Marketing plan is the written document which contains the necessary guidelines regarding the firm’s marketing programmes and policies along with their allocation over the planning period. Marketing plan involves mainly five steps.
STEP I Analysis of marketing situation:- it is the first and important step of marketing planning. It analyze the current situation of the product and helps in analyzing that whether past plans are required to be revised or there is a need to prepare new plans to achieve the objectives. Marketing situation involves internal and external environment.
For this purpose there is a need to study the SWOT analysis. Strength and weakness are inbuilt in the organization. But opportunity and threat are external to the environment. Opportunity comes in form of new market or change in consumer liking, threat comes from the competitors.
STEP II Developing marketing objectives:- to make the marketing plan successful there is a need to develop clear, concise and realistic objectives. The objectives should be as per the policies and programmes of the firm.
STEP III Formulation of marketing strategy:- to achieve the marketing objective next step is to formulate the marketing strategy. It is the blueprint regarding the product, how the product can be made a success.
STEP IV Preparing action programmes and budget:- this step aims at to prepare some particular action as well as budget for the marketing activities. As if any mistake is done while preparing the action programme and budget than the company and the product will have to wait for the entire one year. Therefore, proper care should be taken while preparing action programmes and budget.
STEP V Developing control procedure:- the last step is to measure the results of the plan on regular basis. The management can measure the sale weekly, fortnightly, monthly basis against the set standards. If the sale is not as per the targeted sale than timely corrective action is necessary for the success of the marketing plan.
Thus, all these above discussed steps of marketing plan are important for the success of the company.