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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 The company's
major goals as well as its marketing and financial
objectives.
Marketing strategy The company's
marketing strategy statement which summarizes
key target buyers, competitive market segments,
the company's unique position, price strategy,
marketing spending strategy with advertising and
promotion, and possible R&D and market research
expenditure strsategies.
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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