10/29/2007
The Importance of Marketing Plans
by Felicia Boone-Bozeman, Training Coordinator, SAU SBDC
A marketing plan is a written document that brings together the firm’s mission, objectives, and day-to-day tactics as they relate to generating revenue and serving customers. The marketing plan is essential for the effective marketing of any product or service. It details the steps needed for success in the market place.
The pay-offs for developing a marketing plan are numerous. The marketing plan will help navigate the market place, competitors, laws and regulations, and economic and business conditions. The marketing plan helps managers coordinate functions and deal with problems that inevitably will occur. It creates a guideline and timetable for a plan-of-action, as well as means for assessing results. It allows everyone in the firm to know what their role is and how their actions and tasks fit into the overall strategy. A well-developed marketing plan can help to convince lenders and investors that management is going to use resources wisely, that objectives are achievable, and that the firm will ultimately be successful. A good plan will also help managers get the most out of what they have and ensure that all actions are scheduled properly to maximize the use of resources and achieve the desired objectives.
For more information on marketing plans and sample plans, please visit www.mplans.com or www.quickmba.com/marketing/plan/.
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