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January 03, 2014

Marketing Plan


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Friends, here is the 5th lesson of Marketing for upcoming IBPS Marketing Officers Study Materials. You can read remaining marketing lessons from here. In this lesson we shall discuss about Marketing Plan in detail. Marketing planning involves the development of a logical process to establish marketing goals and plans to achieve these goals. It involves allocating budgets for different marketing activities and evaluating the target market segments. Marketing planning may be informal in small organizations while it may be formal process in large organizations. Now lets have a look at the functions of Marketing Plan.

Functions of Marketing Plan : 

  1. Contents :  The contents of a business firm involves several functions namely, a chart specifying the contents, opportunity and issue analysis, marketing strategy, action programme, projected and control measures.
  2. Executive Summary : The executive summary is a brief description of the entire report, which contains as introduction and a description of the highlights of the marketing plan. It also includes information about the expenditure that will be incurred for implementing the plan. However, the executive summary should merely provide a brief overview of the marketing plan and its implementation process.
  3. Opportunity and Issues Analysis : In opportunity and issues analysis, the marketing management analyses the opportunities available to the company in the market and the threats to the company. in the issue analysis the manager determines the issues related to the strengths and weaknesses of the company and highlights the areas which the marketing plan has to focus upon.
  4. Marketing Strategy : After the opportunity and issue analysis, the marketing manager formulates a strategy to achieve the objectives of the marketing plan. This involves setting strategies to effectively and efficiently development activities. 
  5. Action Programs : The action programme of the marketing plan must specify the details of the strategies adopted to achieve the objectives of the firm. it should also answer the following questions. 
    • What will be the cost of performing the activity ?
    • What actions are taken to do the specific activity ?
    • When is it doing to be done ? and
    • Who is going to do it?
  6. Projected Profit and Loss Statement : The projected profit and loss statement will have the details regarding the budget to be allocated to each of the activities mentioned in the action programme. The difference between the revenue and the expense is the projected profit for the organization. It accepts or modifies it and then approves the budget for the implementation of the marketing plan.
  7. Controls : The final stage in the marketing plan is the process of controlling the activities that are deviating from the planned track. The top management, from time to time, reviews the activities to see whether they are being carried out according to the plan. Necessary steps are taken to control those activities which are going off the track.
That's all for now friends. In our next post we shall discuss about the steps involved in the Marketing Planning process in detail. Happy Reading :)

Bhavya Vasudevan

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