Alignment[ edit ] Alignment of marketing activities and investments to business outcomes occurs when a marketing organization establishes a direct connection between marketing activities, investments and business outcomes. Alignment begins with customer insights, to ensure that the marketing performance management approach will be rewarded by the marketplace.
Definition[ edit ] A marketing plan is a comprehensive document or blueprint that outlines a business advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals.
A marketing plan has a formal structure, but can be used as a formal or informal document which makes it very flexible. It contains some historical data, future predictions, and methods or strategies to achieve the marketing objectives. Marketing plans start with the identification of customer needs through a market research and how the business can satisfy these needs while generating an acceptable return.
A marketing plan can also be described as a technique that helps a business to decide on the best use of its resources to achieve corporate objectives. It can also contain a full analysis of the strengths and weaknesses of a company, its organization and its products. For example, a marketing plan may include a strategy to increase the business's market share by fifteen percent.
The marketing plan would then outline the objectives that need to be achieved in order to reach the fifteen percent increase in the business market share.
Marketing planning can also be used to prepare a detailed case for introducing a new product, revamping current marketing strategies for an existing product or put together a company marketing plan to be included in the company corporate or business plan.
These are some of the most important things that companies need when developing a marketing plan: Gathering and classifying data about the market the organization is currently in.
Examining the market dynamics, patterns, customers, and the current sales volume for the industry as a whole. The marketing plan should identify the organization's competition.
The plan should describe how the organization will stick out from its competition and what it will do to become a market leader. Developing the marketing and promotion strategies that the organization will use.
Such strategies may include advertising, direct marketing, training programs, trade shows, website, etc. Strategies identified in the marketing plan should be within the budget.
Top managers need to revise what they hope to accomplish with the marketing plan, review their current financial situation, and then allocate funding for the marketing plan.
The marketing plan should include attainable marketing goals. For example, one goal might be to increase the current client base by over a three-month period. The marketing plan should include the process of analyzing the current position of the organization. The organization needs to identify the strategies that are working and those that are not working.
The marketing goals normally aligns itself to the broader company objectives. For example, a new company looking to grow their business will generally have a marketing plan that emphasizes strategies to increase their customer base. The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan.
The marketing plan shows what the company is intended to accomplish within the budget and also to make it possible for company executives to assess potential return on the investment of marketing dollars.
Different aspects of the marketing plan relate to accountability.Share: 5 Ways to Improve Your Marketing Team's Productivity. Marketers rarely work alone. As much as 84% of marketers work on a marketing team.
This makes it challenging to keep marketing . Both academics and managers currently lack a comprehensive understanding of the marketing performance process and the factors that affect the design and use of MPA systems within corporations.
Work in this area has been dominated by two major approaches to marketing performance: marketing productivity analysis and marketing audits.
Performance improvement expert H. James Harrington once said, “Measurement is the first step that leads to control and, eventually, to improvement.” For anyone trying to take their content marketing efforts to the next level, his words certainly ring true.
Overview - Performance Management. Globalization and Information Technology are placing different, challenging demands on leaders and organizations in the area of organizational performance. We see so much emotional discussion about software process, design practices and the like.
Many of these arguments are impossible to resolve because the software industry lacks the ability to measure some of the basic elements of the effectiveness of software development. When evaluating marketing performance, companies should measure marketing outcomes from the consumers ‘ points of view, include all marketing activities, measure across a continuous time period, and meet statistical and technical criteria required of all measurement systems.