A marketing plan is an official plan of how the company intends to execute its marketing strategies. Learning how to write one is very important as it gives the management a good idea of what the marketing department is up to.
Marketing Plan
It starts with market research. The first step is to evaluate what the customers feel about your product, what they like about it, and what changes they would like to see in the product. By communicating with the end users of the product, we understand what they expect of the product, what are their exact needs and how your product can best satisfy that need. Market research also helps you analyze the strengths and weaknesses of your product along with finding out the potential opportunities and threats to your product's present share.
After the market research has been conducted, you will have a fair idea of what the users think about your products and what changes you may need to integrate into your final product offering. The research will also help you feel the pulse of the market and understand how the customer sees your product and that way, you will be able to make a good marketing strategy for it.
The next very obvious step is to conceptualize the marketing strategy. How exactly does one go about implementing the strategy? What channels of communication ought to be utilized to deliver the advertising message? How much will it cost you? And most importantly, how much increase in revenue do you expect after the strategy has been implemented?
Marketing Plan Example
| Section One: Introduction The first section of the marketing plan lays down the objectives of the plan and summarizes just why the plan is on the verge of being altered. The first section will lay down the goals of the plan mentioned therein and what are the key events in the completion of the plan. Section 2: Market Analysis The second section gives an introduction on the analysis and research that was done along with a brief about the tools that were used. The analysis also establishes the summary of the strengths, weaknesses, opportunities and threats which the company and its products need to keep in mind. This section gives the results of the marketing research as well as the conclusion derived from it and the steps that need to be taken next. Section 3: Marketing Strategy Surely the market research exercise brought out some very key problems and their solutions. So those should be addressed in the marketing strategy which will be implemented. The marketing strategy will give the way to address these problems and strengthen the position of the product. Section 4: Budget From the point of view of the management, they need to know just how much they will need to spend on their new marketing strategy. They will want to know the exact number and if at all it is worth it. The budget will of course explain where each cost is allocated and how much. And of course the revenues that will be generated. Section 4: Evaluation and Control This section lays down just how the marketing department intends to control and monitor the progress of the project. They need to set key dates for ensuring that the strategy is running according to the plan. |
Sample marketing plans will tell you that a it is a very detailed document and needs to cover all the bases. So make sure it does!
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