THE COMPONENTS OF MARKETING PLAN

 

THE COMPONENTS OF MARKETING PLAN

Once you complete your market research, you are then ready to develop your plan. Listed below are some basic components you should include.

1. Your Executive Summary

Include a brief summary at the beginning of your marketing plan to summarize its contents.

2. Your Goals

Discuss your marketing objectives. They should be clear, measurable and attainable within a specific time period (one year is usually the most effective time period for a marketing plan). If you have more than one goal, make sure they complement each other, and make sure that components of your plan support your marketing goals.

3. Your Business

Define important characteristics about your business.

4. Your Customers

Analyze your customers based on age, sex, profession, income, educational level, and neighborhood. Where do your customers shop? What qualities do your customers value most about your product or service? What qualities do they least like about your product or service? Are there prospective customers who haven't heard about your product?

 

5. Your Competitors

Who are your competitors and how do you differ from them? How do your promotion methods differ from theirs? Is there a demand for your product or service, based on other competitors' successes? What are the similarities and dissimilarities between your product or service and your competitors'?

6. Your Product or Service

Describe in detail your product or service, emphasizing its special features, selling points, etc.

7. Your Location

Write a description of your business location, and the advantages and disadvantages of the location.

8. Your Budget

What are the costs allocated for advertising and promotions, including any printing and distribution of materials? List the advertising media you will use and estimate the cost for each medium. Will you use newspaper, magazine, Yellow Pages, radio or television? How about direct mail or telemarketing? Is there money in the budget for public relations activities, such as press releases or community sponsorships? Are there any possible future marketing methods to attract new customers?

9. Your Pricing Strategy

How will you price your product or service? Will it be below or above the competition? Will you factor in internal costs, such as materials, labor, overhead, etc.? List your pricing techniques and give a brief description of each technique.

A well-written, comprehensive marketing plan is fundamental to all business ventures because it describes how you plan to attract and retain customers, how you will compete, and what resources you have available to achieve your business goals.