List and explain two types of marketing plans.

Long-range marketing plans cover marketing activities from two to five years into the future. Such plans are often directed at top-level executives and the board of directors. These plans consider what products and services to keep, add, and delete in the future using a portfolio analysis. They also present new marketing initiatives and address marketing organization topics. A marketing or product manager in a consumer products firm usually develops annual marketing plans. They deal with marketing goals and strategies for a product, product line, or entire firm for a single year. Annual plans place a heavy emphasis on segmentation, targeting, and positioning, elements of the marketing mix, and revenue and expense projections.