By M. Isi Eromosele

Every company needs a vision, this vision requires a strategy, the strategy demands a plan and the plan calls for action. This plan is very important for the growth of the company - a concise marketing plan..

Your marketing plan should give you self-assurance that your company will excel in your market of choice.

A marketing plan consists of six steps: situational analysis | objectives | strategy | tactics | budget | controls.

Situational Analysis

This step requires the examination of macro forces (economic | political-legal | social-cultural | technological) and the performers (the company | competitors | suppliers | distributors).

A TOWS (threats | opportunities | weaknesses | strengths) analysis is carried out, which allows for an equal analysis of both outside and inside factors.

A SWOT analysis tends to concentrate essentially on the inside. It places unwarranted stress on internal factors and limit the identification of threats and opportunities to only those that fit the company’s strengths.

Objectives

Based on the identification of best opportunities in the situational analysis, they are prioritized. Goals are set and a timetable drawn up for achieving them. The company also sets business objectives that consider stakeholders, company differentiation, underpinning technology as well as organizational design.

Strategy

The paramount goal of setting strategy is to decide on which is the most effective course of action to take toward achieving the set objectives.

Tactics

The details in the strategy spell out the specific actions that need to be taken within a specified time to reach the stated goals.

Budget

The costs of the planned actions and marketing activities that will enable the company to meet its goals are set in a budget.

Controls

Review periods are set up within the parameter of measurement algorithms. When measurements show that the company is lagging towards any of its stated goals, adjustments are made within the strategies, objectives and actions.

In an advanced case, a company may build a model to hypothetically estimate how it’s advertising budget, size of sales force and prices will accept sales and profits. Marketing strategy simulators may be used to guide the allocation of marketing resources to their most effective uses.

The benefits of market planning lie less in the plan but in the planning process. Additionally, marketing plans do not produce profits if they are not well implemented.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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