what is the difference between a marketing plan and a business plan

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Marketing plan vs business plan: What’s the difference?

Marketing Plan

Marketing plan vs business plan: What’s the difference?

For business owners, nonprofit directors, and community group leaders, the process of writing a business plan or creating a marketing plan can seem intimidating. They may know the ins and outs of what they do every day and have fantastic ideas on how to grow and market their organizations, but the act of putting it on paper often feels like stepping into a world with opaque rules and confusing jargon.

Fortunately, the reality of both business and marketing plans is that they aren’t nearly as complicated as many people think. In fact, most business owners have written both without realizing it, even if only in an informal manner.

Creating a formal business or marketing plan uses a lot of the same steps business owners already take when sketching out new marketing ideas on a napkin or doing some quick back-of-the-envelope math to figure out how to expand into a new city.

But before moving forward with the process, it’s important to know which one you need. In other words, what’s the difference between a marketing plan and a business plan?

Create a marketing plan that works for your business with Jotform’s easy-to-use marketing form templates .

The biggest difference between a business plan and a marketing plan is the scope of what they cover. While both documents can be quite lengthy and thorough, they don’t address the exact same information.

A business plan is typically a much broader document that covers every aspect of your business: operations, supply chains, human resources, materials costs, and — yes — marketing. In fact, a marketing plan will usually be a section of a business plan.

Marketing plans tend to focus much more narrowly on the specifics of making customers aware of and likely to buy a product or service. A marketing plan may touch on some of the same things a business plan does, like the cost of goods sold, but only as they relate to being able to sell those goods to consumers.

Another key difference between the two is how far into the future they look. Business plans, for example, tend to cover a much longer period than marketing plans. A typical window for a business plan, for example, is about five years. A typical window for a marketing plan, on the other hand, will be a year to three years.

The two are updated differently as well. Business plans rarely need to be replaced or updated unless there’s a significant change in the business — a completely new product category, a new business model, or some global event that changes the way a company performs its core function.

Marketing plans are often updated every year. They tend to be part of the yearly budgeting activities that help business owners plan how they will allocate resources to various departments.

This makes sense when you think about it. Companies change their marketing much more often than they change their business model.

The reasons for creating a marketing plan and a business plan are often similar but not identical. Most often, business owners create both to secure financing. Banks and investors frequently ask for business and marketing plans before agreeing to loan money or invest in the company.

But external demands aren’t the only or even the most important reasons to write both kinds of plans. A business plan is a great way to formalize the ideas behind how and why a company works the way it does. It’s a fantastic way for business owners to put down on paper many of the things they’ve been intuitively doing, and cement processes and procedures for running a company.

Business plans are also great at helping you to prepare for future needs. By going through the exercise of writing a full business plan, business owners get an idea of where they are and what kinds of initiatives and resources they need to meet their goals.

Marketing plans are also incredibly useful internally. As we mentioned above, they are an important part of the annual budgeting process. Sitting down and thinking through all of the marketing needs can help both validate a company’s marketing initiatives as well as determine the ideal amount of money to allocate toward marketing.

The bottom line

A marketing plan is a part of a business plan. That’s the easiest way to remember the difference between the two. The business plan shapes everything about the way a company works, and lays out big-picture goals and ideas.

The marketing plan paints a more detailed picture of how the company will use marketing to achieve the goals laid out in the business plan. The marketing plan is department level and has to coexist with plans for other departments — HR, operations, legal and regulatory, and others.

Both plans are important in successfully running a company, but the business plan is more important because it will at least outline some marketing initiatives. For business owners who only have time to create one, the business plan is the logical choice.

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Business Plan vs. Marketing Plan

Back to Business Plans

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on March 3, 2023 Updated on December 11, 2023

Starting a business usually requires both a business plan and a marketing plan. The first has many components, including a marketing section, and covers all facets of the business. The second is essentially an expanded and more detailed version of the marketing section of your business plan.

Both are dynamic documents that will change over time as you learn more about your business. This guide lays out all the details of what goes into a business plan and what is in a marketing plan.

Business Plan Components

A business plan has eight essential components .

1. Executive Summary

The executive summary opens your business plan, but it’s the section you’ll write last . It summarizes the key points and highlights the most important aspects of your plan. Often investors and lenders will only read the executive summary; if it doesn’t capture their interest they’ll stop reading, so it’s important to make it as compelling as possible.

The components should include:

The business opportunity – what problem are you solving in the market?
Your idea, meaning the product or service you’re planning to offer, and why it solves the problem in the market better than other solutions.
The history of the business so far – what have you done to this point? When you’re just getting started, this may be nothing more than coming up with the idea, choosing a business name , and forming a business entity.
A summary of the industry, market size, your target customers, and the competition.
A strong statement about how your company is going to stand out in the market – what will be your competitive advantage?
A list of specific goals that you plan to achieve in the short term, such as developing your product, launching a marketing campaign, or hiring a key person.
A summary of your financial plan including cost and sales projections and a break-even analysis.
A summary of your management team, their roles, and the relevant experience that they have to serve in those roles.
Your “ask”, if applicable, meaning what you’re requesting from the investor or lender. You’ll include the amount you’d like and how it will be spent, such as “We are seeking $50,000 in seed funding to develop our beta product”.

Remember that if you’re seeking capital, the executive summary could make or break your venture. Take your time and make sure it illustrates how your business is unique in the market and why you’ll succeed.

The executive summary should be no more than two pages long, so it’s important to capture the reader’s interest from the start.

2. Company Description/Overview

In this section, you’ll detail your full company history, such as how you came up with the idea for your business and any milestones or achievements.

You’ll also include your mission and vision statements. A mission statement explains what you’d like your business to achieve, its driving force, while a vision statement lays out your long-term plan in terms of growth.

A mission statement might be “Our company aims to make life easier for business owners with intuitive payroll software”, while a vision statement could be “Our objective is to become the go-to comprehensive HR software provider for companies around the globe.”

In this section, you’ll want to list your objectives – specific short-term goals. Examples might include “complete initial product development by ‘date’” or “hire two qualified sales people” or “launch the first version of the product”.

It’s best to divide this section into subsections – company history, mission and vision, and objectives.

3. Products or Services Offered

Here you’ll go into detail about what you’re offering, how it solves a problem in the market, and how it’s unique. Don’t be afraid to share information that is proprietary – investors and lenders are not out to steal your ideas.

Also specify how your product is developed or sourced. Are you manufacturing it or does it require technical development? Are you purchasing a product from a manufacturer or wholesaler?

You’ll also want to specify how you’ll sell your product or service. Will it be a subscription service or a one-time purchase? What is your target pricing? On what channels do you plan to sell your product or service, such as online or by direct sales in a store?

Basically, you’re describing what you’re going to sell and how you’ll make money.

4. Market Analysis

The market analysis is where you’re going to spend most of your time because it involves a lot of research. You should divide it into four sections.

Industry analysis

Research and describe exactly what’s happening in your industry, such as growth rate, market size, and current trends. Where is the industry predicted to be in 10 years? Provide links to your sources.

Detail your company’s place in the market. Will your product fit a certain niche? Is there a sub-industry your company will fit into? How will you keep up with industry changes?

Competitor analysis

Now you’ll dig into your competition. Detail your main competitors and how they differentiate themselves in the market. For example, one competitor may advertise convenience while another touts superior quality. Also highlight your competitors’ weaknesses.

Next, explain how you’ll stand out. Detail your competitive advantages and how you’ll sustain them. This section is extremely important and will be a focus for investors and lenders.

Target market analysis

Here you’ll describe your target market and whether it’s different from your competitors’. For example, maybe you have a younger demographic in mind?

You’ll need to know more about your target market than demographics, though. You’ll want to explain the needs and wants of your ideal customers, how your offering solves their problem, and why they will choose your company.

You should also lay out where you’ll find them, where to place your marketing and where to sell your products. Learning this kind of detail requires going to the source – your potential customers. You can do online surveys or even in-person focus groups.

Your goal will be to uncover as much about these people as possible. When you start selling, you’ll want to keep learning about your customers. You may end up selling to a different target market than you originally thought, which could lead to a marketing shift.

SWOT analysis

SWOT stands for strengths, weaknesses, opportunities, and threats, and it’s one of the more common and helpful business planning tools.

First describe all the specific strengths of your company, such as the quality of your product or some unique feature, such as the experience of your management team. Talk about the elements that will make your company successful.

Next, acknowledge and explore possible weaknesses. You can’t say “none”, because no company is perfect, especially at the start. Maybe you lack funds or face a massive competitor. Whatever it is, detail how you will surmount this hurdle.

Next, talk about the opportunities your company has in the market. Perhaps you’re going to target an underserved segment, or have a technology plan that will help you surge past the competition.

Finally, examine potential threats. It could be a competitor that might try to replicate your product or rapidly advancing technology in your industry. Again, discuss your plans to handle such threats if they come to pass.

5. Marketing and Sales Strategies

Now it’s time to explain how you’re going to find potential customers and convert them into paying customers.

Marketing and advertising plan

When you did your target market analysis, you should have learned a lot about your potential customers, including where to find them. This should help you determine where to advertise.

Maybe you found that your target customers favor TikTok over Instagram and decided to spend more marketing dollars on TikTok. Detail all the marketing channels you plan to use and why.

Your target market analysis should also have given you information about what kind of message will resonate with your target customers. You should understand their needs and wants and how your product solves their problem, then convey that in your marketing.

Start by creating a value proposition, which should be no more than two sentences long and answer the following questions:

What are you offering
Whose problem does it solve
What problem does it solve
What benefits does it provide
How is it better than competitor products

An example might be “Payroll software that will handle all the payroll needs of small business owners, making life easier for less.”

Whatever your value proposition, it should be at the heart of all of your marketing.

Sales strategy and tactics

Your sales strategy is a vision to persuade customers to buy, including where you’ll sell and how. For example, you may plan to sell only on your own website, or you may sell from both a physical location and online.

On the other hand, you may have a sales team that will make direct sales calls to potential customers, which is more common in business-to-business sales. Sales tactics are more about how you’re going to get them to buy after they reach your sales channel.

Even when selling online, you need something on your site that’s going to get them to go from a site visitor to a paying customer. By the same token, if you’re going to have a sales team making direct sales, what message are they going to deliver that will entice a sale?

It’s best for sales tactics to focus on the customer’s pain point and what value you’re bringing to the table, rather than being aggressively promotional about the greatness of your product.

Pricing strategy

Pricing is not an exact science and should depend on several factors. First, consider how you want your product or service to be perceived in the market. If your differentiator is to be the lowest price, position your company as the “discount” option.

Think Walmart, and price your products lower than the competition. If, on the other hand, you want to be the Mercedes of the market, then you’ll position your product as the luxury option.

Of course you’ll have to back this up with superior quality, but being the luxury option allows you to command higher prices. You can, of course, fall somewhere in the middle, but the point is that pricing is a matter of perception.

How you position your product in the market compared to the competition is a big factor in determining your price. Of course, you’ll have to consider your costs, as well as competitor prices. Obviously, your prices must cover your costs and allow you to make a good profit.

Whatever pricing strategy you choose, you’ll justify it in this section of your plan.

6. Operations and Management

This section is the real nuts and bolts of your business – how it operates on a day-to-day basis and who is operating it. Again, this section should be divided into subsections.

Operational plan

Your plan of operations should be specific , detailed and mainly logistical. Who will be doing what on a daily, weekly, and monthly basis? How will the business be managed and how will quality be assured? Be sure to detail your suppliers and how and when you’ll order raw materials.

This should also include the roles that will be filled and the various processes that will be part of everyday business operations. Just consider all the critical functions that must be handled for your business to be able to operate on an ongoing basis.

Technology plan

If your product involves technical development, you’ll describe your tech development plan with specific goals and milestones. The plan will also include how many people will be working on this development, and what needs to be done for goals to be met.

If your company is not a technology company, you’ll describe what technologies you plan to use to run your business or make your business more efficient. It could be process automation software, payroll software, or just laptops and tablets for your staff.

Management and organizational structure

Now you’ll describe who’s running the show. It may be just you when you’re starting out, so you’ll detail what your role will be and summarize your background. You’ll also go into detail about any managers that you plan to hire and when that will occur.

Essentially, you’re explaining your management structure and detailing why your strategy will enable smooth and efficient operations.

Ideally, at some point, you’ll have an organizational structure that is a hierarchy of your staff. Describe what you envision your organizational structure to be.

Personnel plan

Detail who you’ve hired or plan to hire and for which roles. For example, you might have a developer, two sales people, and one customer service representative.

Describe each role and what qualifications are needed to perform those roles.

7. Financial Plan

Now, you’ll enter the dreaded world of finance. Many entrepreneurs struggle with this part, so you might want to engage a financial professional to help. A financial plan has five key elements.

Startup Costs

Detail in a spreadsheet every cost you’ll incur before you open your doors. This should determine how much capital you’ll need to launch your business.

Financial projections

Creating financial projections, like many facets of business, is not an exact science. If your company has no history, financial projections can only be an educated guess.

First, come up with realistic sales projections. How much do you expect to sell each month? Lay out at least three years of sales projections, detailing monthly sales growth for the first year, then annually thereafter.

Calculate your monthly costs, keeping in mind that some costs will grow along with sales. Once you have your numbers projected and calculated, use them to create these three key financial statements:

Profit and Loss Statement , also known as an income statement. This shows projected revenue and lists all costs, which are then deducted to show net profit or loss.
Cash Flow Statement. This shows how much cash you have on hand at any given time. It will have a starting balance, projections of cash coming in, and cash going out, which will be used to calculate cash on hand at the end of the reporting period.
Balance Sheet. This shows the net worth of the business, which is the assets of the business minus debts. Assets include equipment, cash, accounts receivables, inventory, and more. Debts include outstanding loan balances and accounts payable.

You’ll need monthly projected versions of each statement for the first year, then annual projections for the following two years.

Break-even analysis

The break-even point for your business is when costs and revenue are equal. Most startups operate at a loss for a period of time before they break even and start to make a profit. Your break-even analysis will project when your break-even point will occur, and will be informed by your profit and loss statement.

Funding requirements and sources

Lay out the funding you’ll need, when, and where you’ll get it. You’ll also explain what those funds will be used for at various points. If you’re in a high-growth industry that can attract investors, you’ll likely need various rounds of funding to launch and grow.

Key performance indicators (KPIs)

KPIs measure your company’s performance and can determine success. Many entrepreneurs only focus on the bottom line, but measuring specific KPIs helps find areas of improvement. Every business has certain crucial metrics.

If you sell only online, one of your key metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase. Perhaps the purchase process is too complicated or your product descriptions are vague.

Learning why your conversion rate is low gives you a chance to improve it and boost sales.

8. Appendices

In the appendices you can attach documents such as manager resumes or other documents that support your business plan.

Marketing Plan Components

A marketing plan, as mentioned above, is a more detailed version of the marketing strategy section of your business plan. It includes six components.

1. Marketing Objectives

Start by detailing your short-term marketing goals. This could be “Reach 10,000 monthly site visitors by next year’” or “Acquire 500 new customers by May”. Be sure to set clear and attainable goals so your marketing team understands its targets.

2. Target Market

You’ll want to document exactly who you’re trying to reach with your marketing. You should’ve already done a target market analysis for your business plan, and you’ll use it here.

What Problem Are You Solving?

Whatever your product or service, it needs to solve a problem in the market. So, ask yourself, what problem does my business solve? Next, consider who faces that problem.

