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, ...