Although the two terms are often used interchangeably, sales plans and marketing plans are not identical. Sales plans detail the strategies the business will use to sell products and services and increase revenue.
Many companies incorporate their marketing plan within the business plan.
However, some companies may create a separate document outlining their marketing strategies and focus the subject matter of their business plans on the overall description of their products or services and other sections, such as financial objectives.
The table of contents, within the beginning portion of the document, includes an outline of each section of the business plan and the associated page numbers to each section. In order, the remaining parts of a standard business plan include the executive summary, the environment of the company, the marketing tactics, products and services and the summary.
When a business plan includes the marketing strategy, it provides an assessment of the target market, competitive advantage, products and services and the distribution methods.
Marketing Plan Some companies craft a separate document covering marketing strategies that includes a more in-depth analysis of their marketing goals and objectives. It includes an analysis of the size of the market segment and the potential growth rate of the total market.
It identifies the strengths and weaknesses of competitors and demonstrates how the company intends to set itself apart from competitors. The marketing plan also provides a detailed description of the products and services, including how the products and services benefit their customers.
Attracting Investors In addition to being a document that provides an analysis of company goals and objectives, the business plan is meant to attract stakeholders.
Many companies seek bank financing and capital from other investors, and investors often use the business plan to help them determine whether the company has significant growth potential.
Companies also submit their business plans to other companies, for instance, if they intend to form strategic alliances, enter into business contracts and attract key employees. Marketing plans also are used to attract stakeholders as well as clients and customers.
However, the important distinction between a marketing plan and a business plan is that the business plan analyzes each level of the business and defines the business as a whole, whereas the marketing plan focuses on how the company defines its specific marketplace and how its products and services appeal to the market.
Continous Changes Many companies continue to make changes to their business plans and marketing plans to stay current with market demands as well as ensure that their goals and objectives are consistent with changes in industry trends and technological advancements.
How to Write a Great Business Plan About the Author Marie Huntington has been a legal and business writer since with articles appearing on various websites.Aug 24, · 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/5(4). Marketing Strategy vs.
Tactics – Explaining the Difference. It seems to me the misunderstanding between marketing strategy and tactics is far too common amongst marketers, PRs and perhaps more importantly clients who never really question it.
Difference Between a Business Plan & a Marketing Plan by Cheryl Munson - Updated September 26, Think of a business plan and a marketing plan in terms of a pizza, for illustration purposes. The key difference between marketing strategy and marketing plan is that marketing strategy can be explained as a course of action to achieve a marketing objective whereas marketing plan is the set of actions implemented to realize the marketing strategy; i.e., how to achieve the desired strategy.
Business Plan. The business plan provides a wide overview of the business, which includes information on staff, operations, location, marketing and financial aspects, as well as clearly outlined. Jun 29, · About the Author. A former business owner, Linda Emma is a now digital marketing strategist, offering private clients promotional and digital marketing advice.