A marketing plan is a business document written for the purpose of describing the current market position of a business and its marketing strategy for the period covered by the marketing plan. Marketing plans are usually valid for up to five years.
Edge behind Marketing Plan
A marketing plan is a stepwise representation of initiatives that have been taken to attain marketing and sales objectives of a business.
It would be contextual if we compare it with road map or compass of your initiatives. This is a way that ensures that everyone is working hard to address same goals, audience and operating with the same set of objective that to be in the desired time frame. A marketing plan is a clear indication of the business progress which represents that the initiatives have brought progress in the business. Indeed there will be some unexpected developments and surprises that will boost the sale of your business. Marketing Plan Writing, Ireland services understand that this plan is a living document, therefore, it needs frequent revision and updates according to the time.
What’s in a Marketing Plan?
A typical small business marketing plan might include a description of its competitors, the demand for the product or service, and the strengths and weaknesses from a market standpoint of both the business and its competitors.
Another element usually contained in a marketing plan is the marketing mix, also known as the Seven P’s, namely price, place, product, promotion, people, physical evidence (such as uniforms, facilities, or livery) and process (i.e. the whole customer experience, e.g. a visit to the Disney World).
Keeping a Marketing Plan up to Date
Like a business plan, a marketing plan is an important document that needs to be updated on a regular basis. Even five year marketing plans should be revisited periodically – at least once each year – to address changes in market conditions, demand, pricing issues, etc.
An effective marketing plan takes a good deal of research which may serve for about two years only since things change, markets evolve, and customers come and go and the research has to take place anew.