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Writer's pictureDr. Frank Lampe

The marketing plan

The Indispensable Compass in Marketing: Why a Marketing Plan is Indispensable

 

A real-life case: When the Merseburg company (name changed) tried to launch a new product line in 2022 without a marketing plan, the project quickly stalled. The target group was insufficiently defined, the advertising measures were less effective than hoped and were uncoordinated, and the budget was used inefficiently. In the end, the launch had to be canceled, resulting in significant financial losses and damage to the company's image. This case clearly shows how risky it is to enter the market without a well-thought-out marketing plan. While it does not automatically guarantee success, it helps to avoid mistakes and select effective measures that are more well-thought-out and integrated.

 

The Importance of a Marketing Plan

A marketing plan is the strategic foundation of successful marketing. It serves as a guide that structures and coordinates all marketing activities. Without this plan, there is a risk that resources will be used inefficiently, goals will be missed, and opportunities will be missed. A well-developed marketing plan is therefore not only an internal control tool, but also a central element for company success.

 

What is a marketing plan?

A marketing plan is a document that sets out a company's marketing strategy for a specific period of time. It contains a detailed analysis of the market, the target group, the competition, and the company's own strengths and weaknesses. On this basis, marketing goals are formulated and concrete measures are planned to achieve the goals. The marketing plan is used not only for internal coordination, but also for external communication, for example with investors or partners.

 

Reasons for drawing up a marketing plan

A marketing plan should be created or updated whenever important changes occur:

  • Market entry: New products, services or companies need a detailed plan to successfully enter the market.

  • Annual planning: At the beginning of a new financial year, the marketing plan serves as the basis for operational planning.

  • Rebranding or brand extension: When a company repositions or expands its brand, a marketing plan is essential.

  • Crisis management: In the event of falling sales figures or negative developments, an adapted marketing plan can help to counteract them.

 

Who creates a marketing plan and for whom?

 

The marketing plan is usually drawn up by the marketing department of a company. Marketing managers often work closely with management, the sales department and external marketing consultants. The plan is aimed at all relevant stakeholders in the company, in particular the management, the sales team and the marketing staff. For management, it provides a strategic basis for decision-making, while it serves as an operational guide for the marketing team.

 

Components of a marketing plan

A comprehensive marketing plan should include the following elements:

  1. Situation analysis: market and competitive analysis, SWOT analysis.

  2. Objectives: Concrete, measurable marketing goals (SMART).

  3. Target group analysis: Detailed description of the target groups and their needs.

  4. Marketing strategy: Determination of the overarching strategy (e.g. differentiation, cost leadership).

  5. Marketing mix: Planning of measures in the areas of product, price, sales and communication.

  6. Budget planning: Detailed cost breakdown for all marketing activities.

  7. Schedule: A schedule with milestones and deadlines.

  8. Controlling and adjustment: Definition of key performance indicators and mechanisms for adjusting plans.

 

Simplified example for a marketing plan table


Timing and Periodicity

The timing of the marketing plan should be based on the objectives and market dynamics. Annual review and adjustment is advisable, while certain measures should be evaluated quarterly. For larger projects, such as product launches, detailed planning in shorter periods of time, e.g. monthly, is necessary.

 

The Role of Marketing Consultants

Marketing consultants can provide valuable support when creating a marketing plan. They bring in external perspectives, identify unused potential and help formulate realistic goals. In addition, their experience from various industries enables them to introduce innovative approaches and make the implementation of measures more efficient.

 

Benefits of a marketing plan for different business areas

A well-developed marketing plan provides management with strategic overview and helps them make informed decisions. Other departments are informed and involved in the marketing plan at an early stage. It ensures transparency and coordination, especially with sales and production. It serves as an operational roadmap for employees in the marketing department and ensures that all measures are aligned with the company's goals.

 

Challenges in creating a marketing plan

The biggest challenge is to use the marketing plan as both a strategic and a flexible operational tool. A good plan must be concrete enough to serve as a guide to action, but also flexible enough to respond to unforeseen market developments.

 

Controlling and Learnings

Controlling is carried out by regularly checking the defined key figures (marketing KPIs). These key figures provide information on whether the measures were successful and where adjustments are necessary. Valuable lessons can be derived from these analyses for the next planning period.

 

Summary

A well-developed marketing plan is the backbone of any successful marketing strategy. It provides clarity, structure and efficiency and helps companies achieve their goals. Through regular monitoring and adjustments, it remains flexible and adapts to the dynamic requirements of the market. Companies that do not have a marketing plan risk wasting their resources and failing to meet the market's needs. It is therefore essential to establish the marketing plan as an integral part of the company's strategy.


Author:

Dr. Frank Lampe,

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