Marketing Plan or Marketing Strategy?
A Marketing Strategy is a much bigger document. Before this is produced, research needs to be carried out on the company and its target market.
The strategy is normally split into three parts:
Where are you now?
This gives an overview of the company, what its products and services are, its USP’s, what marketing has already taken place and the outcomes. How the company is perceived in the market place and how it wants to be perceived. There is also a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).
Where do you want to be?
This lists the company’s objectives and resources needed to achieve them.
How are you going to get there?
This is the action part of the document that details all the initiatives to be used in order to achieve the objectives already set out, together with a timing plan and planned outcomes.