Marketing plan. What is it?

Marketing plan is the most important part of professional business planning. And the process of its planning is the part of the whole planning process of the enterprise and of the forming of the company’s budget.

There are several different principles of planning process

Usually all plans are divided according to what period of time they were calculated. For example:

–        long-term plans

–        medium-term plans

–        short-term plans

There is no the universal definition of planning periods. Long-term and medium-term marketing plans are often called strategic ones because business strategies accounted for a long period of time are reviewed in such plans. Short-term plans are often called “corporative” ones or “business-plans” because they appear as a result of daily activity. The use of this or that plan is depended on the sphere in which company works, what markets this company serves and on what degree this company needs the planning of its production and realization of goods.

Long-term planning is directed on the estimation of general economic and business tendencies for many years ahead. Such marketing-plan define strategy for the business which will be directed to assurance of the growth and will correspond to the long-term tasks of the company. This aspect is of paramount importance especially for enterprises of such spheres of industry as defense industry, space technology and pharmaceuticals industry (reclamation time for new production here can attain 5-10 years). Long-term planning seize the period of 10-20 years in these industry sectors.

But usually most of other companies have shorter periods and long-term planning for them usually takes the period over 5-7 years

Medium-term planning is more practical and takes the period not more then 2-5 years (it’s usually over 3 years). Medium-term marketing plan is concerned the nearby future and it usually reflects the reality. This kind of planning is based on the same strategies as the long-term one; the only thing is that all decisions should be taken introduced in life quicker. Examples of such decisions are introduction of new production, demand for investments, the availability and the use of the personnel and of resources.

Short-term planning (and budgeting) usually includes the period up to one year. It suggests the working out of “corporative” marketing plans and of “business-plans” of the company and also budgets connected with these plans. Such plans include the near future of the company and details of all steps of the company on the twelve months period. This is the most comprehensive plan. Some corrections can be made during the year if it’s necessary.

OGS capital also specializes in writing business plans such as social media marketing management business plan, advertising agency business plan and help give recommendations on how to compose a marketing plan in business or financial planning.

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