Marketing Plan

Plan that details a company's marketing effort; also called marketing strategy. The marketing plan may be laid out for an individual product or for the entire company and all its products. In either case, the plan specifies the marketing goals and objectives to be achieved over a specific time period and then lays out the various strategies to be followed in achieving them. It will also delineate the responsibilities for carrying out the plan. The strategies will involve the proposed development of the product(s), the definition of the target market(s), and the types of media and sales promotions to be used.