MARKETING PLAN

WHAT IS A MARKETING PLAN?

It is a powerful tool to help align your organization with its goals and market strategy. A marketing plan lays out programs, schedules, and budgets while also running test on your particular market, your customers, and your competition. It defines your tactics and what needs to take place to get there.

WHY A MARKETING PLAN

Having a marketing plan is just as important as a business plan, and actually the marketing plan should be incorporated into the business plan.

It is equally important such as the business plan to also create schedules, milestones, and goals as to what needs to be accomplished and when.

The first step of a marketing plan is to answer 3 important questions.

  • Where are you now?
  • Where do you want to go?
  • How do you get there?

Once you know how you stand in comparison to your competitors, and were you want to be, you can create your marketing plan on how to get there.

WHAT DOES A MARKETING PLAN CONSIST OF?

1. Situational analysis

Next analyze how your company compares to your competition using a competitive matrix.

 

2. Strategy of how you plan on wining

Segmentation (Break your customers into homogeneous groups)
Positioning (how you want your customers to think about your product vs. your competitions).

3. Tactical section – were you describe in detail (4-P’s, product, price, placement, promotion).

Product or service programs
Pricing approach
Promotion plan
Distribution (programs that create a pathway to get your product into the customers hands).
Implementation plan
Marketing program

Key performance indicators should be quantifiable and measurable (KPIs).
Budget and forecast (allocating the right amount of resources to the right marketing programs to make the most impact).
Forecast

4. Measurement

5. Financial

Marketing Planning First (some companies perform the business planning first)

  • Begins at the middle of fiscal year
  • Forecasts prepared for products
  • Budgets developed to achieve forecasts
  • Combined into company-level forecast/budget

Marketing Team Roles
Finance
Technical Team
Sales
Manufacturing/Operations
External Marketing Team Roles

6. Leveraging your plan

This is a brief marketing plan and does not include many other important features and topics. A full detailed marketing plan should be created for your business specifically.
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