A marketing plan is a document that outlines well-organized course of action(s) to achieve your marketing objectives. Think of it this way, your marketing plan will be your marketing guidebook or rather your reference point for all your marketing activities. It details your marketing budget, target market, the proper media or channel to be chosen, etc.
In addition, a marketing plan provides you with an in-depth perspective of your industry and your business and gives you insight on developing targeted market strategies while also serving as a barometer of your performance. Moreover, a marketing plan allows you to examine and reexamine your marketing objectives and provides the basis for your marketing decisions.
Creating a solid marketing plan can be the difference between a successful marketing campaign and a failed one. As most people have already experienced, marketing can be an expensive and complicated endeavor. A marketing plan will help you determine your marketing strategy by specifying your objectives, defining your goals, and targeting your market in an effective, time and cost-efficient manner.
In today’s economy, it is crucial to get the most for your money. A marketing plan will define what works for you and what doesn’t, who you should target and who you shouldn’t, where you should allocate funds and resources, and where you shouldn’t, etc. But before you develop your marketing plan, you should state your Marketing Plan Objective.
Your Marketing Plan Objective is simply a statement defining the purpose of your marketing campaign.
Quick Tip: Your Marketing Plan Objective should be realistic, measurable, and time specific.