Question

What is the purpose of a marketing plan? What happens if you do not do an annual marketing plan?

Answer 1

This is a good topic for class discussion. For example, a marketing plan provides the road map for all marketing activities of the firm. It is typically formulated on an annual basis. It aligns all activities with the company’s overall strategic plan and assists in the budgeting process to ensure adequate resource allocation toward planned activities as well as limiting an activity from ranging too far out of the budget. A marketing plan also serves as a process to monitor the actual results against planned or expected results.