Final answer:
A marketing plan outlines a company's marketing strategy, including target market, sales goals, budget, and timing. It requires a market analysis, goals and objectives definition, budget allocation, and timing for executing marketing mix elements.
Step-by-step explanation:
The plan that outlines a company's marketing strategy, including information about the target market, sales and revenue goals, the marketing budget, and the timing for the elements of the marketing mix, is known as a marketing plan.
Key Components of a Marketing Plan
- Market analysis: Understanding the target market, competition, and market trends.
- Sales and revenue goals: Defining what the business aims to achieve in terms of sales and revenue.
- Marketing budget: Allocating resources to various marketing activities.
- Timing for implementing the elements of the marketing mix: Deciding when and how to execute different marketing strategies.
To successfully create a marketing plan, one must first define goals and objectives.
It’s important these goals are achievable and appropriate, and include considering the 5 W's: who is involved, what you want to accomplish, where you need to go, when it needs to be accomplished by, and why you want to do it. The intended audience should be clearly identified, as it will dictate how you will reach them and what methods to use.