Marketing plan is the outcome of activity planning or a document that includes the organization’s place in the market and the analysis of some factors affecting the business. It also involves deriving presumptions regarding the result of the past marketing strategy. In the market plan, the reasons of the success or failure of the marketing strategy in the past is been analyzed.
Eight Stages of Marketing Plan
1. Mission. The first stage of developing a marketing plan is to declare a mission. All companies should state their intention and the philosophy of the company. This provides a direction to the company to where they are heading for.
2. Objectives. After stating the company’s mission, the objectives must also be set. The set objectives should be in line with the company’s mission. In establishing the objectives, you must follow the SMART rule which stands for Specific, Measurable, Achievable, Realistic, and Time-Bound.
3. Information. Next to setting objectives will be the gathering of information. A company should generate information that affect the company and the data as well that will make the company successful.
4. Objectives reformulation. This stage can be optional. After analyzing the data, if you feel that there is a need to reformulate the objectives to address some issues, then you can do so. Remember to always follow the SMART rule when making your objectives.
5. Strategies. There are many strategies you can choose from to use in your business. What strategies are you going to utilize then? Check and select for the strategy that is in line with your marketing objectives.
6. Plan of actions. These include all the procedures you are going to do to achieve your objectives. The plan of actions should be measurable and clearly formulated. The results must be constantly monitored and evaluated.
7. Implementation and control. This stage includes all the activities that should be done to realize the set objectives. All the members are vital to cooperate for the success of the business.
8. Performance measurement. It involves monitoring the previous stages. The performance will be measured through examining and assessing the prior stages.
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