1. Money

Marketing Plan

By

Two business colleagues conducting an interview with a young woman at a table

Creating a Marketing Plan

Image (c) Digital Vision / Getty Images

Definition:

A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or services you offer.

The marketing plan implements your marketing strategy. Or, as I put it in my article, "The Key to Marketing: Use a Plan", "the marketing strategy provides the goals for your marketing plans. It tells you where you want to go from here. The plan is the specific road map that's going to get you there. "

A marketing plan may be developed as a standalone document or as part of a business plan. Either way, it is a blueprint for communicating the value of your products and/or services to your customers.

See Writing the Marketing Plan for detailed instructions on creating a marketing plan for your business, whether as part of a business plan or as a stand-alone.

 

 

Also Known As: Often confused with marketing strategy or business plan.

Common Misspellings: Market plan.

Examples: While a marketing plan is an important part of your business plan, every business should update its marketing plan regularly.

Related Video
Brian Price, executive director of marketing
Adam Gerber on advertising business models

©2014 About.com. All rights reserved.