What is a Marketing Plan and How to Create One

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• Peakframeworks.com

A marketing plan is a strategic roadmap that outlines how a business will promote its products or services to achieve its marketing objectives. It involves understanding the business, conducting market research, setting SMART marketing objectives, and developing effective marketing strategies. The plan also includes actionable tactics, budgeting for marketing initiatives, and establishing KPIs to monitor performance. Creating a successful marketing plan requires a structured approach including an executive summary, situation analysis, SWOT analysis, and tailored strategies based on market research. Businesses must avoid common pitfalls such as lack of market research, unrealistic objectives, and ignoring market dynamics. Utilizing digital technologies and regularly monitoring and adapting the plan are crucial for maintaining competitiveness and achieving business success.