A plumbing company, for instance, solves the problem of broken pipes. Who deals with that problem? Homeowners and property owners and managers.

Depending on your business, it may not be obvious who has the problem you’re solving. If it’s not clear, do more research. Either way, knowing who faces the problem you’re solving is just the beginning. You need to know much more about your target customers.

Research Your Market and Competition

Now, dig into your market with some online research. Do some Google and Bing searches about your target demographic, where they shop and live, what appeals to them and so on.

Next, check out your competition to see who they’re marketing to. It may help to study their marketing through the eyes of a consumer.

What need do they fill? Who would find their marketing appealing? Where do they advertise? If their ads appear on TikTok, they’re looking to attract a younger market.

This market research should give you a general profile of your target market – but that’s not enough.

Talk to Potential Customers

To learn more about your target market, go straight to the source. The best way to learn their needs and wants, why they’d buy your product and how they’ll use it, is to ask them via a phone or email survey.

If you’ve yet to make any sales, it’s probably best to post your survey online then promote it on social media by offering a small reward, such as a gift certificate. Just make sure you ask the right questions to get the information you’re looking for.

You can also hold in-person focus groups and offer your goods at a discount for participants.

Create Customer Profiles

Now it’s time to build detailed profiles of your target customers. You may have found that your product will appeal to more than one group of people. These are called customer segments, and all your segments together make up your target market.

Create descriptions of each group with all the information you’re learned. These profiles should include:

Pain points: the problems they have that you’re solving
Benefits your product provides
Their interests: what do they care about?
Buying patterns: where do they shop?
Age, location, income level, other factual information

3. Value Proposition

Now you can use these profiles to craft a value proposition that will serve as the foundation of all your marketing. You may need to devise more than one value proposition to target different segments.

Your value propositions should be no more than two sentences long and answer the following questions:

How is it better than competitors’ products

An example might be “Payroll software that handles all the payroll needs of small business owners, making life easier for less.”

Remember that you need to align your value proposition with the wishes of your target market.

4. Marketing Activities

Now you’ll layout the specific marketing activities that you plan to conduct. Your target market analysis should have told you where you’re most likely to find potential customers, so if you found out that your potential customers use TikTok, you can post and run ads there.

You’ll want to only perform the marketing activities that are most likely to reach your potential customers so that you’re not wasting marketing dollars. If getting found online is important to you, focus on search engine optimization (SEO) and social media ads.

Make the activities as specific as possible, such as “Run a TikTok ad promoting ____ for three months.”

5. Marketing Budget

Now, determine what these activities will cost and set a budget. When you go through this process, you may find that you need to adjust your marketing to stick to the budget you can afford.

Your marketing budget needs to align with your goals. If one of your goals is to obtain 500 new customers, which will generate $10,000 in revenue, you can’t spend more than that on marketing. You have to make sure you’re getting a good return on your investment, or at least breaking even.

Now you’ll determine your key performance indicators (KPIs) to gauge the success of your marketing.

If you sell only online, one of your key marketing metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase.

Perhaps the purchase process is too complicated or your product descriptions are vague. The point is, learning why your conversion rate is low gives you a chance to improve it and boost sales.

Similarly, if you’re not getting enough site visitors, you may need to revisit your SEO strategies.

A business plan outlines the overall mission, objectives, and strategies of a business, encompassing aspects like operations, finances, and organizational structure.

In contrast, a marketing plan focuses specifically on strategies and tactics to promote products or services, detailing target audiences, promotional methods, and market positioning.

While the business plan provides a comprehensive view of the entire business, the marketing plan hones in on attracting and retaining customers.

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The Difference Between a Marketing Plan & a Business Plan: How to Distinguish Between the Two (& Use Both to Accelerate Your Success)

Table of contents.

Image of a man standing over a few key marketing concepts.

Planning to succeed

They say that ‘if you fail to plan, you plan to fail.’ This is a major factor in why 9 out of 10 businesses never make it past the 5-year mark. So if planning is on your mind, you are already ahead of the game.

But when you start to look at possible plans for your new enterprise, it gets confusing very quickly. You may have heard people talking about both business plans and marketing plans. Are these the same thing, or are there differences? If so, which should you choose—or do you need both?

In this article, I’ll take a close look at business and marketing plans, discussing how they fit into your overall success strategy. I’ll clarify what each plan is for and explain how to leverage them to your advantage.

Business plan vs. marketing plan

Business plans and marketing plans are distinct and have different purposes. Yet they both play a vital role in ensuring business success. So how are they different?

Business plan

A business plan sets out the overall strategy for your business. It defines the company’s overall aims, and objectives then maps out a course for achieving them.

This plan keeps the executive team focused on the right goals, ensuring that everyone works together to achieve success. It also plays a crucial role in helping the start up and small business raise money. Banks and other investors will expect to see a business plan that clarifies how their money will be used—and how they will achieve a return on investment.

A sound business plan will typically include:

Market research data
Competitive analysis
A mission statement
Financial projections
A sales and marketing strategy
An operating plan

Marketing plan

A marketing plan is much narrower in its focus. As the name suggests, it is only concerned with how you will achieve sales. Of course, every business needs healthy sales to survive, so marketing deserves special attention.

A typical marketing plan might cover:

The target market
The value proposition of the brand
The sales targets for future quarters
Campaigns to be executed
A timeline for completing campaigns
The metrics used to measure success

A marketing plan is essentially a sub-set of a business plan, providing extra detail on one critically-important area of operation.

Creating your business plan

There are many ways to write your business plan, but the two most popular options are:

Traditional business plan format
Lean startup plan format

Let’s examine how you should structure each of these:

Traditional business plan

Conventional business plans are more comprehensive, including a lot of detail. This format is a good choice if you’re aiming to raise money from banks or financial institutions. Your plan is likely to include these elements:

Executive summary: a top-level overview of what the business will do and why it’s likely to be successful
Company description: detail about the problems your business solves and why your company is qualified to provide solutions
Market analysis: insights into the current state of the market, strengths and weaknesses of competitors, and opportunities to innovate
Organizational structure: details concerning the legal structure of the business and the executive team who will lead operations
Products and services: explain the offers you will present to the market and how you will gain a competitive advantage
Marketing and sales: your strategy for reaching potential customers and achieving sales
Operating plan: outline how the business will operate in terms of locations, number of employees, etc.
Funding requirements: detail the financial requirements of the business and how you expect these to be fulfilled
Financial projections: show your forecasts for revenue and expenses in the quarters ahead
Appendix: add any additional supporting documents that strengthen your case

Stay ahead of the game by building your foundational marketing knowledge and finding the best marketing partners.

Lean startup plan

If you’re looking to raise money from venture capital companies or angel investors, the lean startup plan might be the right choice. This format is designed to be a quick read, giving busy investors the critical info they need to make a decision.

Core components of a lean startup plan typically include:

Business overview: provide a clear overview of what your business will do and how it will operate
Key partnerships: list the manufacturers, suppliers, subcontractors, and other strategic partners critical to your success
Key activities: describe how your business will gain an edge over competitors (from innovative technology to a more efficient sales system)
Key resources: explain how intellectual property, staff, capital, or other assets will help you succeed
Value proposition: provide a compelling statement that shows how your company is different and what this means to investors and stakeholders
Customer relationships: show how your business will interact with prospects and clients (define the entire customer experience)
Customer segments: demonstrate a clear understanding of who your most important prospective customers are
Channels: define the key channels you will use to reach people in your target market
Cost structure: explain whether you will prioritize reducing costs or maximizing value to customers
Revenue streams: break down all the income streams your company will use to generate sales and profit

Creating your marketing plan

Once you’ve achieved any funding required and gotten your business off the ground, it’s time to focus on your marketing strategy. You can use the ‘Marketing & Sales’ element in your business plan as your starting point, expanding as necessary to create a comprehensive and detailed marketing plan.

You may include any or all of the following elements:

Business objectives: it’s essential that your marketing plan stays aligned with the overall business targets, so this is an excellent place to start
Marketing goals: define exactly what you want to achieve in terms of increased sales, higher margins, improved average order value, etc.
Market research: provide informed insights into the size and growth of your intended market, together with the opportunities it presents
Target audience: identify the demographics of your intended audience, and describe your ‘perfect customer’ avatar
Messaging: describe the brand messages, unique selling propositions, and competitive advantages you intend to convey
Pricing and positioning: determine whether you will be seeking volume sales with lower prices or higher margins with premium positioning
Budget: outline the spending requirements for your proposed campaigns, ensuring that all likely costs are included
Timing: set out a timeframe for executing the marketing plan, including timescales for all advertising and promotional campaigns
Roles: clarify who will be involved in putting the plan into action, including managers, employees, agencies, and suppliers
Key Performance Indicators: define what success will look like in terms of metrics that move the needle in your business

Get the right plan

Whatever the nature of your business, you should have both a business plan and a marketing plan in place. These will be the guides that keep you firmly on track for success.

But putting these plans together from scratch can be daunting. That’s where I can help. As a marketing broker with over ten years of experience, I’ve helped countless businesses get their startup off the ground.

If you need help turning your new venture into an unstoppable success, be sure to get in touch. We can talk through your business and marketing needs, keeping you on track to grow sales and profits.

With the right plan to follow, there’s no limit to how much you can achieve. Let’s make it happen!

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Marketing Plan vs. Business Plan: What’s The Difference?

by Mike Vestil

If you’re starting a new business, you may be wondering about the differences between marketing plans and business plans. While both are crucial to running a successful company, they have important key differences to understand.

Marketing and business plans are two essential tools, but they serve different purposes. A business plan is a more comprehensive, big-picture overview of your company’s mission. In contrast, a marketing plan is a facet of your business plan that will help you advertise and reach your target audience.

Drafting up these plans may seem daunting at first, but once you understand how they operate, you’ll be prepared to take your business to the next level. This article will break down the difference between a marketing plan and a business plan and how both documents in tangent can help you move forward with your company’s development. Let’s dive in!

Business Plans

Image credit: PatriotSoftware.com

One of the most crucial things you can prepare is a business plan when starting or running a company. A business plan is a comprehensive document that outlines the operational and financial goals of a business and its overall strategy for achieving them. A successful business plan includes:

The company’s mission statement.
An analysis of its target market.
A statement of operations.
A detailed explanation of its services or products.

Creating a business plan is crucial because it will help you stay organized and focused on your long-term goals— essentially, it’s a roadmap of how you will achieve success and meet your business’s clearly outlined missions. The plan will aid you in making informed decisions, assessing risks, and measuring progress.

The length and detail of this plan will vary depending on the size and type of business you are running. However, having a solid business plan is essential for any business, especially start-ups. Start-ups often don’t have the resources that more established businesses do, so owners have to work harder to convince investors to fund or loan money to their projects. A business plan can help smaller or newer companies secure loans and other forms of funding.

In the following sections, I’ll outline the various elements you need to create a successful business plan by walking you through all the steps, from writing a summary to creating a budget.

Executive Summary

The executive summary is the first section of your business plan, and it should be approximately one to two pages long, depending on the overall size of your report. It should be well written, concise, and capture the essence of your company, as well as your aims and goals. The executive summary is crucial because it will give potential investors and lenders an in-depth look into your business plans.

This summary will represent the entirety of your plan, so make sure the document includes an overview of the following:

Your services and products: What will you be selling? Is it a physical good or a service? Will you sell a variety of items or focus on a specific product?
Your optimal target market: Who is your ideal customer base? What about their demographics or interests makes them the right fit for your product? How will you advertise to them?
Your competitive advantage: What makes your product stand out from the competition? Is there anything unique or especially compelling about what you have to offer?
Your financial projections: How much do you expect to profit? What financial aspects do you have to consider? How much of your budget are you allocating to various areas (from production to advertising and everything in between)?
Your management plan: Will you hire employees, and if so, what is your management strategy? Will you have an on-site location or sell online?

With these questions in mind, you’ll be able to write a compelling summary that covers your mission and the steps you’ll take towards achieving your goals.

With the executive summary out of the way, I’ll now walk you through the other essential sections of your business plan.

Products And Services

This part of your report should include detailed descriptions of your business’s products and services. You should have information on pricing, how long your products last, and an overview of the production process, including information about how your goods will be manufactured and delivered.

If you run a start-up or new business, this part of your plan is especially crucial because it will give potential investors a snapshot of what your business offers. It would be best to showcase what makes your brand unique and how you plan to compete in the market. What are your selling points? Why should customers choose you over your competitors? Highlight any benefits of your company to address how they will meet customer demand.

If you have any patents or trademarks, you can include that information here so that potential investors know that your intellectual property is legally protected.

Marketing Analysis

This section should outline who your competitors are and their influence in your chosen field. This analysis can include information about the strengths and weaknesses of your competitors and how difficult it may be to take market share from these businesses.

Doing detailed industry research will also help you identify areas where you could improve on what similar companies are doing. Once you know what is already offered in the market, you can develop competitive strategies to help your product stand out.

The marketing analysis can also detail your projections and expected demand for your products based on competing industries and companies. Knowing how receptive your target audience will be can help you determine your strategy, which I will go over in the next section.

Marketing Strategy

Once you’ve completed your analysis, it’s time to develop a strategy. This section should include your overall plan for how you will attract and maintain a customer base, as well as what advertising methods you will use to appeal to the right target markets.

It would help to tailor your strategy to your ideal buyers, and it should be realistic and achievable. You should consider your company’s strengths and how you can use them to your advantage in the market. For example, suppose you have a solid online presence. In that case, you may want to focus on digital marketing strategies. Or, if you have a niche product, you can find specific sites to target potential customers.

Additionally, you should provide information on the distribution channels you will use. This data may include where you are sourcing your products and how you plan to deliver them to your customers.

You can also specify how your company intends to communicate with customers by having a plan for after-sales service and how you will handle customer complaints or queries.

Financial Planning

Financial planning is essential for any business, although the process will look different depending on whether you’re a startup or run an existing company. Regardless of the current state of your business, you should enlist the help of accountants and economists to create a financial plan.

This section should include detailed information on your company's financial status, as well as projections for the future. All of this information will help to give investors a clear picture of your business' financial stability and growth potential.

If you have an existing business, you'll need to include the following documents:

Balance sheet: A balance sheet gives an overview of your assets and liabilities. This document includes information on your fixed and current assets, such as property, equipment, and inventory. You should also list your company's liabilities, such as loans and credit lines.
Cash flow statement: The cash flow statement will show how much money is coming in and out of your business, including information on your sales revenue, expenses, and investments.
Statement of comprehensive income: The statement of comprehensive income will detail your company's profits and losses over a specific period, allowing for a more holistic view of your company’s income.
Report on share capital: This report showcases how much money has been invested in your company in stocks.

If you’re a start-up, you’ll need to provide estimates for the first few years of operation, including information on expected sales, profits, and expenses. You should also outline how much money you’ll need to get your business off the ground and how you plan to obtain these funds through potential investors.

Determine your long-term goals for your business and how you plan to achieve them through measurable steps. This data should include expected sales revenue and profit margins. You should also have a plan for reinvesting profits back into the company and address how you will cover any future costs or losses.

Financial planning is an ongoing process, so you should update your business plan annually, especially if your company’s financial status changes. Keeping these documents in order will help you stay on track and ensure that your company meets its projected financial goals.

Your budget is a critical element of your financial plan and should prove to investors that you have a sense of how much money to allocate to various parts of your business. You can break down your budget into different sections, including personnel, development, production, and advertising costs.

Additionally, you can include a sales forecast that outlines your expected revenue and profit margins. These projections will help you to determine how much money you need to cover your costs and make a profit within your allotted budget.

