Basic elements of a marketing plan start with items and
exercises that may or may not blatantly appear in the actual marketing plan.
The plan must rely on reliable data brought forth by primary and secondary
research, competitor data, internal and external factors that deal with
strengths, weaknesses, opportunities, and threats, according to "The
Marketing Plan Handbook" by Marian Burke Wood. In order to set up a
marketing plan, the marketer must look at the marketing mix consisting of the
four Ps: product, price, promotion, and place and ramp upand do plenty of research. The plan starts with the executive summary that is an overview of the plan's objectives and goes over strategies and ultimate goals. Next is the current marketing situation that looks at trends in the marketplace that affects stakeholders of the organization. A SWOT analysis helps with this section because strengths, weaknesses, opportunities, and threats (internally and externally) must be identified in order to analyze the current situation and future direction accurately. The marketer must also identify customer needs and influencers. Next is the positioning of the product or service, focusing on the target market. This part looks at positioning and customers' needs, wants, attitudes, buying patterns, and trends. The next section covers objectives and issues (financial, marketing, and societal). After that, according to Wood, is marketing strategy, which summarizes the overall strategy to be used in achieving marketing-plan objectives by creating, communicating, and delivering value. The next part is the marketing programs that support the marketing strategy which includes activities in regards to channel partners, pricing, products, place, service programs, and other internal marketing programs. The next part consists of the financial and operational plans that look at ROI, the break-even point, revenues, profits, and schedules. The final section covers metrics and implementation and control. This part is required to show how the plan will be implemented and evaluated. This section needs contingency planning which is one category that some firms fail to plan for which is a weakness.
REFERENCE: Wood, Marian Burk. The Marketing Plan Handbook, Fourth Edition. Prentice Hall, 2011.
