Understanding Marketing Plans

In this article, we will be looking at the uses of marketing plans, the benefits of marketing plans, the drawbacks of marketing plans and the scientific marketing model. This is useful for Business Studies AS and A2 students and business people alike.

What Is A Marketing Plan
Marketing plans cover a wide range of marketing areas, here is a list of what a marketing plan sets out:

• The marketing objectives- Sales, market share, market size and brand recognition
• The marketing strategy- Ansoff’s matrix and Porter’s five force model
• The marketing budget- The projected costs in marketing your product or service
• The marketing activities- What the business does in order to get the product inot the customer’s hands

Set out what is going to be done when:

• Date of the launch
• Promotions to be done during the launch
• Promotions to be done prior to launch

It also sets out:

• Who is responsible for each activity
• The resources needed

Benefits Of Marketing Plans
We now move on to the benefits of a marketing plan, by utilising the benefits a business can gain an advantage over their competitors. Here they are:

• It helps with co-ordination
• It allows the company to track progress
• It helps the company consider ALL options
• It gives the company a clear direction for their product

Drawbacks Of Marketing Plans
Now we are going to look at the drawbacks of marketing plans:

• Changes in market conditions
• It can take a long time, therefore giving your competitors an advantage
• This loss of time can result in a loss of business opportunities

Scientific Marketing Model

• Implementing the plan is harder that designing the plan
• Consider the external environment… How could this impact on your plan?
• What could happen if your plan was delayed?

This article was written by Joe Black who is a writer for Review Cosmos