Communications expert James Gregory writes that perceptions held by an organization's audiences, including investors, customers and prospective customers, have a growing influence over its success and survival. Managing those perceptions so they translate into profitability requires marketing. While product marketing promotes the company's services or products to spawn sales, corporate marketing focuses on its vision and mission to pursue growth.
Purpose
A corporate marketing plan establishes long-term priorities, provides overall direction and sets organizational objectives for the company's various business units. It identifies the markets to be served, the mix of product or services that will address the needs of those markets and the resources that will be allocated. According to the Marketing Plan Information Center, the corporate marketing plan guides management on mission fulfillment and charts the organization's course.
Focus
The American Marketing Association defines marketing planning as a process of preparation. Corporate marketing planning begins with a clear understanding of the corporate branding statement, which finds its roots in the vision statement. "Marketing Corporate Image: The Company as Your Number One Product" notes that the corporate branding statement defines the organization, its beliefs and why they justify consumer trust.
Research
An essential step in corporate marketing planning consists of a "situation analysis"--research and critique of current audience perceptions and subsequent comparison with desired perceptions. Senior management takes an active role in the development of strategies to address negative observations and reinforce positive opinions unveiled by this study.
Elements
The tactics or actions used to implement the strategies can include internal and external approaches. Internally, a company may choose programs, newsletters and websites to influence employee opinions or draw employee support for new initiatives. "Corporate identity exercises" that enhance the logo, packaging, signage and other visual aspects of a company's public face represent an external tactic, according to brand management authority Paul Temporal. Other external tactics related to corporate branding include a corporate advertising campaign, community events, philanthropic endeavors and sponsorships.
Considerations
Increased internal confidence in the direction the organization takes and affirmation of how it presents itself externally develop from the corporate marketing planning process, according to strategic marketing expert Geoff Lancaster. Monitoring the corporate marketing plan's progress in molding consumer experience permits fine-tuning and corrective action. As researchers from Bain & Company write in Harvard Business School's "Working Knowledge," progress reviews and adaptation to their findings characterize successful organizations.