Marketing Plans

Image credit: MarketingDonut.co

A marketing plan is a document that outlines an organization's advertising goals and strategies. It should cover product promotion, pricing, target markets, and advertising. The focus of marketing plans should be to advertise your product to consumers who are likely to purchase from you.

When creating a marketing strategy, you should consider your target audience, research competition in the market, and develop clear goals and strategies. It would help if you also considered what marketing channels you’ll use, including social media advertising, email marketing, influencer marketing, search engine optimization (SEO), content marketing, or other methods.

How Marketing Plans Compare To Business Plans

A marketing plan focuses solely on the marketing aspect of your business, so it is more detailed about this specific part of your plan. On the other hand, a business plan is an overarching document that outlines the company’s missions regarding product development and financial objectives and a brief overview of marketing goals and competitive challenges.

A marketing plan, while important, is less comprehensive and doesn’t provide as much general information about the company. Therefore, it’s important to remember that a marketing plan and a business plan should work together—the marketing plan provides the overall marketing strategy while the business plan offers a detailed roadmap for succeeding on multiple levels.

You can think of a marketing plan as a more detailed part of the overall business plan. The business plan is more important to present to potential investors because it provides a general overview of a company’s mission, but including a detailed marketing plan is an asset that will aid your business plan.

While business plans typically don’t have to be updated frequently, you should review marketing plans periodically to adjust to the outcomes of advertising efforts and marketing trends. Therefore, it is a more pliable document and is easier to adapt as your business changes and grows.

I’ll outline what elements you need to build a successful marketing plan in the following section.

Marketing Objectives

Your marketing objectives should be specific, measurable, achievable, relevant, and time-bound. Here are some solid examples of marketing objectives:

Increase conversion rates by 5% in six months by investing in Facebook advertising.
Build brand awareness by partnering with five new influencers this year.
Conduct A/B testing over one month with two different advertisements to determine which version yields more web traffic.

Keep in mind that you should align your objectives with the overall goals of your business. Whether you hope to increase profits or reach more customers, your efforts should reflect those aspirations. For example, suppose you desire to establish a better digital presence. In that case, you can advertise on social media. Or, if you want to improve customer communication, you can launch a live chat on your website.

Market research is the process of analyzing current market trends and adjusting your business strategy to meet the projected direction of the industry. You’ll need to know your current business positioning in the field, which involves taking a close look at target markets.

Your target market should be based on the products or services you offer. If you provide a product that appeals to a wide audience, your target market will be much broader than if you offer a product that only appeals to a niche group.

It’s also essential to understand potential buyers’ interests and where you can advertise to them. Does the majority of your target audience use social media? If so, which platforms? What publications do they read? What TV programs do they watch? You can conduct market research in several ways, including surveys, focus groups, interviews, and observational studies.

Once you have this information, you can begin developing buyer personas. A buyer persona is a fictional representation of your target customer. It includes demographic information like age, gender, income level, and job title, as well as your buyer persona’s interests, values, and needs. This information will help you determine where to focus your marketing efforts.

Competition

It's essential to understand your competition and stand out in the field if you want to succeed in the market. One of the most important things to do is research similar businesses. To learn about them, you can visit their stores or websites. What are they offering? What prices are they charging? How are they promoting their products? What do their customers say about them in reviews?

Once you find out what they offer, how much they charge, and how they’re promoting themselves, you’ll be able to address any flaws your competitors may have and develop schemes that are unique to your business.

You can also use tools like the SWOT analysis to analyze your competitors’ strengths and weaknesses. This information can help you decide which strategies to use by addressing both internal and external factors.

Now that you understand how to conduct market research and evaluate competing businesses, let’s look at the various strategies you can implement to ensure that your advertising efforts elevate your business.

Marketing Mix

A marketing mix combines marketing activities that you use to reach your target audience—product, price, place, and promotion.

The product description should include information on what you are selling, how you source it, and the benefits that it will provide to potential buyers. You can include high-quality images or models to showcase these goods.

You’ll also need to include price information, including how much it costs to produce your product and what price you are selling it for, based on your market research on similar items.

The place category will determine where customers can purchase your product. You can outline where your goods will be available, whether on online marketplaces, your website, or in-store.

The promotion section will include information on your advertising campaigns, including email campaigns, social media campaigns, SEO optimization, and more.

Marketing Strategies

Now that you have your objectives and marketing mix in place, it’s time to implement them. Each activity should have a goal associated with it. For example, if one of your goals is to increase website traffic, your next move could be to promote a contest on social media. Or, if you want to raise brand awareness, you can reach out to influencers for a paid partnership.

The more specific information you have about this audience, the better chance of reaching potential customers through advertising campaigns or social media posts that speak directly to their interests and concerns. If done correctly, this could lead to higher conversion rates from potential customers, as well as increased brand awareness among those who may not have been aware of your product before seeing these advertisements.

You should also allocate a budget for each objective and a timeframe for completing your goals. Be realistic about what you can achieve in the given timeframe, and make sure you allow enough time to see the results of your efforts.

Key Performance Indicators (KPI)

Key Performance Indicators (KPI) are metrics that measure how well you’re achieving your objectives. There are many different KPIs you can use, depending on your goals. Common KPIs include website traffic, conversion rate, leads generated, and customer satisfaction. You can also check out my article about how to use KPIs for email marketing for more ideas about KPIs that you can set in your business.

You should track your KPIs regularly and adjust your marketing activities as needed. If you find that you’re not achieving your goals, it’s time to reevaluate your plan and make changes.

Marketing Budget

Though you will likely already have an overall budget at this point in your business plan, the marketing budget can provide more detail on the distribution of your company’s financial resources towards advertising and promotions.

You should determine what percentage of your funds will go towards advertising efforts— the general advice is between 6-20% of your total budget.

How A Marketing Plan And A Business Plan Work Together

Image credit: MarketingInsiderGroup.com

Companies should have both a business and marketing plan—the business plan outlines the structure and goals of the company. In contrast, the marketing plan explains how you will achieve those goals through marketing activities. If you seek loans or meet with investors, having both of these documents at the ready will benefit your business.

I’ve already established their different purposes, but when used together, there are many benefits to having these documents.

These range from increased sales to more realistic projections. The following section will detail the perks of creating and implementing both plans.

Increased Sales

Business plans define the company’s goals, and the marketing plan provides specific steps to achieve these aims. When you have both plans in place, it’s easier to track your progress and make changes as needed, increasing the chances of achieving your objectives and improving sales.

If the overall goals of the business change, the marketing plan may also need to be altered. For example, if the business decides to focus on international sales, the marketing plan will need to reflect this change. Luckily, marketing plans are easier to update, so you can adjust the details as your business expands and evolves.

The more detail you put into these plans, the more likely you are to reliably and consistently track your progress based on your preset goals. While drafting them may be a lot of work initially, staying organized and adjusting your plans as needed will help increase sales in the long-run.

Realistic Projections

When creating these plans, it’s important to be realistic about what you can achieve by setting achievable goals and estimating the time it will take to complete each activity.

Once you write these plans, you’ll have a better idea of initial projections based on the in-depth market research required to make a budget and set your prices. You’ll also have more information about how to accurately track your marketing efforts using data collection tools and KPIs.

Consistency

If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business’s goals.

Having these plans in place makes it easier to keep your business on track and on-brand. You can adjust your marketing plan as you go to keep up with new objectives or projects, keeping your business organized and streamlined.

Surpassing Your Competition

Creating these plans will help you surpass your competitors—when you clearly understand what you’re up against, it’s easier to create a strategy that will help you stand out.

Business plans help you understand your competition, like what strategies work and what aspects you can improve on. This knowledge will allow you to use your funds and resources on marketing channels to bring optimal value and income.

Once you have implemented these plans, it’s essential to monitor their effectiveness. By keeping track of how well your company matches your projections, you can identify patterns and adapt these plans according to your future goals.

Your business plan can be reviewed annually, which will give you an overview of where you are meeting your goals and what areas you may be falling short in. Does your work meet the standards and guidelines you initially planned?

In comparison, you should review marketing methods quarterly to track which ones are working best and which you can adjust to run your operation more successfully.

FAQ—Marketing Plan vs. Business Plan

Are marketing plans the same as business plans.

A marketing plan is a component of a business plan, but it is not the same thing. A business plan provides a structure and goals for the company, while the marketing plan explains how each marketing activity will help achieve those goals.

What Comes First, Business Plans Or Marketing Plans?

Creating a business plan before making a marketing plan is generally recommended. Keep in mind that the two projects should be consistent with each other and work together to present the most comprehensive, detailed overview of your business goals as possible.

What Is The Difference Between Marketing Plans And Business Plans?

Business plans are longer, more comprehensive documents that cover all aspects of your company’s operations and include the following:

An explanation of your company’s mission and an executive summary of your goals.
In-depth details about your products and services, including how they are produced and shipped.
A marketing analysis that provides detailed industry research and a comparison to similar brands.
Financial aspects of your business, including a budget.

Alternatively, marketing plans cover only the marketing aspect of your company and address the following areas:

Marketing objectives.
Marketing strategies.
Key performance indicators (KPIs).
Marketing budget.

While these plans serve different purposes, they can be used together to present an in-depth overview of your company to potential investors and are both valuable assets to track your business goals, successes, and areas to improve on.

Image credit: SimplyBusiness.co.uk

Although a business plan and marketing plan are two different documents, they work together to create a well-rounded view of the company. A good business plan will have realistic goals based on sound market analysis, while a good marketing plan will outline specific objectives to help achieve those projections.

When these two plans are put together, they can increase sales, create realistic projections, and help your business overcome competitive challenges. Therefore, drafting both is essential for having an organized, consistent, and lucrative business.

So, what are you waiting for? Using this guide for reference, start creating your marketing and business plans today!

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About the author

Mike Vestil

Mike Vestil is an author, investor, and speaker known for building a business from zero to $1.5 million in 12 months while traveling the world.

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Planning, Startups, Stories

Tim berry on business planning, starting and growing your business, and having a life in the meantime., marketing plans vs. business plans: what’s the difference, and why do you care.

What’s the difference between a marketing plan and a business plan? Doesn’t a business plan include a marketing plan? Why would anybody do one without the other?

Good questions, and since I get them a lot, I decided to answer them here:

A business plan covers the entire business, including overall strategy, financial plans, target markets, sales, products and services, operations, and how they all relate to each other. A marketing plan, in contrast, focuses on the marketing: marketing strategy, target markets, marketing mix, messaging, programs, etc. Cash flow is vital for a business plan, but not usually included in a marketing plan
Yes, a business plan almost always includes the marketing portion. Emphasis varies, and I’ve seen some plans that focus much more on product or service than on marketing. But those are unusual.
Lots of people do marketing plans rather than business plans because their job or their attention or their focus is on the marketing, not the whole business.

I wrote 5 steps to creating a marketing plan in one of my columns for entrepreneur.com. I’m including a summary here:

Step One: Your identity as a business.

Create separate lists that identify your business’ strengths, weaknesses and goals. Put everything down and create big lists. Don’t edit or reject anything.

Then, find priorities among the bullet points. If you’ve done this right, you’ll have more than you can use, and some more important than others. Kick some of the less important bullets off the list and move the ones that are important to the top.

This sometimes requires input from your managers as well. For example, your management team thinks being conservative on spending is a weakness but you don’t. That might be something to drop off the list.

Step Two: Focus on markets.

The next list you’ll need to make outlines your business’ opportunities and threats. Think of both as external to your business — factors that you can’t control but can try to predict. Opportunities can include new markets, new products and trends that favor your business. Threats include competition and advances in technology that put you at a disadvantage.

Also make a list of invented people or organizations who serve as ideal buyers or your ideal target market. You can consider each one a persona, such as a grandmother discovering email or a college student getting his or her first credit card. These people are iconic and ideal, and stand for the best possible buyer.

Put yourself in the place of each of these ideal buyers and then think about what media he or she uses and what message would communicate your offering most effectively. Keep your identity in the back of your mind as you flesh out your target markets.

Step Three: Focus on strategy.

Now it’s time to pull your lists together. Look for the intersection of your unique identity and your target market. In terms of your business offerings, what could you drop off the list because it’s not strategic? Then think about dropping those who aren’t in your target market.

For example, a restaurant business focused on healthy, organic and fine dining would probably cater to people more in tune with green trends and with higher-than-average disposable income. So, it might rule out people who prefer eating fast-food like hamburgers and pizza, and who look for bargains.

The result of step three is strategy: Narrow your focus to what’s most in alignment with your identity and most attractive to your target market. In other words, focus on the area that is shared by all three lines in the diagram here.

Step Four: Set measurable steps.

Get down to the details that are concrete and measurable. Your marketing strategy should become a plan that includes monthly review, tracking and measurement, sales forecasts, expense budgets and non-monetary metrics for tracking progress. These can include leads, presentations, phone calls, links, blog posts, page views, conversion rates, proposals and trips, among others.

Match important tasks to people on your team and hold them accountable for their successes and failures.

Step Five: Review often and revise.

Just as with your business plan, your marketing plan should continue to evolve along with your business. Your assumptions will change, so adapt to the changing business landscape. Some parts of the plan also will work better than others, so review and revise to accommodate what you learn as you go.

Thanks for sharing your valuable experience Tim. Creating, implementing and reviewing business plans should definitely be an essential part of every company. However, marketing is a core element of a business and should be treated as such. While focusing on the market & customer behavior, a marketing plan misses ‘cash flow’ as a key ingredient. This is why a marketing plan should go hand in hand with the business plan. Personally, I’m a huge fan of doing both 🙂

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What is a Marketing Plan & How To Write One? [Easy Guide]

What is a Marketing Plan?

A marketing plan is a strategic guide that helps businesses map out their advertising and promotional strategies to attract prospective customers and connect with their intended audience. It offers clear and detailed direction on how to achieve business objectives through targeted marketing efforts.

Marketing Plan vs. Business Plan

Understanding the distinction between a marketing plan and a business plan is crucial for any organization aiming to navigate the complexities of strategic planning and resource allocation.

Marketing Plan: This is a focused document dedicated to the marketing segment of an organization’s strategy. It meticulously outlines the marketing objectives, strategies, and tactics that will be employed to achieve the desired market presence and customer engagement.
Business Plan: A business plan has a broader scope, encompassing every facet of the company’s operations. While it includes marketing, it also delves into finance, operations, human resources, and more, providing a comprehensive overview of the entire business.

Marketing Strategy vs. Marketing Plan

Differentiating between a marketing strategy and a marketing plan is essential for implementing effective marketing operations within a business. These two elements, while closely related, serve distinct functions in the marketing process.

Marketing Strategy: This aspect defines the overarching approach and long-term vision for a company’s engagement in the market. Each element of the marketing strategy is designed to align with the company’s top-level goals and contribute to realizing its vision statement. In essence, the marketing strategy answers the “what” and “why” behind a company’s marketing efforts, outlining what the company aims to achieve and why those goals are important.
Marketing Plan: In contrast, the marketing plan focuses on the “how” of reaching strategic objectives. It is a practical document that outlines specific actions, timelines, and resources required to execute the marketing strategy. It details the campaigns, channels, tools, and tactics that will be used to achieve the strategic goals outlined in the marketing strategy.

