Peter S. Whalen and Sam Holloway, (2012). AMS Review, 2(1), 34-43.
Current marketing theories largely follow the rational planning school and they base marketing planning activities upon a strategic pursuit of an optimal market outcome. While extant theory aligns with the motivations of large corporations in established markets, it offers little benefit to marketers in new ventures. A new concept of effectual marketing planning is based on a logic of control and specifically addresses the challenges facing new ventures. The authors construct of effectual marketing planning contains five key elements that increase the value of marketing planning for new ventures. They conclude the by offering propositions as to how effectual marketing planning can improve new venture performance.