A marketing plan is a road map.
A marketing strategy is an overall approach to designing products to meet customer needs, letting customers know that these offerings are available, and giving them reason to purchase them. A marketing plan provides concrete details for implementing a marketing strategy, with specifics about budgeting and time frame, as well as indicators for gauging the success of different marketing efforts.
Role of a Marketing Strategy
A marketing strategy provides vision, tying a company's product development and marketing activities to its larger vision. For example, a company whose marketing strategy is to build relationships with loyal customers over time will likely have a long term business strategy of functioning with integrity. This marketing strategy can act as a bridge linking the company's overall mission with the specifics of its marketing plan, making sure that its details also perpetuate broader company ideals.
Role of a Marketing Plan
A marketing plan explains in text and numbers how a company will achieve a specific marketing objective, such as increasing sales or introducing a new product. A marketing plan should include a general introduction clarifying its scope. It should also provide a marketing budget, detailing how much money the company will spend to achieve this objective as well as how it will use these funds. In addition, a marketing plan should specify which data the company will use to assess how well these investments are working.
Relationship
A marketing strategy is generally not tied to a particular time frame but rather informs company decisions and company plans. A marketing plan is the manifestation of the marketing strategy with reference to a particular innovation or time frame. For example, a company's marketing strategy might be to build a customer base over time by providing quality products and excellent service. Its marketing department might prepare a marketing plan for the process of introducing a new product, applying the general principle of maintaining quality to the specifics of building and servicing this particular product in the most effective possible way.
Differences
A marketing strategy can provide direction and vision, but it is not sufficient in itself to direct a marketing department's actions. Too much specificity in a company's marketing strategy has the potential to limit possibilities, while too much generality in a company's marketing plan has the potential to provide an insufficient framework for attracting and keeping customers. A marketing plan should be revised over time as a company tinkers with its details and cuts out elements that do not work. A marketing strategy can remain static, providing consistency as the marketing plan evolves.
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