Return on investment - Return on investment (ROI) is one way of considering profits in relation to capital invested.
The competitive business environment in addition to the current financial crisis makes it mandatory to have a business plan if you want funding for your company.
"Failing to plan is planning to fail." - Alan Lakein
You've probably heard this expression before, and many successful businessmen will probably tell you the same. Still, what's the point of creating a formal marketing plan? Exactly what purpose does a marketing plan serve?
Marketing plans serve both an internal and external purpose.
In this unit, we're going to answer that question.
A formal marketing plan provides a clear reference point for activities throughout the planning period. However, perhaps the most important benefit of these plans is the planning process itself. This typically offers a unique opportunity, a forum, for information-rich and productively focused discussions between the various managers involved. The plan, together with the associated discussions, then provides an agreed context for their subsequent management activities, even for those not described in the plan itself.
In essence, a marketing plan:
Thus, marketing plans are written to:
Ultimately, marketing plans serve a purpose both inside and outside of the company.