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Types of Marketing Plans

Marketing plans vary depending on their focus, scope, and objectives. Understanding the different types of plans is crucial for businesses aiming to target their marketing efforts and resources effectively. Here are some of the key types:

Go-to-market/Product Launch: This plan is specifically designed to introduce a new product. It outlines the target audience, market entry strategy, and advertising tactics to be employed.
Social Media : A social media plan is tailored to the unique dynamics of social media platforms. It details the advertising strategies to be used on these platforms, focusing on engaging with users and leveraging specific features to maximize reach and impact.
General Marketing Strategic Plan / Annual Marketing Plan: This comprehensive plan covers a company’s overall marketing activities for the entire year. It encompasses various marketing efforts and campaigns, outlining a cohesive strategy that supports the company’s annual goals.
Content Marketing Plan : Focused on content creation and distribution, this plan outlines the strategies, campaigns, and tactics for using content to achieve business objectives. It details how different types of content (blog posts, videos, infographics) will be used to attract and engage the target audience.
SEO Marketing Plan: Dedicated to search engine optimization, this plan outlines the strategies and actions to improve a website’s visibility in search engine results pages (SERPs). It focuses on keyword research, content optimization, link building, and other tactics to drive organic traffic to the website.

Benefits of a Marketing Plan

Having a structured plan is invaluable. It acts as a strategic roadmap, guiding businesses toward achieving their goals through well-organized and monitored marketing activities.

Here are five important benefits of creating a marketing plan:

Goal Setting: It allows your business to define clear marketing objectives and set measurable targets. This facilitates focused efforts toward lead generation, sales increase, market share expansion, brand awareness, and customer acquisition.
Strategic Direction: The plan provides a detailed outline of your promotional strategy, helping identify the target audience, their preferences, and the best methods to reach and engage them effectively.
Competitive Advantage: A plan helps you articulate and leverage your unique selling proposition (USP), ensuring you stand out in the market and secure a competitive edge.
Consistency and Integration: The plan fosters consistency and integration in marketing efforts, ensuring a unified brand message and customer experience across all marketing channels and touchpoints,
Long-term Sustainability: A comprehensive plan not only focuses on immediate goals but also lays the groundwork for sustained growth and adaptability to market evolution, customer demands, and emerging trends.

How To Write a Marketing Plan

Create a mission statement

The foundation of any effective marketing plan begins with a clear and concise mission statement. This crucial step sets the stage for all subsequent planning by articulating the core purpose and direction of your company’s marketing efforts. A mission statement serves as a compass, guiding your marketing strategies and ensuring they align with your organization’s broader goals.

Developing a mission statement is more than just a formality; it’s a strategic exercise that clarifies your marketing vision and sets a purposeful path for your team. With a compelling mission statement in place, you can craft a plan that resonates with your audience and drives your business toward its long-term objectives.

Set your goals/KPIs

Establishing clear goals and key performance indicators (KPIs) is a pivotal step in crafting a marketing plan that aligns with your company’s value proposition and ensures measurable success. This stage involves setting financial and non-financial objectives to guide your marketing efforts and evaluate their effectiveness.

Marketers who set specific goals are significantly more likely to report success. By defining financial and non-financial objectives, you create a comprehensive framework for guiding your marketing strategies. This dual focus not only drives economic value but also fosters qualitative improvements in your marketing efforts, ensuring a balanced approach to achieving your company’s vision.

Identify Your Target Market

Pinpointing your target market is a crucial step in any marketing plan. Understanding who your product or service is for and why forms the backbone of your marketing efforts and influences decisions on marketing channels, content creation, and overall outreach strategies.

A key outcome of market research is the development of buyer personas. These semi-fictional representations of your ideal customers are crafted based on real data and insights about your existing clientele. Buyer personas detail your target market’s characteristics, needs, and motivations, offering a detailed profile that guides your marketing strategies.

Conduct Competitive Analysis

Conducting a competitive analysis is integral to crafting a robust marketing plan. This process involves identifying your main competitors, understanding their strategies, and evaluating how your business can establish a distinctive and superior position in your niche. Through this analysis, you’ll gain insights into the competitive landscape, helping you to leverage your own strengths and identify areas for improvement.

Understanding both the internal and external factors that influence your market positioning is crucial. They include:

Internal factors: Examine what could impact your competitive advantage, such as your team’s expertise, proprietary technology, or customer service practices.
External factors: Look beyond your immediate competitive environment to broader market conditions that could affect your position. This includes economic trends, regulatory changes, and technological advancements.
Economic considerations: Assess how the current economic climate might influence consumer purchasing behavior and, consequently, your market strategy.
Sociological trends: Understand shifting societal values, lifestyles, and consumer behaviors and how they offer new market opportunities.
Industry trends: Keep an eye on overarching trends within your industry, including emerging technologies, shifts in consumer preferences, and new regulatory frameworks.
Set Your Budget

Your marketing budget is the planned amount of money you’ll spend to achieve your marketing goal. Knowing the financial resources you have available for marketing activities allows you to craft a plan that maximizes impact while maintaining fiscal responsibility. This financial foresight prevents overspending and ensures that every dollar spent contributes to achieving your marketing objectives.

This overview should include all sources of funding and any constraints or stipulations attached to them. Having a comprehensive understanding of your financial resources sets the groundwork for all subsequent planning and decision-making.

Execute your Plan

Execution involves the detailed scheduling of marketing activities, assigning responsibilities to team members, and setting deadlines that align with the marketing plan’s timelines. It’s about bringing the plan to life through a series of coordinated efforts, from launching advertising campaigns to engaging with customers on social media platforms. This phase is where the theoretical aspects of the plan, such as target audience engagement and brand messaging, are put into practice through concrete actions like content creation, digital marketing, and promotional events.

In conclusion, a well-crafted marketing plan is the linchpin of successful marketing efforts, offering a strategic blueprint that guides businesses through the intricate landscape of market engagement and customer interaction. From the initial stages of understanding the marketing plan’s scope and its relationship with the overarching business strategy to the detailed planning and execution of marketing activities, each step is vital in steering an organization toward its desired market position.

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What’s the Difference between a Business Plan and a Marketing Plan?

Leah Hoppes | Posted on June 8, 2017 |

They both sound profoundly important and you know you need a plan, but planning takes time. So, what is the difference between a business plan and a marketing plan and which one do you really need to run your business?

A business plan is primarily an overview of your business concept and how you aspire to create a viable and sustainable business. It is written with the intent of winning other’s approval of your ideas and methods in order to receive funding. This type of business plan is a way to prove out your business theory, so to speak. It’s the real-world equivalent of showing your work in math class. You may very well have your vision mapped out in your head but if you’re expecting someone else to fund you, you better prove to them you really do understand the market you plan to enter. You’ll need to convince the banker you have a solid business model because a lender’s primary concern is that you can repay the loan.

The business plan is the proving out, on paper at least, the viable path in which to bring a particular product or service to the marketplace in a profitable manner. There are two types of business plans.

The first type of business plan is used solely for funding, ends up in a file cabinet or in the virtual folder never to be referred to again. As crucial as it was to get the business started, it serves no purpose once the doors are open. The second version of a business plan, written for internal decision makers, is too cumbersome for the majority of small business owners and that’s why a marketing plan is the perfect solution.

Whereas a business plan is written for an audience to get them to buy-in to a concept, a marketing plan is written for the staff or team members in order to execute the day-to-day action items which must be met in order to achieve the larger business goals or corporate vision.

Whether you call it a marketing plan, sales, and marketing plan or strategic marketing plan really doesn’t matter, they’re all essentially the same thing – action planning. Making a list of actions and putting them in motion. A marketing plan should include some of the points of a business plan because there are certain key elements which determine the direction of the plan. For example, identifying the vision for the company is essential in a marketing plan because everything in the plan should be driving the company closer to that particular vision, or overall objective. However, the difference between a marketing plan and a business plan is the marketing plan is detailed out in terms of not just conceptual ideas, but a list of actions which will drive results.

In other words, a strategic marketing plan is not only the foundation for your sales and marketing efforts – it is a 12-month plan of action items so that you know what you need to accomplish every single month to move you towards your goal.

If you’re looking for help with your marketing plan, Marketing Chomp is a self-guided step-by-step workbook which will ensure you develop a fully developed marketing plan. If you need outside help to do all the heavy lifting contact us .

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Business Plan vs. Marketing Plan: What’s the Difference?

The main difference between a Business Plan and Marketing Plan is that a Business Plan outlines overall goals and strategies for the entire company, while a Marketing Plan focuses specifically on promoting products or services.

Before we move to more differences, let’s first understand Business Plan and Marketing Plan:

Business Plan : A business plan is like a map that shows how a business will work and grow. It includes goals, how to reach them, and how to handle challenges. It helps people understand what the business does and how it will make money.
Marketing Plan : A marketing plan is a plan that explains how a business will let people know about its products or services. It includes ways to reach customers, like ads or social media. The goal is to make people interested in what the business offers.

Now, let’s get to Business Plan vs Marketing Plan:

Major differences between Business Plan and Marketing Plan

So, these are the main differences between the entities.

Brand Marketing vs. Growth Marketing
B2B Content Marketing vs. B2C Content Marketing
Affiliate Marketing vs. Pyramid Scheme

You can see other “differences between…” posts by clicking here .

If you have a related query, kindly feel free to let me know in the comments below.

What is a Marketing Plan and How Do You Create One?

Let’s face it, it’s a bit of a jungle out there when it comes to marketing.

We’re constantly asking ourselves (or being asked) all the ‘who, what, when, where, why, and how’ questions, and guess what?

Developing a thorough marketing plan is the main ingredient to answering all those questions – and to make it thorough, you need good data to contextualize it, optimize it and strategize it.

In this post, we’ll cover the basics, including how to write a marketing plan… and the mistakes to avoid.

What is a marketing plan?

A marketing plan is a roadmap that outlines your marketing strategy and defines how you will attract and convert (and often, retain) customers. In your marketing plan, you’ll spell out your target audience, your goals, your marketing tactics to achieve those goals, and how you’ll measure its success.

We’ll talk more about how to write a marketing plan further down.

5 types of marketing plans

Marketing plans come in all shapes and sizes, depending on your goals, timeframe and team working on it. Here are some of the common types of marketing plans:

Business marketing plan : The big-picture marketing plan that looks into how marketing can (and will) support your business goals over an extended period of time.
Digital marketing plan : Focusing on the digital side of marketing, consider how you can leverage online channels (website, social media and email) to reach your target audience and achieve your marketing goals.
Campaign marketing plan : More of a specific marketing push, a campaign marketing plan outlines the tactics and executions of a single campaign eg. a product launch or building brand awareness for a seasonal event.
Content marketing plan : A content plan that will outline the different content types you will use to reach and resonate with your target audience, to hit your ultimate marketing goals.
Social media marketing plan : Defining which social media platforms you’ll use, the content you will push on it, and how to make sure you’re getting engagement from the *right* audience.

How to write a marketing plan

1) understand your company marketing okrs.

Before you get started on actually writing your marketing plan, you need to have a good understanding of what your company marketing OKRs are.

OKRs = objective and key results and together, they’ll look something like:

[Insert your objective here], as measured by [insert key results].

Without marketing OKRs like this, there is no real marketing strategy – let alone a marketing plan – to drive forward to your business’ chosen ‘destination’.

Top tip : Your business doesn’t operate in a vacuum – you will need to benchmark your marketing goals, efforts and performance against others in your industry before committing to your standalone goals to ensure they’re realistic in your competitive landscape .

For more insight into marketing benchmarking, download our recent report covering how the biggest industries use marketing channels to their advantage (and sometimes, disadvantage).

2) Choose marketing activities to support OKRs

To support and achieve these OKRs, your marketing plan will need to define the marketing activities that you’ll focus on to get you there.

This is where you might split your strategy into different marketing channels and assign them to the specific team, or – if you have a smaller marketing team – you will segment your strategy into different focus areas.

For example, say you’re looking to achieve more visibility on search. The marketing activities to support this would look something like:

SEO : Optimizing existing content, as well as new content produced
PPC : Creating a series of ads for business-critical keywords
Content marketing : Creating a series of SEO content and thought leadership

But of course, the marketing channels you use will vary depending on your goal – and so will how much time you spend on each, particularly if you’re working solo or in a smaller marketing team.

3) Set KPIs to measure success

Overall marketing goals: ✅
Marketing activities to support these goals: ✅
Tracking your progress: Pending

Now you’ve got a vague plan of action in place, you hitting those marketing goals is on the horizon. But to make sure you’re heading in the right direction and at the right pace, it’s important to set your team (or teams) KPIs.

Not only is this important to making sure everything’s on track, but it’s also important for motivation.

Here are just a few examples of marketing KPIs, across the different marketing teams:

Pipeline contribution
Traffic to MQL
Click-through rate
Engagement rate (likes, comments, shares and views)
Number of subscribers
Amount of content published
SERP rankings
Conversion rate
Traffic distribution
Impressions and reach
Customer acquisition cost (CAC)

Don’t forget to use your market and competitor research to set your team achievable KPIs that make sense for the industry you’re in and the target audience you’re going after.

marketing-plan-engagement metrics for asos and competitors

Here, you can see the website engagement metrics of asos.com and its competitors.

4) Identify buyer personas

… to make sure your KPIs make sense for the target audience you’re going after, you also kinda need to know who your target audience actually is .

You might be working with one buyer persona or you might be working with multiple buyer personas – either way, it pays to have this detailed in a buyer persona template.

This will make sure your team is aligned on who you’re targeting, including things like:

Buyer behaviors
Hobbies and interests
Pain points
Motivations
Brand affiliations

By aligning on buyer personas or the “who” your marketing is targeted at (admittedly, being a little bit stereotypical), your team can then mold the ‘what, when, why, and how’ of their marketing too. This will make sure your marketing efforts resonate with the right audience, and get you the engagement you’re after – for example, choosing the right marketing channel for the persona.

If your product or strategy doesn’t change too much, you can leave this step out when it comes to a new planning cycle.

5) Define your budget

First, you need to define the budget you have to achieve this marketing plan of yours. Then, you’ll need to allocate the budget across each of the teams working toward the ultimate goal.

It’s likely that this allocation will require some research (and often, some compromise), for example, your PPC team will want to determine the average cost-per-click for the target keywords you’re going after to get the best ROI.

With the right kind of data, you can even spy on how much your competitors are spending on their pay-per-click advertising.

6) Identify your competitors

In order to make your marketing plan competitive, you’ve got to understand your competitive landscape – that includes who you’re up against, and what they’re up to.

So, here are two words we talk about constantly: Competitor + analysis .

A competitive analysis tool like Similarweb (which – may we add, is an all-in-one tool) can provide you with all the data you need to run a thorough competitive analysis .

So thorough in fact, that it can reveal your competitors’ complete marketing strategies and how your marketing performance compares – which is great for inspiration, and even better for gaining the competitive edge in your industry.

You can even set up a Competitor Tracker to make sure you never miss a beat on your competitors’ next moves. See it all on an interactive dashboard, and get emails sent straight to your inbox.

7) Outline your plan

Now you’ve got everything you need to outline your plan of action and get started.

With good data, you have all the keyword research and competitor research you need to dominate the market. Plus, you have all the information you need to brief each of your teams (eg. PPC, SEO and content) to make sure they’re aligned and going in the right direction, at the right time.

Similarweb can help you with all of that, and more. The thing is, with a marketing plan, the world around us never stays still – the digital world included. With real-time and real-user data – like Similarweb – you can ensure your marketing plan still adapts with the landscape.

