Marketing Plan is a list of actionable points to enable, introducing a product or service in the chosen market. A marketing plan establishes targets for the progress to be monitored.
A good marketing plan must be based on sound marketing strategy. It covers insights about all 4Ps and in case of services 7Ps of marketing mix. It also many times includes an 8th P i.e Packaging when it’s a product based organisation.
Marketing plan must focus on detailed activities which are clear, quantified and realistic. Also a good marketing plan if not got commitment from the people executing it, can be a waste.
Sometimes marketers have also included SWOT and competitor’s analysis as a part of marketing plan.
Developing a marketing plan at MEROPS is a detailed 7 steps exercise which includes -
1. Situational Analysis,2. Operational Marketing Program and
3. Controls.
