marketing-planEvery business strategy is aimed at fetching more business and without understanding the importance of a marketing plan, you cannot create the best winning strategy. Whether it’s a small enterprise or a huge organization, you need to carve out a strategic plan based on the 4 fundamental P factors which are price, product, place and promotion. Especially, when you are allocating huge digits for marketing purpose, you must ensure that the plan is well researched and strategic. Otherwise, all unplanned activity will result in zero or negative productivity. And standing in this post­recession period, a business owner cannot afford such luxury.

Now, let us understand the 4Ps and their significance in influencing a marketing plan.

Price: What will be the price of the product(s) and how much you would like to spend on the overall marketing plan? What is your take on the ROI from this marketing campaign?

Product: What is the target market of that particular product? How it is different from the competitors’ products and why should people prefer it over the rest of the offerings?

Place: How the product will be distributed for sell? Through retail shops or direct one-­to­-one marketing or something else, that need to be taken care of before the product hit the market

Promotion: What will be the platform of your marketing? Which media you would use to campaign about the new product launch? How the approach will vary in different media? What will be your way of tracking responses?

These 4Ps are the fundamental issues you need to assess before creating a marketing plan. So in another way, the marketing plan helps you identify the most significant prerequisites or areas of responsibility in a structured and planned way. Whether it’s an existing business or a whole new venture, understanding the importance of a marketing plan has proved to be critical for the prosperity of the business.

A marketing plan lets you uncover the core needs of your business like identifying your target audience and its demographic characteristics, revenue and other financial goals of your enterprise. Without a proper marketing plan, your business will be like a sailing ship without an anchor. All your marketing strategies will lose direction and may end up being a terribly bad investment.

The moment you will be able to spot the core business priorities, you will stop wasting your valuable money on futile marketing actions. What else, the moment you will start working on the marketing plan, your interactions with consumers or clients will grow stronger and there is a high potential that it will lead to more customers meaning more business. Such is the comprehensive importance of a marketing plan that actually calls for action.