Annual Marketing Plan in Business

 Apart from the basic strategic planning spanning several years into the future, it is also necessary to develop a more specific, and shorter- term marketing plan. Hence, strategic marketing planning in an organization leads to the preparation of an annual marketing planning. Annual marketing plan is the master blueprint for a year’s marketing activity for a specified organizational division or major product. It is usually a written document.

 PURPOSES AND RESPONSIBILITIES OF AN ANNUAL MARKETING PLAN

An annual marketing plan serves at least three purposes:

(i)                It summarizes the marketing strategies and tactics that will be used to achieve specified objectives in the upcoming year. Thus, it serves as a “how-to-do-it” document that guides executives and other employees involved in marketing.

(ii)              The plan also points to what needs to be done with respect to the other steps in the management process, such as implementation and evaluation of the marketing programme.

(iii)            The annual market plan also outlines who is responsible for which activities, when they are expected to be carried out, and how much time and money can be spent. Very often, the executive responsible for the division or product covered by the plan typically is the task to subordinates.

CONTENTS OF AN ANNUAL MARKETING PLAN

The following are the contents of an annual marketing plan:

(i)Executive Summary and Table of Contents:

The marketing plan usually opens with a brief summary of the main goals of the plan and recommendations. The executive summary permits senior management to grasp the plan’s major thrustThrust is the force that is used in pushing something. It is.... A table of contents follows the executive summary.

(i )Current marketing situation:

This section presents relevant background data on sales, costs, profits, the markets, competitors, distribution, and the macro environment. The data are drawn from a product fact book maintained by the product manager.

(iii)Opportunity and issue analysis:

After summarizing the current marketing situation, the product manager goes ahead to identify the major opportunities/threats, strengths and weaknesses, as well as issues facing the product line.

( i v ) Objectives

With the summary of the issues given, the product manager must decide on the plan’s financial and marketing objectives.

(i)                 Marketing strategyA strategy is a plan that integrates an organisation's major...:

In this section, the product manager outlines the broad marketing strategyA strategy is a plan that integrates an organisation's major... or “game plan” to accomplish the marketing plan’s objectives. In developing the strategyA strategy is a plan that integrates an organisation's major..., the product manager often discusses with the purchasing and production personnel to confirm that they will be able to buy enough materials and produce enough units to meet the target sales volume levels. In addition, the product manager needs to discuss with the sales manager in order to obtain sufficient sales forceIn physics, a force is any influence that causes a free body... support. Furthermore, he should discuss with the accountant to obtain sufficient funds for advertising and promotion.

(ii)     Action programmes:

The marketing plan must specify the broad marketing programme for achieving the business objectives. Each marketing strategyA strategy is a plan that integrates an organisation's major... element must be elaborated to answer such questions as: what will be done? When will it be done? Who will do it? How much will it cost?

(iii)      Projected profit-and-loss statement:

This section usually includes two kinds of financial information: On the revenue side, this budget shows forecasted sales volume in units and the average price. On the expense side, it shows the cost of production, physical distribution, and marketing, broken down into finer categories. The difference between these two sides is the projected profit. With its approval, the budget is the basis for developing plans and schedules for materialMaterial or Matter is anything which has mass and occupies s... procurement, production scheduling, employee recruitment, and marketing operations.

(viii) Controls

The last section of the marketing plan outlines the controls for monitoring the plan. Typically, the goals and budget are spelled out for each month or quarter. The results for each period are reviewed by senior management. Some control sections often include contingency plans, which outline the appropriate steps to be taken by management with respect to specific adverse developments, such as price wars or strikes.