Assume you are the newly hired marketing manager of a company. As you spend time with other peer marketing managers, you realize that the company does not place an emphasis on planning within the marketing organization. Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans?

Why is planning important in marketing?

There are many reasons why planning is imperative in marketing. Planning allows us to run strategic marketing programs effectively and efficiently. A well-documented marketing plan details project budget and its particulars thus giving an excellent idea how much we need to negotiate with vendors. This written marketing plan also...