What is Marketing Planning?
Marketing plan is an operational document that describes an promotion strategy for an organization will direct to generate leads and reach its target market. Marketing planning helps the business to decide their marketing process, how they will capture the market and what will be the budget of marketing.
“marketing planning is the work of setting up objectives for marketing activity and of determining and scheduling the steps necessary to achieve such objectives.”American Marketing Association
Characteristics of Marketing Planning
- Marketing planning is a formal and systematic approach.
- Marketing plan shows marketing strategy that a company will use to market its products.
- Marketing planning is complicated in nature.
- Marketing planning is based on facts and valid assumptions.
- Marketing planning describes how an organisation is going to implement the plan.