Components of marketing plan
Most of the companies have their own marketing plan but they all follow a common set of components of marketing plan. These components of marketing plan are:
1.) Executive summary: it is the brief summary of the marketing plan, objectives, and strategies. It is prepared by top management by providing a brief overview of major elements of marketing plan having its table of contents.
2.) Situation analysis: it includes the information of the current marketing situation like the situation of the market, product, customers, competitors and distribution etc.
3.) Threat and opportunity analysis: it includes the information regarding the threats and opportunities that the company might face. So while making marketing plan the company must keep them in the mind.
4.) Objectives: it refers to the objective which the company would like to achieve.
5.) Marketing strategy: it refers to the prospective of the company to achieve its objective. The company has to specify its marketing strategies regarding different topics which can affect its objectives.
6.) Marketing action programme: this is the implementation part which states;
Ø What will be done?
Ø When it will be done?
Ø How it will be done?
Ø By whom it will be done?
Ø How much it will cost?
7.) Budget allocation: it refers to the expected cost and expected revenue, the
difference between two is the expected profit. so for this purpose budget is
prepared so that their will be proper allocation of cost.
7.) Monitors and controls: under this component of marketing plan controls are
done to monitor the progress and if the product is not doing well then stop its
Therefore, these are the components of marketing plan.