Definition
Marketing plan
A marketing plan is a document outlining a company's marketing and advertising strategies, goals, and activities for a specific period.
A company’s marketing plan outlines its intended marketing and advertising activities for a specific period of time (usually the next 12 months). These activities are tightly linked to the company’s strategic plan, which offers a three- to five-year view.
A well-constructed marketing plan increases a company’s chances of success by setting clear goals, actions and accountabilities. It will typically include:
- A summary of opportunities and threats to be addressed that emerge from the company’s SWOT analysis
- Financial and non-financial objectives, both overall and by market segment or geographic region
- Competitive success factors
- Specific tactics for products, pricing, marketing and communications
- Specific tactics for dealing with competitors
- Timing for all of the tactics identified
- Clear assignments of responsibility for each part of the plan, along with monitoring and reporting requirements
- Budget and notes on cost controls
Some marketing plans also link directly to a company’s sales plan, depending on how the company is organized.