Overview: A marketing plan, at its most basic level comes down to budget allocation. For any organization there are possibly thousands of ways to spend marketing dollars and to dedicate time and effort toward marketing initiatives. A good marketing plan provides a meaningful allocation of budget to various marketing initiatives that align with the overall business opportunities.

Considerations: Where does your organization do business or where does it wish to do business? Who are the customers, and where are they located? What are your major economic advantages? What is your major differential advantage in the markets you serve? How do you currently go to market? Do you have good distributors? What are the main organizational capabilities of your firm? When should your organization participate in a marketing endeavor, and when should you not participate?

Practices:

  • Draft a marketing plan document with the following sections:
  • Executive summary
  • Organization capabilities (strengths and weaknesses)
  • Business and environment
  • Market segments
  • Competition summary
  • Marketing alliances
  • Budget
  • Optionally include the additional sections:
  • Organizational structure and capacity
  • New product or service idea
  • Sales training programs
  • Operational issues
  • Cross-team dependencies
  • Appendices and supporting material
  • Distribute and discuss drafted document with management.