Business readiness

Marketing Plan

What is a Marketing Plan?

A marketing plan outlines the marketing goals, objectives and challenges faced by your company and the strategies adopted to mitigate them.

A marketing plan is a comprehensive business document that outlines the marketing objectives and strategies of your company for various business offerings, across jurisdictions.

Prepared for a specific period, a marketing plan usually covers:

  • Objectives and Strategies: Short and long-term marketing goals and strategies (including pricing and go-to-market strategy) formulated by your company
  • Risks and Challenges: Anticipated challenges in the market and their impact on your brands as well as strategies formulated to mitigate these challenges
  • Channels: Key marketing channels and various agencies used by your company to advertise and promote your products or services
  • Functional Teams: Details of key marketing personnel of your company and their respective roles and responsibilities
  • Products and Services: Details and features of products and services offered by your company, focusing on the unique selling propositions vis-à-vis your competitors
  • Budget and Timelines: Marketing budget allocated and key milestones assigned by your company for the execution of the marketing plan
  • Success Assessment: Methods used to track and evaluate the performance of marketing strategies adopted by your company
ansarada

Why is a Marketing Plan important for business today?

A marketing plan enables your company to:

  • Communicate marketing objectives and strategies to all stakeholders and bring them onto the same page
  • Develop a baseline estimate of resources required to develop and achieve marketing objectives
  • Assess the budget allocated and timelines assigned to achieve your marketing plan
  • Identify and outline the marketing and distribution channels to be used and their associated costs
  • Communicate the features and unique selling propositions of your offerings to your customers
  • Set measurable goals and key performance indicators to measure the effectiveness of marketing strategies adopted by your company

Why is a Marketing Plan important for an event tomorrow?

A marketing plan is important for an event tomorrow, as it helps:

  • Assess historical marketing targets and strategies as well as the timelines in place to achieve them
  • Understand and analyze the reasons behind any volatility in marketing campaign timelines
  • Evaluate the effectiveness of the marketing channels and agency work performed for your company
  • Benchmark the historical marketing plans’ performance against the timelines and resources allocated
  • Evaluate and assess your company’s offerings against those of your competitors
  • Analyze and understand the key performance indicators for measuring marketing success
  • Identify any challenges faced by your company and asses their impact on your marketing plan
  • Evaluate your company’s target market, customer base and marketing capabilities

Pros of addressing Marketing Plans

  • Promote and market business offerings efficiently to your customers at optimal prices
  • Outline your company’s marketing goals, strategies and challenges
  • Mitigate business risks by periodically tracking marketing goals and planning for budget and volatilities
  • Identify challenges and potential pitfalls in your overall commercialization strategy
  • Enable your marketing teams to plan their resources in advance
  • Improve coordination and communication across different departments within your company
  • Monitor and benchmark actual marketing spend against budget allocations

Cons of not addressing this topic

  • Increase in marketing inefficiencies as marketing objectives, strategies and timelines are not defined
  • Limited ability to identify marketing challenges and assessment of their impact on your marketing plan and business growth
  • Difficult to communicate the unique selling propositions of your products to your customers
  • Restriction on growth potential, as marketing channels and agencies are not identified
  • Inadequate understanding of market, customers and competitors
  • Difficulty in tracking marketing performance, as success performance metrics are not set up

Readiness isn’t optional - business leaders need to be ready for change

We've worked with companies like yours for more than a decade, and on over 30,000 deals. From these experiences, we’ve learned that for a business to succeed, it must know what it has and where it’s going. Download our readiness guide for total confidence in decision making when it comes to your company. Realize your value. Own your future.
Download the guide today