />
+*[[4S Web Marketing Mix Model]]
-[[Marketing Mix 4P's 5P's]]<br />
+*[[5C's of Marketing Strategy]]
-[[Marketing Operations Management (MOM)]]<br />
+*[[5P's Model]]
-[[Marketing Resource Management (MRM)]]<br />
+*[[7 Ps of Marketing]]
-[[4S Web Marketing Mix Model]]<br />
+*[[Advocacy Marketing]]
 == References ==
 <references/>

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 == Marketing Plan Model Guide<ref>Creating a Marketing Plan [https://college.cengage.com/business/pride/foundations/2e/resources/pf_found_sample_mkt_plan.pdf Cengage]</ref> ==
 *Executive Summary: The Executive Summary, one of the most frequently read components of a marketing plan, is a synopsis of the marketing plan. While it does not provide detailed information, it does present an overview of the plan so readers can identify key issues pertaining to their roles in the planning and implementation processes. Although this is the first section in a marketing plan, it is usually written last.
-*Environmental Analysis: The Environmental Analysis presents information regarding the organization’s current situation with respect to the
+*Environmental Analysis: The Environmental Analysis presents information regarding the organization’s current situation with respect to the marketing environment, the current target market(s), and the firm’s current marketing objectives and performance.
 **Marketing Environment: This section of the environmental analysis considers relevant external environmental forces such as competitive, economic, political, legal and regulatory, technological, and sociocultural forces
 **Target Market: The analysis of current target markets assesses demographic, geographic, psychographic, and product usage characteristics of the target markets. It also assesses the current needs of each of the firm’s target markets, anticipated changes in those needs, and how well the organization’s current products are meeting those needs.
 **Current Marketing Objectives and Performance: A company must set marketing objectives, measure performance against those objectives, and then take corrective action if needed.
-*SWOT ANALYSIS: The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision.
+*SWOT Analysis: The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision.
 **Strengths are competitive advantages or core competencies that give the organization an advantage in meeting the needs of its customers.
 **Weaknesses are limitations a firm has in developing or implementing a marketing strategy.
@@ Line 46: / Line 45: @@
 *Marketing Objective: The development of marketing objectives is based on environmental analysis, [[SWOT Analysis|SWOT analysis]], the firm’s overall corporate objectives, and the organization’s resources. For each objective, this section should answer the question, “What is the specific and measurable outcome and time frame for completing this objective?”
 *Marketing Strategies
-**Target Market: The marketing plan clearly specifies and describes the target market(s) toward which the organization will aim its marketing efforts. The difference between this section and the earlier section covering target markets is that the earlier section deals with present target
+**Target Market: The marketing plan clearly specifies and describes the target market(s) toward which the organization will aim its marketing efforts. The difference between this section and the earlier section covering target markets is that the earlier section deals with present target markets, whereas this section looks at future target markets.
 **Marketing Mix: Though the marketing mix section in this plan is abbreviated, this component should provide considerable details regarding each element of the marketing mix: product, price, distribution, and promotion.
 *Marketing Implementation
 **Marketing Organization: This section of the marketing plan details how the firm will be organized—by functions, products, regions, or types of customers—to implement its marketing strategies. It also indicates where decisionmaking authority will rest within the marketing unit.
-**Activities, Responsibility, and Timetables for Completion: This component of the marketing plan outlines the specific activities required to
+**Activities, Responsibility, and Timetables for Completion: This component of the marketing plan outlines the specific activities required to implement the marketing plan, who is responsible for performing these activities, and when these activities should be accomplished based on a specified schedule.
 *Evaluation and Control: This section details how the results of the marketing plan will be measured and evaluated. The control portion of this section includes the types of actions the firm can take to reduce the differences between the planned and the actual performance.

@@ Line 30: / Line 30: @@
 *Dependencies and Risks: Dependencies and risks are a part of every marketing plan. However, outlining potential risks from the start allows marketers to better plan and adapt to changes or shortcomings that could happen throughout the year. In every marketing planning strategy, dependencies and risks must be taken into account. Obviously, marketing actions depend on receiving the funding to execute, so budget tends to be the biggest dependency, but there are many other risks and dependencies that need to be acknowledged within this section of planning.
-Marketing Plan Model<ref>Creating a marketing Plan
 *Executive Summary: The Executive Summary, one of the most frequently read components of a marketing plan, is a synopsis of the marketing plan. While it does not provide detailed information, it does present an overview of the plan so readers can identify key issues pertaining to their roles in the planning and implementation processes. Although this is the first section in a marketing plan, it is usually written last.
 *Environmental Analysis: The Environmental Analysis presents information regarding the organization’s current situation with respect to the
@@ Line 42: / Line 43: @@
 **Opportunities are favorable conditions in the environment that could yield rewards for an organization if acted on properly.
 **Threats are conditions or barriers that may prevent the organization from reaching its objectives.

