Marketing plan or business plan?
Marketing plans are different from business plans. Marketing Plans focus more on marketing strategy. In fact, all business plans contain a marketing plan as part of the overall plan. Therefore, a marketing plan is always narrower in scope compared to a business plan. Marketing plans are used when entrepreneurs want to focus on marketing strategies with extensive market research. A marketing plan will be much more detailed compared to a marketing plan given as part of a business plan.
A marketing plan will discuss following aspects in detail:
- Market size & growth
- Market segments & niches
- Market competition
- Marketing strategies
- Marketing mix
- Sales forecasts
Do I need a business plan before I can have a marketing plan?
Not necessarily. If you are an existing business looking to increase your market share, it can be more helpful for you to have a marketing plan than a business plan. We can conduct extensive market research and devise the most suitable marketing strategy and action plan to reach your marketing goals.