6 mistakes to avoid when creating a marketing plan

When creating or writing up your marketing plan, there are a few common mistakes you want to avoid, including:

Not conducting thorough market research
Not benchmarking effectively and setting unrealistic goals
Not having a clear definition of your target audience
Underestimating your competition and the competitive landscape
Failing to allocate resources (and budget) effectively
Not regularly reviewing and updating your marketing plan

What’s the difference: Marketing plan vs. Business plan

When you’re in a marketing team, the business plan and marketing plan may feel very similar – and they certainly do touch. In reality, you can’t have one without the other.

A business plan should be considered as the “big picture”, whereas the marketing plan is the roadmap; the map – or sat nav – towards that big picture.

The marketing plan or marketing map zooms in on how you’ll reach and engage your target audience, which requires knowing your ideal customer profile and buyer personas, as well as the best channels and tactics to get their attention.

That attention from your target audience is crucial to the bigger business plan, which will outline your company’s:

Mission and vision
Financial goals
Competitive landscape

What’s the difference: Marketing plan vs. Marketing strategy

A very common question for marketing generalists: what’s the difference between a marketing plan and marketing strategy?

While your marketing plan acts as your roadmap that gives your team direction and a clear plan of action (often with timelines, deliverables, and budgets in tow), your marketing strategy is the “why” behind your marketing efforts.

For example, your marketing strategy is to double your website traffic in a year and improve your engagement rates as an online business. Your marketing plan here might be to improve your SEO across your existing pages to get your content ranking higher on search, as well as investing in PPC for some more short-term impact into your brand awareness.

Smarter planning, smarter marketing, smarter reporting

… you want all that? You need smarter data.

A marketing plan isn’t a good marketing plan without the right kind of data – and Similarweb can give you that data.

With Similarweb, you can make sure your marketing plan and strategy is up to scratch – that means fully optimized and efficiently prioritized.

If that sounds good to you, try the platform for free today and watch it transform your marketing strategy.

It’s time to nail your digital marketing strategy

Get the freshest, most accurate competitive data now.

A marketing plan is a comprehensive document that outlines a company’s marketing objectives and strategies for achieving them. It typically includes an analysis of the target market, competitive landscape, marketing goals, tactics, and budget allocation.

Why is a marketing plan important?

A marketing plan provides a roadmap for achieving marketing objectives and helps ensure that marketing efforts are aligned with overall business goals. It helps in allocating resources efficiently, measuring progress, and adapting strategies based on market changes.

What should be included in a marketing plan?

A marketing plan should include an executive summary, a situational or competitor analysis, clear marketing objectives, target audience identification, marketing strategies and tactics, budget allocation, timeline, and metrics for measuring success.

How often should a marketing plan be updated?

Ideally, a marketing plan should be reviewed and updated regularly to reflect changes in the market, consumer behavior, and business goals. Quarterly or annually are common intervals for updates, but it ultimately depends on the pace of change in your industry.

How do you measure the success of a marketing plan?

The success of a marketing plan can be measured using various metrics, including sales revenue, customer acquisition and retention rates, website traffic, social media engagement, brand awareness, and return on investment (ROI) for marketing activities.

Marketing OKRs: How to Stay Focused and Hit Your Targets

Digital Marketing Strategy: A Beginner’s Guide

How to Conduct a Social Media Competitor Analysis: 5 Quick Steps

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Industry Benchmark Analysis 2024: Is Your Marketing Strategy Aligned?

How to Do a Competitive Analysis: A Complete Guide

Wondering what similarweb can do for you.

Here are two ways you can get started with Similarweb today!

Business Plan vs Marketing Plan: What’s the Difference?

You can’t expect the win the confidence of investors unless you prepare the right documents. Investors are highly selective when choosing businesses in which to invest. If they believe your business is poised to grow and succeed, they may offer to purchase an ownership stake in it. You’ll have an easier time winning investors’ confidence by providing them with a business plan and marketing plan. What’s the difference between these two documents exactly?

What Is a Business Plan?

Many investors will require you to provide a business plan when seeking financing for them. Some banks require a business plan for financing as well. Whether you’re trying to obtain equity financing from an investor or debt financing from a bank, you’ll probably need to prepare a business plan.

What Is a Marketing Plan?

A marketing plan, on the other hand, is a smaller and more specific document that focuses strictly on your business’s marketing activities. Marketing, of course, is the promotion of your business and its goods or services. While different businesses sell different types of goods and services, they all engage in marketing activities to attract customers. In a marketing plan, you can explain how your business intends to attract new customers through marketing activities.

You can include your marketing plan in your business plan. Alternatively, you create a separate marketing plan that’s distinguished from your business plan. Most business plans have a section for marketing. After creating a marketing plan, you can either place it in this section or use it as a separate and independent document.

Differences Between Business Plans and Marketing Plans

Business plans and marketing plans aren’t the same. Business plans consist of multiple parts, each of which covers a specific aspect of your business. Most of them contain an executive summary, business description, goods and services and marketing section. In comparison, marketing plans only cover your business’s marketing activities.

This article was brought to you by� Intrepid Private Capital�Group �� A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our� website .

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Understanding the difference between a business plan and a marketing plan.

December 29, 2023

As a business owner, you are responsible for creating plans to guide your business activities and make informed decisions. Two of the most important plans are the business plan and the marketing plan. While some may think that these two plans are the same, they actually have different purposes and functions. Understanding the difference between a business plan and a marketing plan can help you make better use of each one to grow your business.

What is a Business Plan and What is its Purpose?

A business plan is more than just a document to secure financing or to present to investors. It is a comprehensive guide that outlines the strategy, goals, and potential obstacles of a business. Think of it as a roadmap to success. A well-written business plan should include an executive summary, market analysis, company description, product or service offering, marketing and sales strategy, organizational structure, and financial projections. The process of creating a business plan also forces entrepreneurs to critically evaluate their ideas and identify areas that may need improvement. Whether you’re a seasoned business owner or just starting out, a thorough and thoughtful business plan is essential to ensuring the growth and sustainability of your venture.

Your business plan enables you to identify potential problems and develop solutions before they escalate. By clarifying your mission and vision, you can easily communicate the purpose of your business to stakeholders, investors, and potential partners. It provides a framework for decision-making, setting budgets, and operational planning. In short, a business plan ties together all the elements needed to execute a successful business strategy. It is a fundamental tool that every entrepreneur should have on their journey towards building a successful enterprise.

What is a Marketing Plan and What is its Purpose?

A marketing plan is a crucial component to any successful business strategy. Essentially, it outlines the tactics and techniques that a company will use to promote and sell their products or services. This plan should be well-structured and include detailed information about the target audience, market analysis, budget, and specific goals. Crafting a marketing plan requires a thorough understanding of your customers, competition, and industry trends. Without a marketing plan, businesses risk wasting time and resources on ineffective campaigns that don’t resonate with their audience. By creating a solid marketing plan, businesses can identify their strengths and weaknesses, capitalize on opportunities, and ultimately, drive growth.

Marketing plans hold a crucial role in the success of any business or organization. Simply put, the purpose of a marketing plan is to identify your target audience, understand their needs, and develop a roadmap to communicate your products or services to them in a way that resonates. A well-designed marketing plan allows you to clearly define your business goals, outline strategies to achieve them, and ultimately measure success. In today’s fast-paced business environment, where consumer trends change quickly and competition is tough, a strong marketing plan is essential to stay ahead of the game and stay relevant to your customers. By investing the time and resources to develop a comprehensive marketing plan, you can take your business to the next level and ultimately achieve greater success.

Key Differences Between a Business Plan and a Marketing Plan

Having a solid plan for your business is crucial for its success, but it’s important to understand the differences between various types of plans. A business plan outlines the overall strategy for your company, including your financial goals and operations. On the other hand, a marketing plan focuses specifically on your promotional efforts and how to connect with your target audience. While both plans are important, they serve different purposes and require unique approaches. Without a clear understanding of how to differentiate between the two, your business may struggle to effectively execute on either plan. So, make sure you have a solid understanding of the key differences between a business plan and a marketing plan to ensure you have a comprehensive strategy that will help your business thrive.

The main difference between a business plan and a marketing plan is their purpose and scope. A business plan covers the entirety of your business and its long-term goals, while a marketing plan specifically focuses on promoting your products or services to your target audience. A business plan is more general and provides a framework for your business operations, while a marketing plan is more specific and focuses on how to reach your target market and increase sales.

How Business Plan and Marketing Plan Work Together

Although business plans and marketing plans are distinct from one another, they both play an important role in the success of your business. A well-designed business plan should include a comprehensive marketing plan that outlines how to reach your target market. The marketing plan, in turn, should be aligned with your business goals and objectives to ensure that you are achieving your overall business objectives. Regularly reviewing and updating your business plan and marketing plan can help you stay on track and achieve your business goals.

In the world of business, developing a comprehensive marketing plan is a critical component for success. However, without a solid business plan, the marketing efforts may not be effective in achieving overall goals. The business plan sets the foundation for the company’s actions and identifies the target audience, finances, and resources. Meanwhile, the marketing plan outlines specific strategies to reach the audience, increase visibility, and successfully promote the company’s products or services. The business and marketing plans work hand in hand to ensure that all aspects of the company are aligned and moving in the same direction. By combining the two plans, companies can create a solid roadmap for success and achieve their desired outcomes.

The Importance of Having Both Plans

Having both a business plan and a marketing plan can help your business grow, attract investors, and secure funding. A business plan provides a high-level view of your business, whereas a marketing plan is more goal-oriented and focuses on specific marketing tactics to help achieve those goals. As a business owner, it is important to have both plans in place to ensure the success and growth of your business.

The bottom line is that a business plan and marketing plan are two vital documents that every business owner should have in place. A business plan provides an overview of your business, while a marketing plan focuses on specific marketing goals and strategies to increase sales. Understanding the differences between business plans and marketing plans, and how they work together, can help you grow your business and achieve greater success. Remember to update your plans regularly to keep up with changes in the market, technology, and customer needs. By combining both plans, you can have a solid roadmap for your business to achieve its goals.

Are you looking to take your business to the next level and make profit a central focus? Look no further than the 5-Step Roadmap to a Profitable Biz . This comprehensive guide offers valuable insights and proven strategies to help you build a profitable business from the ground up. Whether you’re a seasoned entrepreneur or just starting out, this roadmap will give you the tools and resources to create a sustainable and prosperous business.

Download your free copy today and get on the road to success!

Melissa Houston

Speaker, Finance Strategist, CPA

Founder of the She Means Profit™ blog and podcast

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How to Write a Marketing Plan

By Joe Weller | March 28, 2024

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A marketing plan is a guide for achieving marketing initiatives on a set timeline. It includes analysis of a company's target audience, competitors, and market sector. Teams can build an organized strategy with that information to reach their goals.

Inside this article you’ll find a detailed, step-by-step guide to writing a marketing plan, with a free, downloadable marketing starter kit for beginners .

A marketing plan includes analysis of the target audience, the competitors, and the market so that teams can determine the best strategy for achieving their goals. The plan’s length and detail depend on the company's size and the scope of the marketing project. A marketing plan is useful for all types of marketing, including digital, social media, new product, small business, B2C, and B2B. Follow the steps below to write a comprehensive marketing plan.

1. Prepare for Success

Before you begin writing your marketing plan, set yourself up for success by conducting thorough market research and assembling a team with diverse skills in marketing strategy, content creation, digital marketing, and data analysis. Be sure to consult all your team members as you progress through these steps. It might also be helpful to assign leaders to complete different sections of the plan, depending on their areas of expertise. For example, you might assign the market analysis section to a team member with strong analytical skills and experience in data analysis.

2. Use a Marketing Plan Template

Download a free marketing plan template to ensure consistency and thoroughness in your final marketing plan.

For more template options, see this collection of free marketing plan templates and examples.

3. Identify Your Target Customers

To identify target customers for your marketing plan, collect information about their location, demographics (such as age, gender, and income), interests, values, and purchasing behaviors. This knowledge enables you to focus your marketing goals and tactics to meet their specific needs and preferences.

A customer persona is a fictional representation of your ideal customer that provides valuable insights for strategic decision-making. Use one of these customer persona templates to craft a detailed profile of your ideal customer.

4. Conduct a SWOT Analysis

A SWOT analysis is an important part of any marketing plan, because it helps identify a company’s strengths, weaknesses, opportunities, and threats in relation to the market environment. To start, divide a page into four quadrants and label each as strengths, weaknesses, opportunities, and threats. Next, brainstorm with your team to fill in each section. Be as honest and specific as possible, considering factors such as market trends, competition, and your own resources and capabilities. This information will allow the team to capitalize on strengths, prepare for challenges, and make sound strategic decisions throughout the marketing plan.

See this collection of marketing plan SWOT analysis templates for additional guidance.

5. Conduct a Market Analysis

A market analysis is an assessment of a market's size, growth, trends, customer segments, and competitor dynamics. Include it in your marketing plan to provide critical insights for strategic decision-making, helping to tailor products to customer needs, differentiate from competitors, and identify new opportunities.

To conduct a market analysis for your marketing plan, determine each of the following factors:

Market Size: This is the total potential sales that a particular product or service can achieve within a defined market. Determine the market size by estimating the number of potential buyers for a particular service and multiplying that by the estimated number of purchases over a specific timeframe. (Number of Target Customers) x (Number of Purchases in a Given Time) = Market Size Imagine your company sells wireless headphones, and you estimate that the average consumer purchases a new pair every two years. If your market includes 1 million target customers, and assuming each customer buys one pair of headphones every two years, the calculation for annual market size would be as follows: (1 million target customers) x (0.5 purchases per year) = 500,000 pairs of wireless headphones per year
Market Growth Rate: This measures the change in a market’s size over a specific time period and is typically expressed as a percentage. To determine the market growth rate, use the following formula: [(Current Market Size − Previous Market Size) ÷ Previous Market Size] × 100% = Growth Rate For example, if the market for wireless headphones was worth $1 billion last year and is worth $1.1 billion this year, the market growth rate would be as follows: [($1.1 Billion – $1 Billion) ÷ $1 Billion] x 100% = 10%

Market Share: This is the percentage of total sales in an industry generated by a particular company over a period of time. It provides a benchmark for assessing performance relative to competitors. Use this formula for calculating market share: (Company’s Revenue ÷ Total Industry Revenue) x 100% = Market Share

Tip: Keep in mind that the market size, share, and growth rate are all estimates. It’s impossible to be exact. To obtain the most accurate numbers, review the latest industry reports and seek insight from experts.

Market Demand: This is the amount of a product or service a consumer is willing to purchase and how much they are willing to pay for it. To determine market demand in a market analysis, begin by conducting comprehensive research on consumer behavior, preferences, and purchasing patterns related to your product or service. Use tools such as surveys, SEO analytics, and interviews to gather data on potential customer interest and willingness to pay, and analyze competitor pricing and offerings.
Market Trends: This is the growth or decline direction of a product or service’s price over a specific timeframe. To identify a market trend, monitor industry developments, consumer behavior, and technological advancements over time. Review industry reports and expert analyses to understand broader market movements and future projections. Summarize these observations and include them in your plan to highlight the direction in which the market is heading.

Market Segments: The broader market includes specific groups, categorized by shared characteristics. Generally, there are four types of market segments: geographic, demographic, psychographic, and behavioral. In your marketing plan, detail how you'll target each segment by adapting your strategies to their unique characteristics. This targeted approach ensures more effective engagement with each segment.

Competitor Analysis: A competitor analysis involves examining your competitors’ strengths, weaknesses, market positioning, product offerings, and marketing strategies. Describe how you'll conduct a comprehensive evaluation of key competitors by analyzing their market share, pricing, distribution channels, and promotional tactics. For more guidance, try downloading this competitor analysis template. Use it to identify areas where your rivals succeed and why. Their strengths indicate areas for improvement, while their weaknesses indicate opportunities.

