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A marketing plan is a comprehensive blueprint which outlines an organization's overall marketing efforts. A marketing process can be realized by the marketing mix, which is outlined in step 4. The last step in the process is the marketing controlling.
Importance of marketing plan
The marketing plan draws on the broader perspectives outlined in a firm's business plan. The business plan states how a company will take a product idea and transform that into a commercially viable proposition.A marketing plan:
- Provides direction for all your marketing effort
- Helps define specific tasks
- Helps to identify prerequisites to planned activities
- If more than one person is involved it helps you to define areas of responsibility
- Can give you insight into new markets that may have previously been overlooked
- Enables you to create clear guidelines for evaluating the effectiveness of different marketing methods
- Can help raising finance for capital expenditure
- Prevents time being wasted on ineffectual marketing activities
- Saves money by helping to ensure that the marketing budget is spent effectively
- Will generate more clients by communicating effectively
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