Discussion
Read the Creating the Marketing Plan, and answer the following questions:
- A formal written marketing plan is a great way to document the planning process. It serves many purposes. First, it captures all the things you and your team have learned about the market, the competition, and your customers. This information is critical, because it becomes the supporting evidence for the strategies that you and your team decide to pursue. Second, the plan serves as a tool to help you align the organization. Marketing involves many people,so you'll need to get everyone on board and going in the same direction.
The written plan becomes a source document to create presentations, to conduct training,and to give directions to external partners. Believe me, you'll use it a lot. Finally, the written plan lays out a coherent and coordinated set of marketing programs with schedules and budgets, so you can run a smooth operation. Now, there are many formats you can use for the written plan, but most plans will include the following components.
An executive summary that gives a brief, high level review of the plan. The situation analysis that documents all the data about your company's strengths and weaknesses, the market opportunity, the competition, and of course, the customer. The strategy section that outlineshow you segment the market, who you plan to target and how you will position your products and services in the market. The tactical programs, including what products you will offer, what prices you will charge, how you will promote your products, and how you'll distribute them.
A financial section that documents your revenue projections and budget requirements. An implementation plan that outlines the timing of your programs and who's responsible. Now, to write the plan, don't wait until the very end of the planning process. I like to start writing it from the very beginning. Here's a tip that makes that easy. Create a blank PowerPoint presentationwith just the headings of each component on a separate page.
Keep it with you during team meetings. As you collect information or make key decisions,write or type that into the appropriate slide. That helps you keep the document up-to-date as you move through the process. When you have enough written material, go ahead and create a first draft, but be sure to date the draft, as you'll be making regular updates and revisions. A written marketing plan is a dynamic document, and you should expect to make changes to itas conditions in the market change.
If you create a great plan and update it regularly, it'll help you stay ahead of the competition.
Question One
• What do you believe is the most important element of a marketing plan? Provide your rationale for this statement.
Question Two
• What do you believe is the least important element of a marketing plan? Provide your rationale for this statement.
Question Three
• Provide three reasons why a company should write a marketing plan. Provide your rationale for this statement.
Respond to Peer(s)
• Read and respond to at least two of your classmates' posts.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.