Welcome to PlansForSuccess, a blog applicable to the start-up, seasoned or just need to know entrepreneur. The purpose of this blog is to take you on an in-depth journey into the world of Marketing Planning…Why? Well, per Winston Churchill “failing to plan is planning to fail’…right? Of course it is:) No really, according to the Small Business Administration, “a sound and well thought-out marketing plan is an essential part of a firm’s ability to compete in today’s marketplace” http://www.sba.gov/content/value-marketing-plan. However, failure to understand marketing, market planning or industry markets for that matter, can and does contribute to small business failure! Did you know that about 75% (if not more) of the small businesses started today, will NOT be around in 2019. That means you need to pull out that business plan and make sure it includes a detailed marketing plan that is sound and relevant, if you expect to achieve measurable business growth in 2014 and beyond. Go ahead….I’ll wait:)
Before we begin, I need to first point out that there is a distinct difference in marketing planning and marketing. Although they are interconnected…which means one “should not, could not, would not” exist without each other,(well they can, but they shouldn’t)-they are completely different activities. In fact, it is my suggestion that not another penny is spent toward marketing activities until you sit down and write, type or Dragon:), a solid marketing plan…ok, ok, maybe that’s a little extreme, but you get the point.
In order to clarify the difference between the above activities, this week’s blog will focus primarily on defining the concepts and terms that will become pertinent to future discussions.
To get started, let’s become familiar with a few term definitions below:
- Marketing-The activity, set of institution’s, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
- Marketing Objectives– Targets for performance in managing specific marketing relationships and activities.
- Marketing Planning-The process of determining how to provide value to customers , the organization, and key stakeholders by researching and analyzing the market, the situation; developing and documenting marketing objectives, strategies, and programs; and implementing, evaluating, and controlling marketing activities to achieve the objectives.
- Marketing Plan-A document that summarizes marketplace knowledge and the strategies and steps to be taken in achieving the objectives set by marketing managers for a particular period. “The Marketing Plan Handbook 5th Edition”, Marian Burk Wood
For the most part this blog series will follow A to Z the details of a marketing plan, and through a series of Blog Post’s, Video’s, Tutorial’s, Link’s and on and on, it is my goal to aid you in understanding the intricate details of your firm’s marketing plan and why it’s essential…no it is imperative to the success of your business.
Thank you for tuning in this week, come back next week as I begin discussing in detail, the Purpose of a Marketing Plan.