6. List Your SMART Goals

Include SMART goals in your marketing plan to ensure that objectives are specific, measurable, actionable, relevant, and time-bound, providing a clear direction for strategic actions and performance evaluation. Start by identifying key performance areas that align with your overall business strategy. Then, for each goal, apply the SMART framework.

Here are two examples of SMART marketing goals:

By Q4 end, increase search results page (SERP) position from 14th to the top three for keywords pertaining to our brand and lead to more organic traffic.
Increase social media following, reach, and engagement by 25 percent in six months and 50 percent in one year.

Learn more about SMART goals and find a customizable SMART goals worksheet in this comprehensive guide to writing SMART goals .

7. Create a Marketing Strategy

A marketing strategy is the plan for achieving your SMART goals.

“A marketing plan should include strategic and tactical elements,” says Gayle Kalvert, Founder and CEO at Creo Collective , a full-service marketing agency. “From a strategic standpoint, it is critical that the marketing plan aligns to the overall goals of the organization. Tactically, what initiatives will the marketing team execute, and why? Tactics with no strategy lead to spotty results and poor-quality leads.”

Use one of these marketing strategy templates to get started. A successful marketing strategy will include the following elements:

7a. Customer Buying Cycle

The customer buying cycle is the path a potential customer follows from first having exposure to a product or service to becoming an advocate for it. Understanding this process allows marketers to effectively target communications and strategies at each stage in their marketing plan.

Pro Tip: “Consider your persona’s buyer's journey and ensure marketing has a role at each stage of the journey, especially after the close,” says Kalvert. “That is when customers can become advocates, sources of referral, and great subjects for marketing content for future buyers.”

7b. Unique Selling Proposition

A unique selling proposition (USP) is a specific benefit or advantage that sets your product or service apart from the competitors. By including a USP in a marketing plan, you help ensure that the team communicates why customers should choose your offering over others.

For example, Google’s USP is its powerful and accurate search algorithm that delivers relevant search results faster and more efficiently than its competitors.

7c. Branding

Branding is the development of a unique identity, image, and experience for a company. Marketers convey a brand through messaging, tone, logo, colors, and web design. The marketing strategy needs to align with the company’s brand in order to maintain consistency in messaging and experience, which ultimately builds customer trust.

7d. Marketing Mix A marketing mix refers to the set of actions that a company takes to promote its brand or product in the market, typically encapsulated by the four Ps: product, price, place, and promotion. Go through each of these steps when including the marketing mix in your strategy:

Product: Describe the product and the problem it solves for your target customers. What makes your product or service different from the competition? Why is it special?
Price: Explain how much your target customer is willing to pay for the product or service based on its real and perceived value. What do your competitors charge for a similar product? Will you run any seasonal promotions or discounts?
Place: Describe where your product or service will be available for purchase by your target customers. Will you sell it online, through retail partners, or both? How will you manage logistics and supply chain to ensure your product is accessible to your target market?
Promotion: Detail the strategies you will use to communicate your product’s value to consumers. This includes advertising, public relations, social media marketing, email campaigns, sales promotions, and direct marketing tactics.

7e. Channels

Identify the specific mediums and platforms — or channels — where you’ll share your message to your target audience. These should include distribution channels, communication channels, and engagement channels.

As you list them, explain how they will be used to effectively reach and engage with your target audience. For example, if you’re marketing a new fitness app, one distribution channel would be a direct download from the App Store to reach fitness enthusiasts directly on their smartphones. An engagement channel could be an in-app community feature for users where they can share progress.

Here is a brief list of popular marketing channels:

Affiliate marketing
Email marketing
Social media
Website marketing

7f. Tactics Tactics are the specific actions you will take to reach the goals outlined in your strategy. They cover everything from the creation and distribution of marketing materials to the scheduling of campaigns to the platforms used for advertising and engagement. Detail the specific actions and tools you will use to execute your marketing strategy, along with timelines, responsibilities, and budget allocations for each activity. This includes specifying the exact steps for product promotion, customer engagement, content creation, digital marketing efforts, and any other methods chosen to reach and convert your target audience. “Equally as important as using data is to build in time and resources to be flexible,” says Kalvert. “The marketing landscape is evolving at such a rapid pace. Tactics that worked last year may not work this year. Be open to experimenting with new tactics and adjusting your approach based on feedback and results.”

8. Determine the Budget

Start by estimating the costs associated with each tactic and channel outlined in your strategy, taking into account factors such as content creation, platform fees, and personnel costs. Next, prioritize spending based on the expected ROI for each tactic. Finally, document the budget in a clear, detailed format within your marketing plan, including an itemized list of costs for each tactic, total expenditure, and a contingency fund.

For more resources and help estimating marketing project costs, take a look at this collection of helpful free marketing plan budget templates .

9. Create a Calendar

Create a calendar to schedule and track deliverables. Include time for brainstorming, planning, executing, and analyzing results. List objectives, start dates, end dates, due dates, and responsible parties. Keep the calendar in a central location so that team members can easily access it.

10. List Marketing Tools and Technology

List any marketing tools or technologies your team will use to help achieve their goals. These can include email marketing software, blogging software, social media management software, or any other programs you plan to use.

11. Identify Metrics and KPIs

Identify the metrics for measuring and tracking your marketing goals. Metrics and KPIs eliminate ambiguity so that you can accurately measure progress. Select indicators that directly reflect the success of your marketing objectives, such as conversion rates, website traffic, lead generation, and customer acquisition costs.

12. Write an Executive Summary

Once you’ve completed all the sections in your marketing plan document, return to the first section to write the executive summary. Completing this section last ensures that you have a thorough understanding of all key elements before summarizing them.

Concisely highlight the main objectives, target market, and key strategies of the plan, providing a snapshot of the market analysis and expected outcomes. Outline the budget, resources required, and the metrics for measuring success. This section serves as a compelling overview, enticing stakeholders to delve into the plan.

For more detailed information on executive summaries, see this guide to writing an effective executive summary. You can also download a helpful template from this collection of free executive summary templates

Marketing Starter Kit for Beginners

Download Marketing Starter Kit for Beginners

Get everything you need for creating a marketing plan with this free, downloadable marketing plan starter kit. The kit includes an executive summary template, a customer persona worksheet, a SWOT analysis template, a competitor analysis template, a SMART goals worksheet, a marketing strategy template, and a calendar template with a budget tracker, all in one easy-to-download file.

In this kit, you’ll find the following:

An executive summary template for Microsoft Word to help you introduce the content of your marketing plan.
A customer persona worksheet for Microsoft Word to collect information about your ideal customer.
A SWOT analysis template for Microsoft Word to guide strategic decision-making based on the company’s strengths, weaknesses, opportunities, and threats.
A competitor analysis template for Microsoft Word to help you compare and evaluate your competitors.
A SMART goals worksheet for Microsoft Word to ensure each marketing objective follows SMART guidelines.
A marketing strategy template for Microsoft Word to outline the plan for achieving your goals.
A calendar template with budget tracker for Excel where you can organize, track, and manage marketing deliverables and their costs.
A marketing plan template for Microsoft Word to ensure consistency and thoroughness in your final marketing plan.

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Marketing Strategy vs. Marketing Plan: What’s the Difference?

Is there really a difference between a marketing strategy and a marketing plan? Are they two sides of the same marketing program coin?

While the terms are commonly used interchangeably, they’re two very different concepts in the real world. It may seem like splitting semantic hairs, but understanding the difference between marketing strategy vs. marketing plan is crucial to the success of your campaigns and your progress toward overarching business goals.

Let’s compare and contrast the concepts in greater depth so you’re prepared when it comes time to take your marketing to the next level .

What Is a Marketing Strategy?

A digital marketing strategy is the “why” behind your marketing. Every piece of marketing collateral you create will be informed by this documentation, which means it works hand-in-hand with your content strategy .

Basically, a marketing strategy is a reflection of your short-term and long-term business approach. This strategy should also be a distillation of your brand values, voice, mission and messaging. For example, if your business aims to scale up quickly, the strategic marketing vision you develop needs to support that objective, perhaps by focusing on consumer acquisition or ramping up your online presence.

A good marketing strategy will encompass your unique selling proposition, all that your business hopes to achieve and its brand identity.

What Is a Marketing Plan?

Your marketing plan is the “how” to your strategy’s “why.” Ideally, a marketing plan should be just that — a plan of action for how you will execute your strategy to accomplish each marketing goal.

The process of creating a tactical marketing plan is about addressing the real-world steps you will take to create, promote, track and measure your campaign, programs and assets. The workflows and procedures you develop will provide a roadmap for making your strategy actionable.

How a Marketing Strategy and Plan Work Together

To use a not-at-all-complicated metaphor, let’s say your business needs a ship to sail through your marketing campaign. That ship needs a direction in which to travel (i.e., a strategy) and the sails to power it (i.e., a plan).

Marketing strategy and plan work hand in hand, with the latter taking cues from the former. Everything laid out by your strategy should be addressed with a plan — one that defines the processes for tactical marketing.

However, the lines can be a bit blurred. Strategic planning is one oft-used phrase that can create confusion. In reality, strategic planning is just high-quality planning informed by a thorough marketing strategy.

Needless to say, a strategy without planning is like a winning idea without a way to realize it; and planning without a strategy will lead to a rudderless ship.

the ship (your business) needs not only a direction (i.e., a strategy) but also the sails to power it (i.e., a plan).

How to Create a Marketing Strategy

Strategy is not an amorphous concept. It takes real work and thinking to establish a good marketing strategy that ultimately facilitates business success.

Here are some basic steps to crafting a comprehensive strategy:

Identify each marketing objective: Strategy begins with your goals, both now and in the future. For example, if your business plan is to expand into new markets, the strategic marketing approach may be to make inroads with new customer segments. Brainstorm how your marketing can reflect other short-term goals and long-term ambitions, like becoming an authority in your industry.
Refine your audience: Defining your audience enables you to resonate with buyers and push customers through the marketing funnel. A strategic marketing priority is to develop buyer personas. These personas will be central to deciding on the angle and value prop of the marketing you create.
Establish your brand guidelines: Your brand needs to be codified in a way that ensures every piece of marketing content will be identifiable and conforms to your standards. This means outlining editorial voice, graphic design preferences and all other critical brand elements. Having a unified presence leads to a better customer experience. Without a single source of truth for how the brand should be represented, your actual marketing may devolve into disparate shots in the dark.
Assess opportunities and threats: Your level of strategy will influence how prepared you are to capitalize on a market research opportunity or manage risks. Research competitors to understand what they’re doing — and, more importantly, what they’re not doing. Know how you’ll leverage your competitive advantage to meet a new market need or shifting consumer preferences.

Importantly, strategy is not static. It needs to be constantly updated and fine-tuned to keep your business on track and achieve changing marketing objectives.

How to Create a Marketing Plan

Returning to the question of “how” shows us the best way to create a marketing plan that works. Ask yourself these questions as you set out to develop your plan of action:

How will we reach consumers? The answer to this question will help define your marketing mix. What types of marketing will you utilize to reach leads, prospects and existing customers? Content marketing, digital marketing, search marketing, social media marketing , event marketing and all other types of marketing are in play here.
How will we create marketing materials? Clearly defined workflows and processes will support the creation of high-quality marketing materials. You need to suss out who owns which project phases, how cross-functional teams will collaborate and what quality controls are in place (like checking for adherence to brand guidelines).
How will we share content and collateral? Not only must you choose your marketing mix, but also your selection of marketing channels. Once again, there are many types to consider: direct mail, social media, email, your website, pay-per-click (PPC) advertising, organic search, etc. Each distribution channel will have its place in planning.
How will we track campaigns and measure results? Data is the lifeblood of strategic marketing. You’ll need to create a list of key performance indicators (KPIs) with which to track campaigns. These may include anything from conversion rates to cost per lead.

Marketing Strategy and Marketing Plan Examples in Action

Let’s look at some examples of how the waterfall of business objectives to marketing strategy to marketing plan works in real life:

Business goal: To pivot or reinvent the business, whether due to a merger, new market need or modernization effort.
Marketing strategy: Launch a rebranding campaign; craft new messaging to align marketing with the business’s new direction; create new brand guidelines.
Marketing plan: Pursue a website redevelopment; create a marketing plan template to ensure all new efforts adhere to guidelines; reoptimize website content and copy; coordinate a rollout of new colors, logos and fonts to all social media platforms; hire a marketing agency to consult on best practices.

It’s much easier to see the differences between marketing strategy vs. marketing plan in such a scenario, but also easier to grasp how they work in conjunction. Let’s consider another:

Business goal: To launch a new service or product line.
Marketing strategy: Research competitors and the existing market; develop a new set of buyer personas; outline the marketing funnel and customer journey; generate leads for the proposed expansion.
Marketing plan: Create content around the new product for outreach (e.g., blogs, emails, white paper, one-pagers, etc.); decide which assets to gate in exchange for a name and email address; balance customer acquisition with retention by creating a loyalty program.

Getting the picture?

Business goal: To increase revenue or raise sales by a certain percentage.
Marketing strategy: Support sales enablement with high-quality marketing content and collateral; revitalize or refine the value proposition; reach out to new customer segments.
Marketing plan: Track KPIs related to conversions; focus on high-performing channels; leverage customer data to make upsell or cross-sell recommendations; start a retargeting campaign.

One more for good measure:

Business goal: To become an industry leader.
Marketing strategy: Highlight brand strengths and competitive advantages; present the brand as friendly, knowledgeable and authoritative; raise brand awareness and cultivate brand evangelists.
Marketing plan: Build influencer marketing relationships; publish thought leadership content and/or guest blogs; use social media for customer service and conversations; conduct webinars.

Level Up Your Marketing Campaign

When a marketing strategy and marketing plan are in harmony, what they create is music to your business’ ears. Alignment between the two gives your brand its best chance to impact consumers, raise its profile and succeed in its key business objectives.

Editor’s Note: Updated December 2022.

Dominic Tortorice

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Dom, an English major and journalism enthusiast, was just happy to get a job out of college writing and editing professionally. That it turned out to be in the burgeoning content marketing industry with Brafton was all the better.

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Home » Marketing Strategy vs. Marketing Plan? (The Difference)

Marketing Strategy vs. Marketing Plan? (The Difference)

A company’s success relies heavily on the right marketing strategy supported by a robust marketing plan.

That said, beginning marketers often confuse these two concepts and consider them to mean the same thing.

But they are very different. Here’s how:

A marketing strategy answers the “why”.
A marketing plan answers the “how”.

What Is the Difference Between a Marketing Strategy and a Marketing Plan?

A good exercise to think clearly about the differences between a marketing strategy and a marketing plan is to compare a SWOT analysis against the Marketing Mix . A SWOT analysis is a structured review of the organization while the marketing mix plans the activities to bring your product or service to market.

A marketing strategy and a marketing plan are different in three distinctive ways:

by definition,
purpose, and

A business strategy informs what goes into a marketing strategy.

A marketing strategy explains why you intend to perform specific marketing actions.

For example, if your startup wishes to scale up, the marketing strategy you develop will help you reach this goal, perhaps by building a customer base or through social media marketing.

On the other hand, a marketing plan describes how you intend to implement the actions laid out in the marketing strategy.

It provides the specifics regarding branding, scheduling the communication channels you intend to use.

A marketing plan comes after a marketing strategy.

