What is the Marketing Plan?
A marketing manager must know “how to create a marketing plan or how to write a good marketing plan“. Without knowledge about the marketing plan, the marketing activities will just bring costs of the company. A marketing plan is a part of the business plan. It is a detailed outline of marketing activities that are designed to achieve the organizational marketing goals. Marketing plan consists of product and service description, target customers, market demand, market gap, market growth and potential, competitor analysis, segmentation strategy, targeting strategy, positioning strategy, product strategy, price strategy, promotional measures and strategy, distribution strategy, sales forecast, promotional budgets and estimated market coverage plan with some aggressive marketing tools relating to 4P (Product, Price, Place, Promotion). Success and failure of a marketing plan depend on a customized integration of these given tools and their appropriate implementations.
Why Marketing Plan Is Important?
In this competitive business world, success and failure of a business highly dependent upon its marketing activities. The marketing plan is the core of any startup business plan.
Steps of Marketing Plan/Marketing Plan format/Example of Marketing Plan/A sample marketing plan/ Structure of a Marketing Plan/How to write a good Marketing Plan?
In a marketing plan executive summary is considered as the sandwich of the marketing strategy and programs. It is a brief highlight of the company product and service, target customers, market demand, market gap, market growth and potential, competitor analysis, segmentation strategy, targeting strategy, positioning strategy, product strategy, price strategy, promotional measures and strategy, distribution strategy, sales forecast, promotional budgets and estimated market coverage plan with some aggressive marketing tools relating to 4P (Product, Price, Place, Promotion).
Description of Product and Services:
A marketing plan should provide a detail description of their product and service. What are the basic features of your product and service? Why your product and services are different from your competitors? Why customer will buy your product? What is the strength of your product and service? An entrepreneur should think about their business product on the eye of the customers and give emphasize on those features that actually a customer desired from a product and services.
Target Customers details:
Before going to design a real marketing plan it is very important to define the target customer. Who will be the customer of your product and services? In this section, an entrepreneur should provide a detail description of their target customer’s age, income level, socioeconomic conditions, test, and preference. Some of the cases it is important to show the customer knowledge about company product and the products offering by the competitors.
A competitor is any entity that directly or indirectly influences your business decisions. An entrepreneur should analysis their competitor’s strength and weakness on the basis of product quality, price, advertising, goodwill, distribution capabilities, loyal customer base, competitive advantages, upward and downward channel facilities.
Market Demand and Gap:
Determining the demand for a product or service is the key element of consideration for an entrepreneur before going to start a business. Demand for a product is generally determined by conducting market and demand analysis of a product or service. Market and demand analysis will enable the entrepreneur to identify an appropriate demand for the product idea for his business. A structured marketing plan should assess the total market demand in terms of market size, the volume of the product, the value of the product. For an entrepreneur, it is very important to identify the market gap by assessing market demand and supply. Actually, a marketer takes initiative to mitigate this identified gap, just because customers are not satisfied.
Market Growth and Potential:
A good marketing plan should provide an organized idea about its market growth. The rate of market expansion with the potential challenge of a competitor, technological change, change in governmental policies and others.
Segmentation, Targeting and Positioning strategy should be mentioned in a marketing or social marketing plan. How a market is segmented into sub-market? Which sub-market is selected for business? Why a sub-market is selected? And what distinctive feature is used to capture the targeted market?
Marketing strategy consists of product strategy, price strategy, promotional measures, promotional strategy, and distribution strategy.
1. Product Strategy
A marketer should determine that they are following product differentiation strategy or not. If not then what?
2. Price Strategy:
Cost Plus Method: Determining product price by adding all the cost of production, promotion, distribution, and others relevant cost with the profit; Compare to competitors’ price: Determining product price by comparing the competitor’s price; Buying Capacity of the Customers: Determining product price by considering the buyer’s capabilities. The marketer needs to determine that they sell more product in low cost or charging the high price for limited numbers of the product.
3. Promotion Strategy:
The promotional strategy includes the decisions regarding promotional tools (advertising, sales promotion, personal selling, digital marketing, the point of sales promotion, outlet design) channel and media (TV, Social Media, Online, Offline, Print) cost and market of coverage, time and frequency of promotional campaign.
4. Distribution Strategy:
A marketer should identify that they are making their product highly convenient or exclusive. Whether, they use the dealer, distributor, wholesaler, retailer or selling product by themselves, it should be mentioned.
A marketing plan should estimate their company sales for the next three to five years. A marketer may use qualitative or quantitative methods to forecast their sales. They may use their assumption from their experience or use the statistical data to determine future sales of their product.
Estimated Marketing Budget:
It is an important task to determine marketing budgets because marketing budget provides a clear understanding of the cost of the future promotional campaign. A good estimated marketing budget should include the projected cost of transportations, promotional tools (advertising, sales promotion, personal selling, sampling, online marketing, digital marketing), communication on sales, outlet design, commission to the marketing intermediaries (dealer, distributor, wholesaler, retailer) and some others tasks that may generate cost for any promotion.
Example of A Sample Marketing Plan:
A Sample Marketing Plan depends on real market situations. The given discussion above in this section may capable you to know how to write a good marketing plan. For the marketing plan template free or marketing plan pdf you may contact us.