How Does a Marketing Plan Affect Overall Strategy?
Purpose of Marketing Plan It is the plan that sets the direction of the business. A marketing plan determines how a business will be promoted, how a customer base will be built or expanded, how the business will generate profit and where new growth opportunities are for the overall business. According to the American Marketing Association, marketing is defined as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations and events to create and maintain relationships that satisfy individual and organization objectives.” Therefore, a marketing plan establishes a way to achieve this in relation to the company’s overall objectives. The marketing plan plays a vital role in achieving the success for a business strategy since most business’ ultimately want to continue doing business and a marketing plan determines not only how to remain in the game but keep a competitive edge. Digging Deeper As part of the core of the
