Why is it important to develop a marketing plan?

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pohnpei397's profile pic

pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted on

It is important to develop a marketing plan because, without such a plan, a firm is not going to be clear on what goals it is trying to accomplish and how it is trying to accomplish any goals it may have.

A marketing plan is a very detailed map of what a firm is trying to accomplish and how it is going about accomplishing its goals.  A marketing plan needs to analyze the firm’s current position.  It then needs to set out marketing objectives for the product or products in question.  It then goes into great detail about how to achieve those objectives.  Is specifies which employees will be used in which ways.  It specifies what other resources will be devoted to the marketing of the product.  It discusses a timeline on which all of this is to be done. 

By touching on all of these things, the marketing plan provides a detailed blueprint that all who are concerned with the product can follow.  This means that efforts will be coordinated and efficient, not haphazard and sloppy.  It means that everyone will work together toward the same goal and in the same way.

If there is no such road map or blueprint, a firm’s efforts will be uncoordinated and inefficient.  This is why a marketing plan is so important.

jesseldridge's profile pic

jesseldridge | (Level 1) Salutatorian

Posted on

A marketing plan organizes your business to be positive in what the market does. Without it, you find yourself resorting to changes and to competition. Moreover, a marketing plan is important to be ready to contend with the recedes and surges of the market. A well established marketing plan will assist your business to unite in a common effort and endorse teamwork. As all businesses are not similar, so a marketing plan that works for one business may not be helpful for another. Hence, every business has to develop a marketing plan according to its target audience, products, and services.

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