Marketing Planning

Abstract

Abstract Marketing planning is the organizational process that produces strategic and annual marketing plans. Strategic marketing planning can cover a three‐ to five‐year period, in contrast to an annual marketing plan more directly linked to operating budgets. The marketing plan indicates marketing objectives and strategy, and tactics for achieving objectives, providing executives with a written statement of strategy and programs for each target market. While plan formats vary, a marketing plan would normally include a strategic situation summary, market target description, objectives for each market target, marketing program positioning strategy, coordination priorities with other functions, performance metrics, and forecasts and budgets. Marketing plans are closely linked to obtaining financial budgets and other resources required for strategy implementation. Considerable emphasis in the marketing planning process is placed on effective coordination with other functions, such as R&D and operations. Managing marketing planning process effectively requires addressing issues of process design, gaining executive support for the process, and clear links to strategy implementation.