The Conceptual Framework of Marketing Plan Research Paper

The Conceptual Framework of Marketing Plan - Research Paper Example The marketing plan, which is the key input to the business plan, will be able to identify the most promising marketing opportunities and outline how the company can penetrate, capture and survive in the identified markets. A successful marketing plan of a firm elaborates almost all important marketing activities, strategic marketing proceedings, firm’s situational as well as marketing-mix analyses etc. The Role and Nature of Marketing Plan Marketing Plan As Kerin, Hartley, and Berkowitz (2005,p. 53) defined, a marketing plan is a roadmap for the marketing activities of a firm for a specific future time period. According to Armstrong and Kotler (2005, p. 59), a detailed marketing plan can assess the current marketing situations and outline the marketing objectives, marketing strategies, action programs, budgets, and controls. The marketing plan is not just a template that every firm may be able to follow in a similar style, but a strategic tool for analyzing the marketing situa tions, evaluate the strengths and weaknesses of the firm as well as opportunities and threats, identify the competitors and their market roles and so on. The styles, structures, and contents of the marketing plan may vary from firm to firm depending on factors such as target audience and the purpose, the kind and complexity of the firm, the industry and market extent etc (Kerin, Hartley and Berkowitz, 2005, p. 53). As Westwood (2002, p. 6) noted, a marketing plan is similar to a map since it depicts the company related to where it is going and how it is functioning to get there. It is not just a written document but contains an action plan that helps the company identify the best promising business as well as marketing opportunities and outline who it may penetrate and capture the market proposed. The relationship between Marketing Plan and Business Plan A business plan, in contrast, is a roadmap for the entire firm for a specific future period of time. The marketing plan is a detai led plan the comprises of marketing activities and strategies, a situational analysis of the firm, financial projections, action plan, and control etc, but a business plan is a broader plan since it not only comprises of all these elements but also R&D and business operation etc. More specifically, the marketing plan is an integral part of the business plan. For most manufacturing firms, marketing plan represents 60 to 80 percent of the business plan, both marketing and business plan are almost identical for small businesses.