How do I Develop a Marketing Plan?

Vision and mission statements create internal awareness of your company’s goals and align everyone in pursuit of these goals.

With these statements in mind, you can formulate strategies to reach your target market. Encourage your employees to be creative in achieving marketing goals and empower them to do what is right.

A vision statement defines your intentions for the future and what is necessary to succeed.

It represents what you envision your business to be, what is important to your organisation, and identifies and positions the organisation for the long term. For example, The Marketing Institute of Singapore's vision is “Creating Marketers”.

A mission statement defines the scope of activities that will help you achieve your objectives.

It tells others about your current activities and states your social mission, both external and internal, and other dimensions of corporate image. For example, The Marketing Institute of Singapore's mission is to create marketers through quality education and training.

Remember that your mission statement should support you in achieving your vision.

Think About It

Companies with vision

Consider the following vision statements. Notice how they differ even though they belong to companies in the same industry. Do you know which companies own each of the following statements?

(a) "Inspire the World, Create the Future."

(b) “Global Top 3 by 2010 in Telecommunication and Electronics”

(c) “No.1 Green Innovation Company in the Electronics Industry in 2018”

(a)Samsung (b)LG (c)Panasonic