A marketing plan is a strategic map that companies use to organize, execute and track their marketing strategies over a period of time. There may be different strategies implemented by different marketing teams within the overall plan. However, all these strategies should be carried out to achieve the same business goals. You can learn Marketing Principles as known as Marketing Mix in this article.
Types of Marketing Plan
The marketing plan is customized according to the industry and the needs of the business. Major types of a marketing plan are;
- Quarterly or Annual Marketing Plan
These plans describe the strategies or campaigns we undertake within a certain period of time.
- Export Marketing Plan
This plan is tailored according to the needs of the country and region for international markets. It includes a structure that systematically predicts, sets targets and monitors required marketing activities.
- Digital Marketing Plan
This plan includes the activities, tactics, and campaigns that are planned to be carried out especially in digital channels and social media. Philip Kotler's book "Marketing 4.0 Transition from Traditional to Digital" popularized this plan. Thanks to this book, the Digital Marketing Plan and Marketing 4.0 concept has attracted the attention of large masses.
- Entrepreneurship Marketing Plan
This is a plan that includes different strategies that a newly established venture will use to promote its products. It also highlights the tactics and campaigns this venture will use. In certain cases, it can be created to be presented to the investor.
You can use automation tools to apply your plan effectively. You can look at these articles to learn deeply:
Creating a Marketing Plan
When creating a marketing plan, we suggest using a 5 steps model to achieve the best results. Thees steps are;
- Situation Analysis
- Setting Targets
- Creating a Marketing Strategy
- Determining the Right Tactics
- Marketing Budget Plan and Overseeing the Strategy
1. Situation Analysis
Preparing a marketing plan allows you to see the location of your company more clearly. It helps you to evaluate the position of the product or service you sell against competitors. It protects you against future risks and unexpected opponent moves.
Based on previous year sales, related income, expense and profit data should be calculated. In addition, determination of strengths and weaknesses and next year sales turnovers should be estimated. In addition, the situation of the market and competitors should be examined, the strengths and weaknesses of our competitors and their marketing policies should be determined. In the light of these detections, problems and opportunities in the market should be identified.
2. Setting Targets
After analyzing the current strategic situation of the company, it is necessary to set a realistic target. At this point, it is extremely important to be humble and consistent. After setting your goals correctly, it will be as easy for you to achieve success.
Thanks to the situation analysis that you have conducted, you have already identified clear goals. These goals should be realistic and measurable. Strategies are determined to achieve the goals.
3. Creating a Marketing Strategy
A detailed evaluation of the attainability of goals is made at the strategy stage. In other words, this stage includes targeting and re-evaluation. If there are no shortcomings, it is determined whether you will make your strategy based on your own strengths or your opponent's weaknesses.
A good marketing strategy should take the company's resources into account. At this stage, it is unthinkable to create a Marketing Plan independent of the company's Strategic Plan. The marketing strategy should be transformed into a specific implementation program that will achieve marketing goals.
4.Determining the Right Tactics
At this stage, it is determined which channels will be focused on based on the strategy determined (For example, under the title of the advertisement, issues such as which of the advertising options will be used on social media, television, printed media are determined). It is necessary to know the target audience well and to determine a path accordingly.
5. Marketing Budget Plan and Overseeing the Strategy
Budget evaluation is a highly specialized task. Because this is not an assessment that you can make just by comparing numbers. While performing the valuation, you should numerically calculate the risk factor, which is an invisible and abstract concept.
The audit phase, on the other hand, refers to the continuous control of the marketing strategy after it is activated and to obtain information about the progress.
Marketing planning starts with creating effective marketing management and preparing marketing strategies and plans. In addition to the short-term (annual) marketing plan, medium-term (2-3 years), and long-term (3 - 5 years), marketing plans can be made.
An annual short-term marketing plan is shaped according to annual sales and profitability targets. The goal is to determine what activities will be carried out on a quarterly and annual basis.
The medium-term marketing plan is prepared every two to five years in accordance with the company's targets. Even if a long-term plan is made, annual detailed plans should be made and long-term plans should be constantly revised.
Planning should be made according to the answers to the following 3 questions. These;
- Where are we?
- Where do we want to go?
- How do we get there?
Within this plan, a strategic market analysis is made, a strategic model required to bring commercial development and targeted business volume is put forward with the data from the market, competitor, customer, and environmental analysis. Although these plans are in writing, constant changes should be made taking into account the economic conditions of the day, the situation of the market, the situation of the competitors, and the conditions within the business. Therefore, marketing plans are not static, but dynamic.