Why Marketing Plan Still Matters in Uncertain Times

Abstract

In a global, uncertain, and more competitive business environment, companies compete by developing new products and services or business models and improving traditional marketing and strategic methods and tools. Research supports the view that the marketing plan approach can improve business performance and productivity if effectively implemented. This paper uses a systematic bibliometric literature review (LRSB) that incorporates peer-reviewed scientific and/or academic manuscripts to show how marketing planning can assist businesses in gaining a competitive edge in challenging times. Research findings systematize the most significant benefits of marketing plans to companies. The marketing plan improves performance, coordination of activities and teamwork, resources management, and increases business transparency and consistency. However, companies can only achieve these benefits effectively using marketing plans. Some of the factors that influence the marketing plans' effectiveness and implementation within organizations include proactiveness and visioning, top management support, staff involvement throughout the organization, and continual reappraisal and review of the plans. Companies need to adopt more proactive marketing plans to anticipate future events in today's fierce competition, uncertainty, and rapidly changing business environments.