This paper illustrates the types of information typically appearing in each section of a product marketing plan.
marketing
Description
Developing a Marketing Plan
The basic stages include
- examine the current situation
- identify potential threats and opportunities
- set objectives
- develop strategies – including advertising and
promotion.
This paper illustrates the types
of information typically appearing in each section of a product marketing plan.
Business units within the firm
have their own product marketing plans that focus on specific target markets
and marketing mixes for each product. Product marketing plans typically include
both strategic decisions (or what to do) and execution decisions (or how to do
it). Marketing plans may be developed for a single brand, a product line, or a
business unit that markets multiple product lines.
Overall, planning is a process
directed toward making decisions with tomorrow in mind. As such, planning is a
means of preparing for future decisions so that they can be made rapidly,
economically, and with as little disruption to the business as possible.1
Marketing plans may be for new products and services being introduced or for
existing products or services. Regardless of the type of plan, all plans will
be reviewed at least annually for needed revisions. Properly developed
marketing plans can provide considerable benefits to firm performance. Plans:2
·
Act as a road map to guide future decisions.
·
Assist in management control and implementation
of strategy.
·
Assist in helping obtain resources for
implementation.
·
Stimulate thinking and encourage better use of
resources.
·
Help in the organization and assignment of
responsibilities, tasks, and timing.
·
Inform new employees of their roles in
implementing existing plans and reaching objectives.
·
Help generate awareness of strengths,
weaknesses, opportunities, and threats.
The Marketing Plan3
Frequently cited content issues
and topics are enumerated for each stage in this section. Later in the exhibit,
an example plan for a particular situation is presented.
