Developing the Marketing Plan

  1. Objective 11-2 Explain the purpose of a marketing plan and identify its main components.

Once marketing managers have a basic understanding of their role and the nature of their competition, their next step is to develop their marketing plan. A marketing manager at a major home appliance manufacturing company explains the concept of developing the marketing plan by using the following analogy of planning a trip:

  • “First, you decide where you want to go and what you want to happen when you get there. Why take this trip and not others, instead?”

    [Identify the objective or goal to be achieved.]

  • “At some stage, you decide when the trip will happen and how you’ll get to the destination.”

    [Plan for when it will happen, ...

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