This challenge requires you to develop or update a marketing plan for your current business / section of the business / or specific product.
A marketing plan is a document you develop after you have written a business plan. It follows the business plan as it outlines how some of the objectives in the business plan will be achieved. It is usually only focused over a 12-18 month period, while your business plan may be for a longer period. It covers all marketing-related details such as goals, costs, the approaches to be used and the action steps. It may also include tone and manner. It is not a static document and will need to be updated and modified on a regular basis as the business and its environment changes.
The purpose of the marketing plan is to provide clear and agreed reference points for the marketing activities throughout the period of the plan. It needs to be referred to before a decision is made.
Benefits of a marketing plan
Marketing is as important as the product or service you provide. Without marketing, consumers and clients can’t find out what you do and what you provide – if they don’t know about you and the need you fulfil for them, then naturally they won’t use your products or services. Here’s why a marketing plan is essential:
- It clarifies and defines your target market and their demographics;
- It allows you to develop messages that will have an impact on your target market;
- It clarifies the tone and manner of the communication; and
- It provides clear focus, direction and a budget to work towards.
Example for "Develop or update a marketing plan":