← Older revision		Revision as of 17:11, 18 November 2019
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	*Key Actions: Key actions refers to the specific efforts marketers will take to execute on strategy. However, it cannot simply be a list of tactics, it must provide details on how each execution will impact the greater business objectives.Additionally, marketing efforts from the past may no longer benefit the new strategy so in this section of planning, marketers must decide which actions to stop doing, which actions to expand on, and which new actions it should add to the plan.		*Key Actions: Key actions refers to the specific efforts marketers will take to execute on strategy. However, it cannot simply be a list of tactics, it must provide details on how each execution will impact the greater business objectives.Additionally, marketing efforts from the past may no longer benefit the new strategy so in this section of planning, marketers must decide which actions to stop doing, which actions to expand on, and which new actions it should add to the plan.
	*Dependencies and Risks: Dependencies and risks are a part of every marketing plan. However, outlining potential risks from the start allows marketers to better plan and adapt to changes or shortcomings that could happen throughout the year. In every marketing planning strategy, dependencies and risks must be taken into account. Obviously, marketing actions depend on receiving the funding to execute, so budget tends to be the biggest dependency, but there are many other risks and dependencies that need to be acknowledged within this section of planning.		*Dependencies and Risks: Dependencies and risks are a part of every marketing plan. However, outlining potential risks from the start allows marketers to better plan and adapt to changes or shortcomings that could happen throughout the year. In every marketing planning strategy, dependencies and risks must be taken into account. Obviously, marketing actions depend on receiving the funding to execute, so budget tends to be the biggest dependency, but there are many other risks and dependencies that need to be acknowledged within this section of planning.
		+
		+	Marketing Plan Model<ref>Creating a marketing Plan
		+	*Executive Summary: The Executive Summary, one of the most frequently read components of a marketing plan, is a synopsis of the marketing plan. While it does not provide detailed information, it does present an overview of the plan so readers can identify key issues pertaining to their roles in the planning and implementation processes. Although this is the first section in a marketing plan, it is usually written last.
		+	*Environmental Analysis: The Environmental Analysis presents information regarding the organization’s current situation with respect to the
		+	marketing environment, the current target market(s), and the firm’s current marketing objectives and performance.
		+	**Marketing Environment: This section of the environmental analysis considers relevant external environmental forces such as competitive, economic, political, legal and regulatory, technological, and sociocultural forces
		+	**Target Market: The analysis of current target markets assesses demographic, geographic, psychographic, and product usage characteristics of the target markets. It also assesses the current needs of each of the firm’s target markets, anticipated changes in those needs, and how well the organization’s current products are meeting those needs.
		+	**Current Marketing Objectives and Performance: A company must set marketing objectives, measure performance against those objectives, and then take corrective action if needed.
		+	*SWOT ANALYSIS: The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision.
		+	**Strengths are competitive advantages or core competencies that give the organization an advantage in meeting the needs of its customers.
		+	**Weaknesses are limitations a firm has in developing or implementing a marketing strategy.
		+	**Opportunities are favorable conditions in the environment that could yield rewards for an organization if acted on properly.
		+	**Threats are conditions or barriers that may prevent the organization from reaching its objectives.

← Older revision		Revision as of 15:55, 18 November 2019
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−	~~'''Content Coming Soon'''~~	+	A Marketing Plan is a report that outlines your [[Marketing Strategy\|marketing strategy]] for the coming year, quarter or month. Typically, a marketing plan will include these elements:
		+	*An overview of your business’s [[Marketing\|marketing]] and [[Advertising\|advertising]] goals
		+	*A description of your business’s current marketing position
		+	*A timeline of when tasks within your strategy will be completed
		+	*[[Key Performance Indicator (KPI)\|Key performance indicators]] you will be tracking
		+	*A description of your business’s [[Target Market\|target market]] and [[Customer Needs\|customer needs]]<ref>Definition - What is Marketing Plan? [https://venngage.com/blog/marketing-plan/ Venngage]</ref>