How to Write a Marketing Plan
Marketing plan? Anyone will tell you that you just need to have it! However, very few of them will be able to tell you exactly what should include a marketing plan. Creating a marketing plan for a small business should take not a few hours – ideally, you will spend at least a few days to study and review of existing versions. Depending on the size of the market and the uniqueness of the product line, this process may take even a few weeks. This article will help you in developing a marketing plan.
A good resume of marketing plan – this is the paradox on paper: it’s the last part you have to write, but you must reflect it first in the final report. The resume should be short – it takes a few sentences that summarize the contents of the entire plan. Working on the resume, imagine that you will have a few minutes to present it. When you’re done, read it out loud. If you need more than 10 seconds to read the text – perhaps you need to simplify it even more.
This section should contain a brief description of the product and / or product lines that your company offers. Make a list and description of goals you have set for each product and product line (sales figures, strategic and corporate objectives, etc.). Keep the number and complexity of your goals to a maximum of three for a product or product line, and remember that they should be concise, measurable, and moderately easy to reach.
Analysis of the situation
This section provides a brief description of your company’s customer base and the market in general. It is necessary to divide it into six sections:
1. Analysis of the company:
– Long-term and short-term goals of the company
– Direction of the company (should match the mission and vision of your company)
– Analysis of company culture (you – growing business shark or slow growing company
away from the thick of events?)
– The strengths of your company
– Weaknesses of the company
– Estimated market share of your company
2. Analysis of consumers:
– The expected volume of the customer base (ie, how many people could potentially buy your product “Any.” – Is not the answer)
– Key demographics of your customer base (age, social status, gender)
– Driving forces (what the quality of your products and services represent real value for your customers and are responsible for the purchase?)
3. Competitor Analysis:
– Position in the market (your competitors are focused on all the selected market or they work only on its certain segments? They are large or small?)
– Weak sides
– Market share
– (individuals and companies whose participation is necessary to ensure that you continue to carry out their activities)
– The subsidiaries, joint ventures, distributors, suppliers, etc.
5. Climate (PEST-analysis):
– Political and legal environment (which specific regulations or laws control your activities?)
– The economic environment
– The social and cultural environment
– Technological environment (which advanced technologies are an integral part of the production? Will there be any updates?)
– Strengths – the strengths of your company (in which your company takes the championship thanks to its unique structure and / or employees of the team?)
– Weaknesses – weaknesses of your company (in which your company is lagging behind because of its unique structure and / or employees of the team?)
– Opportunities – external opportunities your company (what conditions you can easily use to improve their work?)
– Threats – external threats to your company (that can potentially ruin your business if you’re not careful?)