Marketing Plan
What is Marketing Plan?
The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals
What is the importance of Marketing Plan?
Marketing is one of the single most important places you can focus your attention in your business, particularly if you hope to create a successful business. Marketing equals money, when it is done right, and most businesses don’t put nearly enough attention on their marketing planning process, or on their marketing.
Format of a Simple Marketing Plan
Elements | Description | Marketing Plan Summary | Your marketing plan summary should summarize the key components of your marketing plan. Think of it as a quick reference tool that you can refer to at any time to keep your goals on track. | Background Analysis | The background analysis section should detail the opportunities and challenges that your business has encountered along the way. This will help you to define your business's capabilities and opportunities within the market. It will also play a key role in helping you to meet your customers’ needs. Read more about your market research option. | Marketing Objectives | Be specific about what it is that you want your marketing plan to accomplish. Your objectives may be financial, with a goal to increase sales, or marketing focused to build awareness of your product or service. The most effective (and accountable) way to define your marketing objectives is to follow the ‘SMART’ acronym (Specific, Measurable, Achievable, Realistic and Timely) | Marketing Strategy | An effective marketing strategy will help you to define the overall direction for your marketing program. It will also detail how you are going to bring your products and services to market in ways that will satisfy your customers. | Marketing
The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals
What is the importance of Marketing Plan?
Marketing is one of the single most important places you can focus your attention in your business, particularly if you hope to create a successful business. Marketing equals money, when it is done right, and most businesses don’t put nearly enough attention on their marketing planning process, or on their marketing.
Format of a Simple Marketing Plan
Elements | Description | Marketing Plan Summary | Your marketing plan summary should summarize the key components of your marketing plan. Think of it as a quick reference tool that you can refer to at any time to keep your goals on track. | Background Analysis | The background analysis section should detail the opportunities and challenges that your business has encountered along the way. This will help you to define your business's capabilities and opportunities within the market. It will also play a key role in helping you to meet your customers’ needs. Read more about your market research option. | Marketing Objectives | Be specific about what it is that you want your marketing plan to accomplish. Your objectives may be financial, with a goal to increase sales, or marketing focused to build awareness of your product or service. The most effective (and accountable) way to define your marketing objectives is to follow the ‘SMART’ acronym (Specific, Measurable, Achievable, Realistic and Timely) | Marketing Strategy | An effective marketing strategy will help you to define the overall direction for your marketing program. It will also detail how you are going to bring your products and services to market in ways that will satisfy your customers. | Marketing