Moreover, one of the main focal points of any good marketing plan is monitoring the success of your marketing actions using key performance indicators (KPIs) .

These KPIs are crucial not only for measuring progress but also in ensuring the marketing plan lines up with the marketing strategy. A regular SWOT analysis is also a helpful activity to help you with your marketing strategy.

How Do You Develop a Marketing Strategy?

A marketing strategy consists of the following practical steps.

1. Develop a marketing plan

Building a robust marketing plan will include the following components:

Branding . How you sell the company matters. You need to determine the brand voice and incorporate this element in marketing campaigns.
Timeline and budget . These two components are essential, particularly for small businesses that have limited funds.
Roles . The success of a marketing plan requires that those involved in the execution understand and perform their functions.
Content strategy . This strategy describes the schedule for dispensing the content, the communication channels, and the type of incentives you intend to use.

2. Identify buyer personas

A buyer persona is a company’s depiction of an ideal customer. When developing this persona, an organization must consider several aspects, including:

Demographics like age, income, and gender
Psychographic factors such as interests and lifestyle

For instance, Netflix and other streaming services use behavioral segmentation. Here, the company knows which content to recommend based on watch history. Another example would be to look at fashion brands’ buyer persona. Zara’s buyer persona is a fashion-forward customer with mid-range income who lives in an urban area.

3. Determine marketing goals

As mentioned earlier, you should typically model your marketing strategy after your overall business goals. Plus, such a strategy will remain consistent. And will only change if your team meets its marketing goals.

Moreover, you may also need to revise these goals if there are any significant market changes, for instance, new technological trends or if you launch new products/services. Standard marketing goals include:

Market development
Increased brand awareness
Wider customer base
Increased sales

4. Understand the market

Market research is one of the essential elements of a marketing strategy. It helps you build the right buyer persona, stay updated on market changes and boost your business performance. Like other steps mentioned earlier, it would be wise to set clear goals for market research. Doing so reduces the scope making it easier to get accurate and relevant results.

Market research involves gathering information such as the market size, demographics, trends, and growth. Pay attention to specific matters like data availability and credibility when undertaking this process.

5. Competitive analysis

The competitive analysis provides valuable information about your competitors, including their pricing, advertisement strategies, plus strengths and weaknesses. Moreover, this process lets you in on your unique value proposition.

To understand your competitor’s strategies, ask yourself the following questions. Are your competitors:

Attempting to create new markets?
Trying to expand their market share?
Bringing in technologically advanced products?

Once you’ve made a competitor profile, here’s how to go about the analysis.

Examine the competition’s offerings. Start by examining your competitors’ products and their unique properties.
Establish your competitor’s market share. A comprehensive market share can influence consumer perception and benchmarks for the product/service.
Identify your company’s competitive position and develop appropriate strategies. Some potential ones include lowering prices, ramping up advertisements, or buying out the competition.

Examples of Successful Marketing Strategies

Here are two notable successful marketing strategies.

Spotify, a music streaming service, found a way to provide its listeners with a unique user experience, setting it apart from other providers. Besides the standard genre filters, Spotify offers users a chance to select music based on their current mood.

Sephora introduced a “Beauty Insider” loyalty program that rewards shoppers based on their spending levels.

Beauty Insider (no minimum costs)
VIB (at least $350 spent)
VIB Rouge ($1000 minimum purchases)

Effective Marketing Strategies and Plans Equal Successful Business Strategy Goals

The success of an organization’s marketing actions requires a great marketing strategy and a good marketing plan. While different, a marketing strategy and plan mesh together to improve brand awareness, facilitate customer acquisition, provide a competitive edge, boost sales performance and ultimately gain a customer and keep a customer.

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Marketing Strategy vs Marketing Plan: What's the Difference?

Join thousands of successful marketers who get our weekly marketing mixtape email with fresh ideas & hot insider tips.

You’re posting on social media and you have blog posts on your website, but you’re not seeing any results. What’s the deal? The problem likely isn’t where you’re sharing content — it’s why you’re sharing content.

If your marketing efforts aren’t backed up by a strategy, then you probably won’t see results. Although marketers often use “plan” and “strategy” interchangeably, they are actually two different things. Learn more about the components of both so you can start creating your own foolproof marketing machine.

Marketing Plan vs Marketing Strategy- Whats the Difference-02

What Is a Marketing Strategy?

Shaped by your business goals, your marketing strategy is your purpose. It’s what solution you offer, how it aligns with your company’s mission, and why it’s the key to solving your prospect’s challenges.

While many people think about jumping into action when it comes to marketing, having a clearly defined marketing strategy is incredibly important for your business's growth. Once you have your strategy, only then will you be able to develop an effective marketing plan.

What Is a Marketing Plan?

Driven by your strategy, your marketing plan is the execution — the roadmap of tactical marketing efforts that will help you achieve your marketing goals. Your plan is your detailed campaign of what you will do, where you will do it, when you will implement it, and how you will track success.

What’s the Difference Between a Marketing Strategy and a Marketing Plan?

Laura Laire, co-founder of our agency, breaks down the topic in this quick video:

The main difference is that your strategy is the “why” behind your efforts, while your plan is how you’re going to execute the strategy. The chart below details the specific differences.

Marketing Plan vs Marketing Strategy- Whats the Difference

How to Create a Marketing Strategy

While a marketing strategy is a high-level overview, there are still a few key considerations you must understand and document.

Executive Summary

Consider the executive summary an outline or table of contents before you jump into the comprehensive strategy.

The background describes your business goals, marketing goals, and challenges. It can also include your previous marketing activities and initiatives.

Market Analysis

This asset describes the market opportunities, sizing, segments, and potential impacts, such as trends, the economy, and seasonality. A SWOT (strengths, weaknesses, opportunities, and threats) analysis will help you capture this piece of your marketing strategy.

Target Audience

This section of your marketing strategy is the detailed version of your buyer personas and their characteristics, including demographics, goals, pains, and buying patterns. In this section, you’ll also want to include examples of negative buyer personas.

Competitive Analysis

Next, include the different categories of competitors and their characteristics including threats, market share comparison, differentiation, and barriers to entry. This will provide an overall look at what your competitors are doing digitally and how their activities seem to be performing from a keyword, paid advertising, and social perspective.

This includes what product or service you deliver to the market, the features and benefits for each segment, and how you intend on delivering those features and benefits. You’ll also want to document how your product or service is better than competitors’ offerings.

Your message is your opportunity to show prospects that you understand their challenges and that your offering is the key to solving those challenges. It should have variations that speak directly to each of your personas rather than trying to reach everyone with a single message.

Write down the channels you sell through and who is involved in selling through each step of the sales process. This is also a good place to document whether this is an impulse or planned purchase for your audience.

Additionally, describe the steps customers take through each stage of the buyer journey and understand their buying criteria. This will inform the content you can create and use in your marketing materials.

Every customer has unique needs. In some cases, the price may not be an important criterion in the buying process. Is this true for your segment?

What is your pricing model? Is it tiered? Are there discounts? Make sure to include competitive pricing, the perceived value of your product or service compared to the price, services that you include in the price, and how consumer trends could drive the price up or down.

How to Create a Marketing Plan

From your website to social media to all the other channels through which you will engage with potential clients, your marketing plan is a critical component to achieving your business objectives and producing results for your company.

Unlike your marketing strategy, you'll revisit your marketing plan frequently, referring back to it as you implement your tactics and monitor your findings . Here are the various elements you’ll need to create an effective marketing plan.

This is a high-level overview of your marketing goals and how you intend on achieving them.

Key Performance Indicators (KPIs)

Your KPIs measure the success of your marketing campaign. Here are some examples:

Sales revenue
Cost per lead
Client value
Inbound marketing ROI
Website traffic-to-lead ratio
Lead-to-client ratio
Landing page conversion rates
Organic traffic

Situation Analysis

Describe your goals, strengths, weaknesses, environmental factors, and market analysis to clearly articulate your challenges and impacts on your business moving forward.

The 4 P's of Marketing

Product: What are you offering in the marketplace and how it is different from competitors?
Price: How is your pricing model different? What is the dollar amount and structure? Why will customers choose your product or service over others?
Place: Today's digital environment demands a shift toward online sales. Is online the first place that your buyers will see your product? What other avenues will you sell your product?
Promotion: Where will you be promoting your product? Through online advertising? Email marketing? Blogging? Ensure that each avenue selected will positively impact your revenue.

What channels will you use to reach your audience? Where are they most active? Where do they seek advice? Ask your personas which channels they are on.

Website and Branding

Does your website messaging resonate with your personas? Is it optimized for lead generation?

Even if a potential buyer isn't ready to purchase your service or product today, it doesn't mean they won't later. Establish yourself as a thought leader, providing helpful content on your website to bring in leads until they are ready to buy from you.

Content Plan

Look at what content already exists on your website and determine whether it makes sense for your marketing campaign. Do you need to update the messaging so it better captivates and engages your audience? Are there additional questions or common objections you can address?

Social Media Plan

How is your business using social media ? Make sure you have a plan for engaging with thought leaders, replying back to happy clients, and how frequently you will post. Also, make sure you’re clear on what KPIs you’re tracking to measure success.

Communication and Promotion

Where and how often will you communicate with customers? What marketing materials can you create to facilitate this communication? Think about how customers might like to hear about you and your products or services, as well as the most relevant and effective channels for communication.

Ensure that you have a timeline for your campaign. Over time, this will help you measure the overall success and effectiveness of your marketing efforts.

What is the amount you will allocate to advertising, digital, website, event marketing, etc.?

Responsibilities

Identify who is responsible for each part of the implementation. Is one person creating all the designs? Do you have a content writer responsible for blogging and posting on social media?

Marketing Strategy vs. Marketing Plan: You Need Both

Your marketing plan acts as your roadmap, clearly identifying the plan of action for your marketing efforts. Your marketing strategy, on the other hand, describes the overarching reason for how your marketing efforts will help you achieve your goals.

And remember, to be successful and generate results, you must ensure that your team is executing a plan that backs up your strategy.

Understanding the current state of your digital presence can identify what you really need from a marketing strategy. Our free 20-minute assessment will show you how you're ranking against your competitors, opportunities for improvement, and more.

B2B Sales and Marketing Leader | CEO at LAIRE, a Digital Growth Agency - Co-Founder, Entrepreneur, Public Speaker, Marketer, Sales Team Builder, and Change Advocate.

10 digital marketing trends for 2024 and beyond, how much does a marketing plan cost, 5 steps to navigate a successful marketing plan review.

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Business Plan Vs Strategic Plan Vs Operational Plan—Differences Explained

Female entrepreneur sitting within a home studio drafting up individual plans for her business.

Noah Parsons

5 min. read

Updated October 27, 2023

Many business owners know and understand the value of a business plan. The business plan is a key component of the startup and fundraising process and serves as a foundation for your organization. However, it only tells part of the story. To get the whole picture and have a framework on which to build your business you also need a strategic plan and an operational plan.

What is a business plan?

In its simplest format, a business plan describes the “who” and the “what” of your business. It lays out who is running the business and what the business does. It describes the products and services that your business sells and who the customers are.

What is a strategic plan?

A strategic plan looks beyond the basics of a business plan to explain the “how”. It explains the long-term goals of the business and how it expects to achieve those goals over the long term. A strategic plan explores future products and services that your business might offer and target markets that you might expand into. The plan explains your strategy for long-term growth and expansion.

What is an operational plan?

An operation plan zooms into the details of your business to explain how you are going to achieve your short-term goals . It is the “when” and “where” of your planning process. The operational plan covers the details of marketing campaigns, short-term product development, and more immediate goals and projects that will happen within the next year.

What is the difference between a strategic plan and a business plan?

First, let’s look at the difference between a business and a strategic plan. For review:

A business plan covers the “who” and “what” of the business. The strategic plan gives us long-term goals and explains “how” the business will get there, providing a long-term view.

In broader terms, the business plan tells us who by showing us:

Who is running the business? What makes them qualified? What do they bring to the table that adds value?
Who is the competition? What do they offer and what makes you different?
Who is your customer? How big is the market? Where are they? What do they want and how will you give it to them? Also, how will you connect with your market?

The business plan answers the “what” by telling us:

What the business provides and how it’s provided.
Product, services, and operations are all explained so that readers understand how customer needs are met.

The strategic plan, on the other hand, outlines long term goals and the “how”, focusing on the following:

Where will the business be in 3, 5, or even 10 years?
How will you expand to offer different products and services over time?
Will your market and industry change over time and how will your business react to those changes?
How will you grow your market and reach new customers?
What needs to happen so you can achieve your goals? What resources do you need to get there?
How will you measure success? What metrics matter and how will you track them?

So, your business plan explains what you are doing right now. Your strategic plan explains long-term aspirations and how you plan to transition your business from where it is today to where you want it to be in the future. The strategic plan helps you look more deeply into the future and explains the key moves you have to make to achieve your vision.

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What is the difference between strategic planning and operational planning?

While strategic planning looks at the long term and explains your broad strategies for growth, an operational plan looks at the short term. It explains the details of what your business is going to do and when it’s going to do it over the next twelve months or so. An operational plan covers details like:

What activities need to happen to achieve your business goals?
When will each activity take place, who will do it, and when do you need to reach specific milestones?
How will your business operate? What suppliers will you work with? When do you need to have them in place?
What marketing campaigns will you run and what will they cost?
What investments will you make in your products and services this year?

The bottom line, your operational plan is the short-term action plan for your business. It’s the tasks, milestones, and steps needed to drive your business forward. Typically an operational plan provides details for a 1-year period, while a strategic plan looks at a 3-5 year timeline , and sometimes even longer. The operational plan is essentially the roadmap for how you will execute your strategic plan.

How to use your business plan for strategic development and operations

A great business plan can encompass both the basic plans for the business, the long-term strategic plan, and the near-term operational plan. Using a lean planning method, you can tackle all three phases of planning and make the process easy to review and revise as your business grows, changes, and adapts.

Start with a simple plan

The lean planning methodology starts with a simple, 30-minute business plan that outlines the fundamentals of your business: who you are, what you are doing, and who your customers are. It’s a great way to provide a brief overview of your business.

Expand your plan

From there, you can expand your plan to include your longer-term strategy. Adding greater detail to elements of the plan to explain long-term goals, milestones, and how your products and services will change and expand over time to meet changing market conditions.

Finally, your lean plan will cover financial forecasts that include monthly details about the short-term revenue and expenses, as well as longer-term annual summaries of your financial goals, including profitability and potential future loans and investments.

Use your business plan to manage your business

Regardless of the type of plan, you are working on, you need a team of players on hand to help you plan, develop, and execute both the operational and strategic plans. Remember, your business needs both to give it a clear foundation and a sense of direction. As well as to assist you with identifying the detailed work that has to happen to help you reach your long-term goals.

Learn how LivePlan can help you develop a business plan that defines your business, outlines strategic steps, and tracks ongoing operations. You can easily share it with your team and all of the right stakeholders, explore scenarios and update your plan based on real-world results. Everything you need to turn your business plan into a tool for growth.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Start your business plan with the #1 plan writing software. Create your plan with Liveplan today.

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5 Fundamental Principles of Business Planning

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Business Plan vs Business Model Canvas Explained

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8 Business Plan Templates You Can Get for Free

11 Key Components of a Business Plan

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What Is the Difference Between a Marketing Plan & a Marketing Concept?

Small Business
Advertising & Marketing

Marketing Plans

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Employee Development Success Factors

What is pioneering advertising, what is the meaning of "marketing strategy".

