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Glossary of Terms - Marketing Plan

The marketing plan sets out the future marketing operation for the business, this includes the marketing strategy which has the objective of determining how the organisation will competes against its competition in a market place and achieve its objectives. In particular, it aims at generating a competitive advantage relative to its competitors.

The marketing plan also contains the operational marketing plan which executes marketing functions to attract and keep customers and to maximise the value derived from them, as well as satisfy the customer with prompt services and meeting the customer expectations. An operational marketing plan includes the determination of the marketing mix which marketing strategy does not. The marketing mix includes the usage of marketing tactics such as advertising, direct marketing online marketing, sales promotion, etc.

Market research is essential in developing the marketing plan. It is vital to understand the target market, to identify competitors and their own marketing strategies, to consider your own products and services in that context. This market research will then form the basis of the four P’s – pricing, product, promotion and placement. For the marketing plan to be successful, the mix of the four P’s must reflect the wants and desires of the consumers or businesses in the target market.

So the marketing plan is used to determine the four P’s. The marketing plan also outlines the operational marketing plan including which marketing tactics will be employed, these usually include advertising, direct marketing, online marketing, public relations, etc.

Often a marketing plan will also include a creative strategy that will be fundamental to the advertising campaign and direct marketing, etc. It is for this purpose that the marketing plan often calls for the input from communications agencies.

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