Plan
A plan is a pre-prepared action to implement in the future related to the firm.
Types of the plan:
The types of plans that are used by firms to achieve their goals. Some of them are strategic, tactic plans, operational plans, etc.
Strategic Plan :
The strategic plan is a five-year view that outlines what strategy a company will follow.
Tactic Plan :
Tactics are operational and refer to any specific action taken to implement the strategic plan.
A company seeks to establish a competitive advantage by exploiting new opportunities.
Planning is important in marketing because it helps the company achieve its goals and objectives.
Operational Plans:
This plan comprises all daily operational activities that must be done to achieve tactical plans.
Final answer:
The two types of plans are:
Strategic Plans:
This plan comprises the way the company will achieve its goals.
This plan takes into account both internal and external factors such as human resources, technology, finance, and competition.
Tactical plans :
It includes the how-to aspects of achieving goals and implementing strategies.
It involves more details about time for activities, people responsible for an activity, location of activities, and methods for carrying out activities, among other things.