Relationship Between Market Research & Market Segmentation
Branding & Other Marketing Concepts

There are a wide range of marketing concepts, and each may have relevance in the development of a marketing plan. Marketing concepts may range from the importance of segmentation and positioning, to the value of brand-building, to specific pricing strategies. Effective marketing professionals have a broad range of knowledge of various marketing concepts that they can bring to bear when developing a marketing plan. Importantly, though, marketing plans aren't just about generating a list of marketing concepts -- the planning process requires rigor and a focus on process to select the right concepts from among the many available.

Marketing plans are blueprints or roadmaps that provide organizations and their marketing and sales staff members with specific direction about what needs to be achieved and how these achievements will be realized. What needs to be achieved is generally stated as goals (broad) and objectives (specific). For instance: build market share (goal); increase market share among women aged 25 to 55 by 10 percent over the next quarter (objective). How goals and objectives will be achieved is stated as strategies and tactics that provide specific direction, tasks and assignments for staff.

Marketing Concepts Drive Strategies and Tactics

Marketing concepts serve as the foundation for the development of specific strategies and tactics that will be part of the marketing plan. There are a virtually unlimited number of potential marketing concepts that might be applied to the development of a marketing plan. Those developing the plan, though, don't just grab these ideas out of the air. They are ultimately based on a careful analysis of the internal and external factors that impact consumer behavior and drive sales success.

Understanding the Target Audience

Understanding the target audience is an important first step in determining which marketing concepts will serve to most effectively move the marketing plan forward. For instance, the marketing strategies and tactics used to sell even a simple product like shoes will vary significantly depending on the target market's age, media consumption behaviors, income levels, and other such attributes. The more specifically and accurately marketers can profile their desired target audience, the better they will be able to select from the myriad of marketing concepts available to help them meet their overall goals and objectives.

Positioning Against the Competition

Marketing concepts are also driven by the competition -- what they have to offer and how they are currently communicating with and positioning themselves within an organization's desired market. A company with no direct competitors in a particular market, for instance, will use significantly different marketing concepts than a company that faces multiple competitors. Concepts selected will ultimately be impacted by the quality and consumer reception to products and services, the price points at which those products and services are offered, how readily available products are, and how the product attributes and benefits are communicated through media channels.

Entrepreneur; How to Identify and Reach Underserved Markets; Russ Fradin; 2010
Entrepreneur; How to do Market Research: The Basics; Lesley Spencer Pyle; 2010
Entrepreneur; Integrated Corporate and Product Brand Communication; Philip J. Kitchen and Don E. Schultz; 2003
"Marketing Plans"; Malcolm McDonald and Hugh Wilson; 2005
"Integrated Marketing Communication"; Robyn Blakeman; 2007

Leigh Richards has been a writer since 1980. Her work has been published in "Entrepreneur," "Complete Woman" and "Toastmaster," among many other trade and professional publications. She has a Bachelor of Arts in psychology from the University of Wisconsin and a Master of Arts in organizational management from the University of Phoenix.

Types of marketing communication concepts, what is lack of proper marketing, what are the dangers of implementing trial & error marketing plans, customer characteristics for marketing, marketing strategy for beginners, how to use a kanguru quicksilver high-speed external hard drive, what are the effects of management's pricing and non-pricing strategy decisions, factors that have an impact on the success of strategic marketing, the importance of product positioning to the marketing plan, most popular.

1 Types of Marketing Communication Concepts
2 What Is Lack of Proper Marketing?
3 What Are the Dangers of Implementing Trial & Error Marketing Plans?
4 Customer Characteristics for Marketing

What's the Difference Between a Comms Plan and Marketing Plan

The difference between a comms plan and a marketing plan

We marketers sure love our verbiage and jargon. Branding , marketing, communications planning, where is the line drawn? What’s the difference?

One thing we’ve noticed that gets people occasionally hung up is the difference between a marketing plan and communications plan. They’re both vital to the success of a brand but serve very different purposes. Generally, every brand has a marketing plan. However, not everyone has a comms plan. Let’s take a look at the difference between the two and how when to use them.

Marketing Plan

A marketing plan is the high-level guiding document that guides the overall direction of achieving the marketing goals a business has.

Whereas a marketing campaign and its accompanying comms plan address one specific marketing goal, the marketing plan serves as the general road map that weaves everything together. The comms plan ladders up into the marketing plan and then up into the overall business plan.

Marketing plans last for a longer period of time (typically a year) and usually contain the following:

Market research and analysis
Marketing and financial goals and objectives
Target audience breakdowns
Marketing strategies covering the 4 P’s of marketing (product, price, place, and promotion)
Budget: This component of a marketing plan consists of developing a marketing budget, which will allow you to plan for marketing expenditures.
Monitoring and evaluating (KPI's and how you'll respond)
An execution plan (or a marketing plan checklist) which breaks down tasks and tactics as well as timing and responsibilities.

Though marketing plans can differ by industry, they generally follow a similar structure.

Now, a communications plan is a very specific tool which we’re huge fans of. Its primary use case is to help layout an integrated execution plan of a marketing campaign. With so many channels available to marketers these days, the comms plan was born out of a necessity to think strategically about how to integrate all these executions under one overarching concept, while still being bespoke to each channel.

Here is a sample comms plan we use inspired by Julian Cole, a well-revered expert on comms planning.

Let’s take a look at each section and break it down.

Business Problem

This is the connection point to the business/marketing plan. While it is crucial to frame most of the campaign architecture through a consumer mindset as opposed to the business’, the business problem is the exception. It is generally driven through analysis of the marketing plan and could be something such as:

“We’re seeing a decrease in subscriptions to Spotify by Generation Z because that generation sees the platform as the place for annoying Millennials”

Positioning

Positioning refers to the intersection of where the brand sits in the context of the product category, culture, and consumer sentiment. It is driven by uncovering insights quantitatively and qualitatively. It is by comparing the positioning to the business problem that we can begin align the marketing campaign and its initial goals. For example, the positioning of Spotify could be:

“Spotify is the streaming service for Neverlanders who will never grow old”

Campaign Idea

This represents the core concept of your marketing campaign. It will serve as the umbrella idea that connects to each comms task which we will describe below.

Barriers are the specific pain points being addressed within that specific channel/execution of the campaign. These barriers are uncovered through a mapping of the consumer journey starting from the high-funnel down into the final purchasing and advocacy touchpoints. Once complete, we can discern what are the specific barriers to accomplishing the goal of the campaign within said touchpoint.

An example of a barrier could be:

“Gen Z’s on TikTok feel like any platform outside of it is just for old people”

With the barrier established, it is time to develop how we will solve that barrier. To do this, we work through the specific communications task. In relation to the previous example, the task could be to convince Gen Z’ers on TikTok that Spotify is just as youthful as TikTok itself .

Last but not least, is the tactics themselves. This is where we prescribe the specific channel and tactic that the creative will live to solve the aforementioned barrier. In this case, one tactic could be for Spotify to hire TikTok influencers to develop branded playlists of their favourite songs on Spotify to be shared on Tik Tok to their followers.

This process of outlining the barrier and task repeats itself until all touchpoints of a consumer journey map have been addressed and solved. As this occurs, an integrated and strategic execution plan of your marketing campaign emerges.

The benefits of following an integrated comms plan such as this are proven and substantial. It leads to increased emotional responses and overall branding perception as seen in the studies below.

In summary, the marketing plan is the high-level plan of a brand that focuses on more than just an advertising campaign. It includes pricing strategies, distribution strategies, and is much more focused on driving sales from a high-level perspective. A comms plan is a specific tool used to think of the rollout of an advertising campaign from a more integrated and strategic point of view. It is driven through analysis of the consumer mindset and is used to tap the consumer at specific points within the purchasing process.

Both plans serve very different purposes but often get mixed up. However, both are fundamental to the success of a clear and discerning brand that knows exactly where it stands and where it is headed. You might also like our post titled The Difference Between Branding and Marketing .

Contact MMGY Origin

Specializing in the outdoor industry and tourism, MMGY Origin has a team of experts who robust, digitally driven, creative and marketing services to clients across North America.

If you need help developing a communications plan or marketing plan, we can help. Feel free to contact us .

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Differences Between Business Plans and Marketing Plans
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How to Create Effective Marketing Strategies for Your Business

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COMMENTS

Marketing plan vs business plan: What's the difference?
The biggest difference between a business plan and a marketing plan is the scope of what they cover. While both documents can be quite lengthy and thorough, they don't address the exact same information. A business plan is typically a much broader document that covers every aspect of your business: operations, supply chains, human resources ...
Business Plan vs. Marketing Plan: What is the Difference?
In contrast, a marketing plan focuses specifically on strategies and tactics to promote products or services, detailing target audiences, promotional methods, and market positioning. While the business plan provides a comprehensive view of the entire business, the marketing plan hones in on attracting and retaining customers.
What Is the Difference Between a Marketing & Business Plan?
A business plan covers the entire business, from strategy and mission to financial plans, and operational strategy. A marketing plan contains specific strategies for getting the product to market ...
Marketing vs. Business Plans Explained
Business plan. A business plan sets out the overall strategy for your business. It defines the company's overall aims, and objectives then maps out a course for achieving them. This plan keeps the executive team focused on the right goals, ensuring that everyone works together to achieve success.
Marketing Plan vs. Business Plan: What's The Difference?
If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business's goals. Having these plans in place makes it easier to keep your business on track and ...
Marketing Plans vs. Business Plans: What's The Difference, and Why Do
A business plan covers the entire business, including overall strategy, financial plans, target markets, sales, products and services, operations, and how they all relate to each other. A marketing plan, in contrast, focuses on the marketing: marketing strategy, target markets, marketing mix, messaging, programs, etc. Cash flow is vital for a ...
What is a Marketing Plan & How To Write One? [Easy Guide]
Marketing Plan: This is a focused document dedicated to the marketing segment of an organization's strategy. It meticulously outlines the marketing objectives, strategies, and tactics that will be employed to achieve the desired market presence and customer engagement. Business Plan: A business plan has a broader scope, encompassing every ...
What's the Difference between a Business Plan and a Marketing Plan
Whereas a business plan is written for an audience to get them to buy-in to a concept, a marketing plan is written for the staff or team members in order to execute the day-to-day action items which must be met in order to achieve the larger business goals or corporate vision. Whether you call it a marketing plan, sales, and marketing plan or ...
Business Plan vs. Marketing Plan: What's the Difference?
Marketing Plan: A marketing plan is a plan that explains how a business will let people know about its products or services. It includes ways to reach customers, like ads or social media. The goal is to make people interested in what the business offers. Now, let's get to Business Plan vs Marketing Plan: Major differences between Business ...
What is a Marketing Plan and How Do You Create One?
What's the difference: Marketing plan vs. Business plan. When you're in a marketing team, the business plan and marketing plan may feel very similar - and they certainly do touch. In reality, you can't have one without the other. A business plan should be considered as the "big picture", whereas the marketing plan is the roadmap ...
Business Plan vs Marketing Plan: What's the Difference?
Differences Between Business Plans and Marketing Plans. Business plans and marketing plans aren't the same. Business plans consist of multiple parts, each of which covers a specific aspect of your business. Most of them contain an executive summary, business description, goods and services and marketing section.
what is the difference between a business plan and a marketing plan?
A business plan and a marketing plan are both important documents that help guide the direction of a business, but they serve different purposes and cover different areas. A business plan is a ...
Marketing Plan vs. Marketing Strategy: What's the Difference?
To grow your business, it's important to consider both a marketing plan and a marketing strategy. In this article, we define a marketing plan, discuss what a marketing strategy is, describe the differences between a marketing plan and a marketing strategy and share the benefits of having both. Read more: A Guide to Effective Marketing Techniques
Understanding the Difference Between a Business Plan and a Marketing
The main difference between a business plan and a marketing plan is their purpose and scope. A business plan covers the entirety of your business and its long-term goals, while a marketing plan specifically focuses on promoting your products or services to your target audience. A business plan is more general and provides a framework for your ...
How to Create a Marketing Plan Step by Step With Examples
A marketing plan includes analysis of the target audience, the competitors, and the market so that teams can determine the best strategy for achieving their goals. The plan's length and detail depend on the company's size and the scope of the marketing project. A marketing plan is useful for all types of marketing, including digital, social media, new product, small business, B2C, and B2B.
Marketing Strategy vs. Marketing Plan: What's the Difference?
Marketing plan: Pursue a website redevelopment; create a marketing plan template to ensure all new efforts adhere to guidelines; reoptimize website content and copy; coordinate a rollout of new colors, logos and fonts to all social media platforms; hire a marketing agency to consult on best practices. It's much easier to see the differences ...
How to Create a Small Business Marketing Plan
When it comes to a marketing plan for small business, two key factors are at play: limited resources and tight budgets. To give a sense of scale, a tight budget for a multinational corporation may ...
Marketing Strategy vs. Marketing Plan? (The Difference)
A marketing strategy and a marketing plan are different in three distinctive ways: by definition, purpose, and. focus. A business strategy informs what goes into a marketing strategy. A marketing strategy explains why you intend to perform specific marketing actions. For example, if your startup wishes to scale up, the marketing strategy you ...
Marketing Plan vs Business Plan: What's the Difference?
Sign up for a free Jotform account at: https://link.jotform.com/wxTzmhZQqE Do you know the difference between a marketing plan and a business plan? While the...
Marketing Strategy vs Marketing Plan: What's the Difference?
Marketing Strategy vs. Marketing Plan: You Need Both. Your marketing plan acts as your roadmap, clearly identifying the plan of action for your marketing efforts. Your marketing strategy, on the other hand, describes the overarching reason for how your marketing efforts will help you achieve your goals.
Business Plan Vs Strategic Plan Vs Operational Plan
The operational plan covers the details of marketing campaigns, short-term product development, and more immediate goals and projects that will happen within the next year. ... First, let's look at the difference between a business and a strategic plan. For review: A business plan covers the "who" and "what" of the business.
What Is the Difference Between a Marketing Plan & a ...
There are a wide range of marketing concepts, and each may have relevance in the development of a marketing plan. Marketing concepts may range from the importance of segmentation and positioning ...
#What Is the Difference Between a Marketing & Business Plan?
The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. If the plans of the ...
The difference between a comms plan and a marketing plan
Journal of Advertising Research. 53 (4). 417-430. One thing we've noticed that gets people occasionally hung up is the difference between a marketing plan and communications plan. They're both vital to the success of a brand but serve very different purposes. Generally, every brand has a marketing plan. However, not everyone has a comms plan.

Marketing plan vs business plan: What’s the difference?

The bottom line

Business Plan vs. Marketing Plan

1. Executive Summary

2. Company Description/Overview

3. Products or Services Offered

4. Market Analysis

Industry analysis

Competitor analysis

Target market analysis

SWOT analysis

5. Marketing and Sales Strategies

Marketing and advertising plan

Sales strategy and tactics

Pricing strategy

6. Operations and Management

Operational plan

Technology plan

Management and organizational structure

Personnel plan

7. Financial Plan

Startup Costs

Financial projections

Break-even analysis

Funding requirements and sources

Key performance indicators (KPIs)

8. Appendices

1. Marketing Objectives

2. Target Market

What Problem Are You Solving?

Research Your Market and Competition

Talk to Potential Customers

Create Customer Profiles

3. Value Proposition

4. Marketing Activities

5. Marketing Budget

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Competition

Marketing Mix

Marketing Strategies

Key Performance Indicators (KPI)

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How A Marketing Plan And A Business Plan Work Together

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