What is a Marketing plan, and why is it important

D = Definition. A plan is a strategy (set of steps or activities) that will achieve an objective. Therefore, a marketing plan, is a set of marketing activities to achieve marketing objectives


I = Importance. If a business does not plan, it ends up reacting to events only when they occur, which can cause the business to fail to achieve the business objectives it has set 

E = Example. For example, a marketing department that does not plan will be slow to act on changing customer wants and needs. 


As competitors respond to market changes and produce popular products, a business that has not planned is stuck making products that become harder to sell, which results in falling sales and less profits.