Marketing plays a huge role in the success of any business organization. No matter how good your product is, it needs a proper marketing method to make the customers aware of the product and to create the customer need for the product. The importance of a marketing plan should be identified by every organization prior to making key decisions about the organization’s marketing method.
The marketing plan is the organization’s plan to introduce, promote and create customer awareness of the product in the target market to capture the best possible market share. The marketing plan can be a part of the organization’s business plan or it can be a separate plan from the business plan. It contains the strategies the organization is planning to implement when placing the product in the target market and when increasing the sales volume. Marketing plan plays a major role in the decision-making process of the business. Apart from that, it works as a guiding document for the organization to achieve its vision and mission. The importance of a marketing plan is immense when it comes to business growth.
It is essential to identify the importance of a marketing plan and why an organization should have one if it is planning to survive and grow in the industry. The key points mentioned below explains the importance of a marketing plan for any small or large-scale organization.
- Opportunity to think
A marketing plan provides an opportunity for the marketing department to think innovatively and build a plan for the betterment of the product as well as the company. They have to think about the product, existing or potential customers and the competition. A marketing plan serves as a platform to think and propose the best way to capture a better market share.
- Working to a timescale
The marketing plan is created with the plan for a specific time period. The organization should implement the marketing methods within the set time period in order to achieve the expected outcome. It helps the organization to stick to the plan and implement the marketing techniques within the set time period.
The marketing priorities and the budget allocation is mentioned in a properly prepared marketing plan. It helps the organization to identify the priorities of the business and to spend the money accordingly to maximize profit.
- Compare and implement
The marketing plan experiments on the strengths, weaknesses, opportunities, and threats of the organization. This helps the organization to make use of the strengths and opportunities and to eliminate or reduce weaknesses and threats. It can open new business prospects in the field of marketing and it will help to mitigate the risks of the organization.
- Financing method
If the organization requires financing and if it is planning to obtain finance through a financial company, the marketing plan plays a major role. Any institute that would lend money to the organization will check about the business capability through the marketing plan.
- Reach business objectives
The final expectation of any business is to achieve organizational strategic goals and objectives. A marketing plan is a guide for the organization to direct its marketing activities to achieve organizational goals and objectives. This is done by proper, realistic planning and working as a motivation method to reach the expected level. This helps the organization to properly plan the stated time period and its marketing activities in line with the strategic goals.
Above mentioned aspects highlight the importance of a marketing plan for the business who are expecting to survive and grow in the modern business world. It guides the organization towards its vision and acts as a motivation method for the organization to achieve bigger and better market share