Business Plan Vs. Marketing Plan: Which One Should I do?

Business Plan Vs Marketing Plan Which One Should I do

Which one should you use, a business plan or a marketing plan?

Time and again, it’s been said that in order for you to succeed in your business, you need to have a plan.

The next question now is what kind of plan? 

A business plan or a marketing one? 

But isn’t the two plans the same?

With time, people just made them seem interchangeable.

But in reality, a business plan is so different from a marketing plan.

So you need to really understand each one of them in order for you to be successful in your business.

Marketing Plan

A marketing plan is usually a detailed set up or design that you create so you can accomplish the goals you’ve set for your marketing campaigns.

The plan normally has a list of marketing tactics and details that allows you to set up your sales, additional marketing strategy, market analysis, budget, sales forecast.

As well as your projected milestones for your strategies such as your print catalogs or invitation printing.

Your marketing plan therefore can be utilized for your promotional materials so you can effectively market your products, your brand, and even your line of services.

Your marketing plan can determine and map out how you can make your invitation printing for example to work for your goals.

Your marketing plan can also have an annual plan or even up to 15 years.

However, most companies prefer designing their marketing activities a year ahead.

This would mean an annual marketing planning session for these companies.

Still some have 3 to 4 years of practical planning for their marketing.

How do you create an effective marketing plan?

Write it down.

A written document can help you measure the results of your marketing activities for the year.

A detailed and more specific action plan can help you provide a strong program that will be able to accomplish your objectives for your business.

Overall, it is the biography of survival; internet and physical. 

It explains in a nutshell how and when you will get the world to purchase your wares.

marketing-plan

To accomplish the marketing plan goal, some questions you may ask are:

  1. What are my or my company’s Strengths, Weaknesses, Opportunities and Threats (SWOT)?
  2. How will I overcome the SWOT or work effectively with them?
  3. Exactly what is the product or service?
  4. Who is the target and where will you find them?
  5. How will I keep customer interested?
  6. Who or What is the competition?
  7. What is product pricing?
  8. What tools will be used to woo potential customers?
  9. What soft or hard publications will be used to persuade them?
  10. What methods are more beneficial than others?
  11. What is the budget?
  12. How will the product get from point A to point B on a regular basis and keep it going like clockwork.

If you are precise with your plot, then you will be consistent in making a profit annually.

Be prepared to change your plans and roll with the economic punches and any other problems that could arise.

In keeping with the standards, the elements of the Marketing Plan could vary, but the below is the essence of an outline.

  1. Executive Summary
  2. Current Standing
  3. Competitor Analysis
  4. Marketing Objectives
  5. Marketing Strategy
  6. Action
  7. Budget
  8. Measures
  9. Stats, Documents, Data Business Plan

A business plan, on the one hand, is your overall plan to operate your business.

This then would include your marketing plan.

Your business plan then covers your marketing strategy, marketing analysis, your cash flow, finances, and goals, to mention a few.

These activities then allow your people to see where your company is headed.

It lets you find out your company’s real cash flow as well as the balance sheets and ratios.

Your business plan also positions your goals for your organization.

This is where you see the mission-vision statements.

It allows you to plan the why’s and how’s of your goals.

And it provides your company background as well as the teams and staff working for each activity within your company.

In a nutshell, your business plan tells you of who you are; where you want to go; and how do you get there.

The business plan gives the company life.

It transforms it from a name and words into a tangible entity.

This is important because if you are seeking financial assistance, no lender wants to extend monetary backing without seeing the success of an institution on paper first.

business plan

The basic business plan can be as short and simple as you would like or it can be long and specialized as needed. 

The general sections may have different names but they all have the same objectives. 

One of the simple outlines is a follows.

  1. Executive Summary
  2. Company Description
  3. Product or Service
  4. Market Analysis
  5. Strategy and Implementation
  6. Internet Planning Details
  7. Management
  8. Financial Analysis

Both the business and marketing plans are different from each other.

Nevertheless, they are both important in making sure that you reach the goals that you’ve set out to do when you started your business.

If you are a small or new business entrepreneur who is bootstrapping your way to success, then you may not be concerned with big budget productions or producing a money margin that will impress lenders.

So make a marketing plan that concentrates on the best way to impress and dazzle your customers.

Show how you will keep up with overhead, paying general bills and meeting the salary marker you set for yourself and/or employees.

If you prefer, you can hire a professional business and marketing plan maker. 

But remember there is plenty of information on the internet that will answers many of your questions.

Business Plan Template vs. Marketing Plan Template

Have you had to write a business plan or a marketing plan before?

Tell us which which one did you needed to write?

Comment and share with us below.

Here is another good blog to read: What Is the Difference Between a Marketing & Business Plan?

Read my latest blog on: Business Plan vs Strategic Plan: Which One Should I do?

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About Maria Barina

Maria Barina is a mother and grandmother who worked for the NYC Board of Education as Laboratory Specialist Bio/GS for 26yrs till the age of 56. Her husband, after 37 of marriage, passed away from Lung Cancer. She came to myEmpirePRO to seek guidance on how to get freedom that an online business can provide. Freedom to her is being able to do what she wants, when she wants to and to show others they can do the same to. Since she done that she is able to do this by working anywhere she goes and became a mobile-prenuer

One thought on “Business Plan Vs. Marketing Plan: Which One Should I do?

  1. Pingback: Business Plan vs Business Proposal | Maria Barina Live

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