Assume you are a newly hired marketing manager in a company. As you spend time with other peer marketing managers, you realize that the company doesn’t place an emphasis on planning within the marketing organization. Why is planning important in marketing? How would you convince your supervisor that the marketing department should produce formal marketing plans?
Around 350 Words Minimum
Marketing planning is important for a number of reasons. First, it allows you to create and implement marketing programs that are strategic in nature and intentionally tied back to your business objectives. Second, marketing planning results in a documented marketing approach that is easier to communicate to your employees and helps ensure that marketing is a company-wide function. Third, a marketing plan allows you to manage to a budget and better negotiate with outside providers. Fourth, a marketing plan helps you stay on track when day-to-day firefighting threatens to derail your intent.
Marketing plans help tie your actions back to strategic business objectives. Should we advertise our new product or spend more on our web site? Are we investing too much of our marketing budget in low margin products or services? How are we going to achieve our revenue goals? A marketing plan helps you answer these questions and more.
For example, if your sales or business plan calls for 25% growth or $20 million in revenue next year, you need to chart an aggressive course