Importance of
Marketing Plans: An Introduction Marketing plans are critical to
the success of any business organization as they help achieve
company goals by providing guidance, instruction, and structure to
an organization. Effective marketing plans are crucial to the
success of all companies large and small.
Marketingplans, may look different depending on the size and
scope of the organization, but no matter their appearance they
serve an important role in achieving and maintaining organizational
goals. A well-written
marketing
planprovides focus and direction for the company and its
employees. It organizes valuable information about the product and
target markets. An effective plan transforms the marketing strategy
into calculated procedures to achieve company objectives. Without a
marketing plan confusion can ensue because information is not
properly relayed and there is little consistency.
What is a Marketing Plan?
A marketing plan is a document based on research, marketing
strategy, and over all organizational goals. It outlines how
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First, it helps
the firm communicate a consistent message to customers. Second, the
plan states what customers want, what price customers will pay for
what that they want, and how customers will buy what they want.
Third, a marketing plan helps track cost and measures values.
Marketing as a department is increasingly held to metrics to
demonstrate value and so a plan that tracks and measures value is
indispensable. A marketing plan focuses resources towards customer
centered goals and helps with future decision making, which can
reference the plan for guidance. A well-developed marketing plan
can even serve a blueprint for the business since it will cover
sales, support, product, financing, branding, and vision. A
successful department will use the marketing plan in the future to
build upon and adjust to lessons learned and new ideas
(Simkin,
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