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Building a Successful Marketing Plan
Every business, small or large, needs a business plan. And the marketing
plan is a key component of a business plan.
Features of a good marketing plan:
- A good plan answers the who, what, where, when, and how much
about a company's marketing and sales activities for the planning
year: Who are the target buyers? What is our unique position in
the market? Where will we implement our marketing spending plans?
Where will marketing spending occur? How much sales, spending,
and profits will we achieve?
- The financial projections in your business plan are based on
certain assumptions in your marketing plan. The marketing plan
details when expenditures will be made, what level of sales will
be achieved, and how and when advertising and promotional expenditures
will be made.
Major elements of a marketing plan:
Situation analysis. The company's total marketing environment
as well as the status of the company's products and distribution
channels.
Opportunity and issue analysis. External opportunities and
threats to the company and its internal strengths and weaknesses,
also a discussion of key issues facing the company.
Goals and objectives section. The company's major goals as
well as its marketing and financial objectives.
Marketing strategy section. The company's marketing strategy
statement which summarizes key target buyers, competitive market
segments, the comapny's unique position, price strategy, marketing
spending strategy with advertising and promotion, and possible R&D
and market research expenditure strategies.
Sales and marketing plan. Each specific marketing event or
action plan to increase sales, a summary of quarterly promotion
and advertising plans, with spending, timing, and share or shipment
goals for each program.
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