The marketing plan can be an independent document or contained within the business plan. Its main purpose is to provide an outline of the actions needed to formulate strategies to achieve planned objectives such as higher sales and superior customer satisfaction.
A marketing plan is usually based on the marketing mix variables (4 Ps) and it contains the following sections, which should be assessed on an annual basis.
Contents and Purpose
Aims and objectives
Company aims and Product objectives related to sales and market share.
Market Situation analysis
Evaluation of Internal Strengths and Weaknesses and an assessment of the external Opportunities and Threats.
— Product features and differentiation,
Branding and Positioning strategy
— Pricing strategy,
The digital compact cassette (DCC), introduced by Philips in 1993, was a recordable audio digital technology with sound qualities superior to those of analog cassette technology. However, the DCC failed to gain market acceptance as it offered the product at a very high price and failed to promote the most attractive features of the technology, creating confusion among consumers. DCC was officially discontinued at the end of 1996.