A marketing plan is a written document that details the necessary actions to achieve one

or more marketing objectives. It can be for a product or service, a brand, or a product

line. Marketing plans cover between one and five years. A marketing plan may be part of
an overall business plan. Solid marketing strategy is the foundation of a well-written
marketing plan. While a marketing plan contains a list of actions, a marketing plan
without a sound strategic foundation is of little use.

To be most effective, the plan has to be formalized, usually in written form, as a formal
"marketing plan." The essence of the process is that it moves from the general to the
specific; from the overall objectives of the organization down to the individual action
plan for a part of one marketing program. It is also an interactive process, so that the draft
output of each stage is checked to see what impact it has on the earlier stages - and is
amended

A formal, written marketing plan is essential; in that it provides an unambiguous

reference point for activities throughout the planning period. However, perhaps the most
important benefit of these plans is the planning process itself. This typically offers a
unique opportunity, a forum, for information-rich and productively focused discussions
between the various managers involved. The plan, together with the associated
discussions, then provides an agreed context for their subsequent management activities,
even for those not described in the plan itself.

The classic quantification of a marketing plan appears in the form of budgets. Because
these are so rigorously quantified, they are particularly important. They should, thus,
represent an unequivocal projection of actions and expected results. What is more, they
should be capable of being monitored accurately; and, indeed, performance against
budget is the main (regular) management review process.

The purpose of a marketing budget is, thus, to pull together all the revenues and costs
involved in marketing into one comprehensive document. It is a managerial tool that
balances what is needed to be spent against what can be afforded, and helps make choices
about priorities. It is then used in monitoring performance in practice.

The marketing budget is usually the most powerful tool by which you think through the
relationship between desired results and available means. Its starting point should be the
marketing strategies and plans, which have already been formulated in the marketing plan
itself; although, in practice, the two will run in parallel and will interact. At the very least,
the rigorous, highly quantified, budgets may cause a rethink of some of the more
optimistic elements of the plans.
Working within the plans set by the levels above them, product managers come up with a
marketing plan for individual products, lines, brands, channels, or customer groups. Each
product level (product line, brand) must develop a marketing plan for achieving its goals.
A marketing plan is a written document that summarizes what the marketer has learned
about the marketplace and indicates how the firm plans to reach its marketing objectives.
55 It contains tactical guidelines for the marketing programs and financial allocations
over the planning period.51' It is one of the most important outputs of the marketing
process.
Marketing plans are becoming more customer- and competitor-oriented and better
reasoned and more realistic than in the past. The plans draw more inputs from all the
functions and are team-developed. Marketing executives increasingly see themselves as
professional managers first, and specialists second. Planning is becoming a continuous
process to respond to rapidly changing market conditions.

At the same time, marketing planning procedures and content vary considerably among
companies. The plan is variously called a "business plan," a "marketing plan," and
sometimes a "battle plan." Most marketing plans cover one year. The plans vary in length
from under 5 to over 50 pages. Some companies take their plans very seriously, whereas
others see them only as a rough guide to action. Eisenhower once observed: "In preparing
for battle I have always found that plans are useless but planning is indispensable." The
most frequently cited shortcomings of current marketing plans, according to marketing
executives, are lack of realism, insufficient competitive analysis, and a short-run focus.