A marketing plan is said to be a business plan that includes the entire list of actions that is
going to be taken in the future. Creating a marketing strategy is a very difficult task for a
business. If a business organization wants to grow its business activities or its business
operations, then it is important to have a marketing plan. A good marketing plan helps the
business to attract or induce new customers and it also helps to retain the existing ones. In
other words, it can be said that a marketing plan is a strategic roadmap that every business
organization uses to identify, manage, organize, execute, track or measure their marketing
efforts or marketing strategies in a given period of time. A marketing plan of the business
describes what actions, works, or functions a company will have to perform to achieve the
marketing strategy. These marketing plans help the organization understand its marketing
goals and objectives. This shows how important or significant to develop a marketing plan or
marketing strategy for the business.
Here, there is a guide or procedure to develop or create an effective marketing plan or
marketing strategy for the company.
Step 1 Executive Summary
An executive summary is the summary of entire marketing plan or the marketing strategy that
a company is going to be adopted. The first step in the developing marketing plan is to create
a short summary of entire plan that covers all the relevant points. It includes only major
headings of the entire plan which can be easily speak within 10 seconds.
Step 2 Situational Analysis
In the second stage of developing marketing plan, the analysis should be done. The analysis
should cover all the relevant areas. The situational analysis includes the- analysis of the
company, market analysis, analysis of targeted audience or target customers, competition
analysis, and analysis of present situation of company. In all these types of analysis, the
marketing manager should analyse various aspects like external and internal environment,
strengths and weaknesses of company, market trends, short and long- term goals and
objectives of the company, forecasted market share of the company, etc.
Step 3 Marketing Research
In the third step of the marketing strategy, a marketing team have to conduct a market
research. This helps them to identify the taste, choices, and preferences of the customers. The
marketing research gives relevant data and information that helps to develop the marketing
Step 4 Product Marketing Strategy
The next step in this process is to plan or decide the price of the product. Price is a very
crucial element hence it needs more attention. This step includes all the relevant components
of the product mix, strengths or weaknesses of the product, and unique selling proposition
Step 5 Pricing and Positioning Strategy
After considering pricing, the next step is to describe the positioning plans of the products. A
company should try to think creatively, and big, and comes up with a new idea to make their
brand well known and popular. A creative idea always forces the customers to remember the
Step 6 Promotional and Advertisement Strategy
The next step that the marketing team has to perform is to develop an effective promotional
strategy or opt the various advertisement techniques. This helps them to introduce their
product and generate awareness about the product in the market.
Step 7 Distribution Plan
In the distribution plan, a marketing team has to describe or explain how the customers can
get their product and from where they can purchase it. Whether they buy the product from
stores, outlets, or from online shopping platforms.
Step 8 Exciting Offers
The marketing manager needs to offer various promotional techniques or sales techniques to
attract customers toward their product. The company can offer schemes like free coupons,
buy 1 get 1 offer, discount offers, gift hampers, etc.
Step 9 Different tools of Marketing
The company should also opt for various marketing tools to advertise its brand. It includes-
official websites, brochures, catalogs, business cards, etc.
Step 10 Conversion Strategy
A conversion strategy is the technique of marketing to convert potential customers into
paying customers. In his strategy, the company analyses the changes or alterations in the
existing strategies and tries to improve them.
Step 11 Joint Ventures and Partnerships
One of the best methods to reach new customers is to shake hands with other business
organizations. Partnerships and joint ventures can be proven fruitful for this purpose.
Step 12 Rise in Transaction Price
In this marketing plan, the marketing team should pay attention to the transaction price. The
team should try to increase the transaction price of their product.
Step 13 Strategic Retention Strategy
With this strategy, the company should try to increase its profits and revenues by getting
consumers to buy the products the company.
Step 14 Financial Projections
At the end of the marketing plan, the financial projections include all the financial documents
that cover all the expenses or prices that are included in the marketing strategy.