The Marketing Plan

Read this chapter, which discusses marketing planning roles, the parts and functions of the marketing plan, forecasting, and the structure of a marketing plan audit. It also discusses PEST Analysis and other external factors that affect marketing decisions. This chapter reviews other concepts we've discussed so far. Key takeaways include the steps in the forecasting process. You will be able to identify types of forecasting methods and their advantages and disadvantages and discuss the methods used to improve the accuracy of forecasts. Lastly, you will apply marketing planning processes to ongoing business settings and identify the role of the marketing audit. Answer the discussion questions at the end of the chapter.

Functions of the Marketing Plan

LEARNING OBJECTIVES

  1. Understand the functions of a marketing plan.
  2. Write a marketing plan.


In Chapter 1 "What Is Marketing?", we introduced the marketing plan and its components. Recall that a marketing plan should do the following:

a. Identify customers’ needs.

b. Evaluate whether the organization can meet those needs in some way that allows for profitable exchanges with customers to occur.

c. Develop a mission statement, strategy, and organization centered on those needs.

1. Create offerings that are the result of meticulous market research.

2. Form operations and supply chains that advance the successful delivery of those offerings.

d. Pursue advertising, promotional, and public relations campaigns that lead to continued successful exchanges between the company and its customers.

e. Engage in meaningful communications with customers on a regular basis.