Marketing plan is related to any particular product, brand, service or a product line. It may be either one year plan (annual plan) or five year plan. Marketing plan is component of an overall Business Plan. In simpler terms
1- The marketing plan should describe & explain the current situation
2- The marketing plan should point out expected results
3- The marketing plan should specify the required resources (including time, financing and skills)
4- The marketing plan should specify the actions that are required to accomplish the objectives
5- The marketing plan should implement the method in which results are monitored and adjustment is made in the plan where it is required
How to make a Marketing Plan
How to make a Marketing Plan? Your marketing plan should have the following details.
- Title Page
The detail about the plan is usually covered in title page. It specifies the particular company among the group of the companies along with the time period. More clearly it includes the information that makes the people familiarize about the plan.
- Executive Summary
Executive summary includes the concise summary of the plans especially recommendations & goals. The concise statement is the example of executive summary “10% increase in sales in this year” or “5% reduction in expenses” etc.
- Current Situation
Current situation includes the following sub categories.
- Macro Environment
All important macro environment situations are carefully studied like legal, economical, ecological, governmental, supply chain, socio-cultural etc. The collection & analysis of the relevant data about these factors is made through authentic sources.
- Market Analysis
The market situation is also carefully studied keeping in view all the details. Market segmentation, market size, strategic grouping, industry structure, market share, competition, strengths & weaknesses of competitors and market trends must be carefully analyzed & studied. In this way the exact position of the organization in the market is determine which is helpful in planning the future course of action of the organization.
- Consumer Analysis
It is a clear fact that the knowledge about the customer & consumer is very essential. There are certain factors that are helpful in assessing the reactions & expectations of the customers like participants, nature of buying decision, psychographics, buyer motivation, demographics, loyalty segments and expectations etc.
- Internal Environment
In this step the internal environment of the Business Organization is completely analyzed. The resources of the organization are ascertained like people, time, financial and skills to establish objectives. Vision & mission statements, financial objective, corporate objective, long term objectives, marketing objectives etc should be clearly set. Establishment of corporate culture is made.
- Summary of Situational Analysis
Certain factors of the situation should be clearly identified & analyzed like internal strengths, external threats, internal weakness, external opportunities, sustainable competitive advantage, key success factors in the industry, marketing research etc. Research methodology, information requirements and results of research should properly find out and carry out.
- Marketing Strategy
Marketing Strategy include the following sub categories.
Different aspects of product are analyzed in order to make effective strategies for them like strengths & weakness of the product, perceptual mapping, product life cycle mapping, product mix, brand image, brand name, new product development, augmented product, brand equity and product portfolio analysis.
Various aspects of price are identified and analyzed in order to establish suitable strategies like pricing method (demand based, cost plus or competitor indexing), pricing objectives, pricing strategy (penetration or skimming), allowances & discounts, customer sensitivity, price elasticity, break even analysis at various prices and price zoning.
Distribution channels, geographical coverage, electronic distribution, physical distribution & logistics etc should be earmarked.
Promotional mix, promotional goals, frequency, advertising reach, theme, flights, sales force requirements, management, techniques, sales promotion, public relations and electronic promotion are considered to develop potential promotional strategies.
Personal requirements, training on selling methods, providing incentives, assigning responsibilities, management information system requirements, financial requirements, PERT or critical path analysis, month-by-month agenda, contingencies, monitoring results and benchmarks, adjusting mechanisms should be worked out.
- Financial Summary:
Assumptions, contribution margin analysis, pro-forma monthly financial statements and break even analysis. All these methods are adopted & information is utilized in the best way.
The already completed research results provides basis for pictures & description of new product.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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