A Marketing Plan is an essential part of every business. It's often required by lenders for financing agreements, and for attracting investment. The Marketing Plan is part of the larger Business Plan, and often makes reference to information in the Business Plan.
The Marketing Plan works on a very logical basis. It's best to consider each part of your plan as part of the whole. As you can see from the headings all the information is set out for a clear view of the data and considerations of creating the Marketing Plan.
This is a synopsis of the Marketing Plan, giving an overview of the content. The Executive Summary states the core concepts and plans contained in the Marketing Plan.
This part of the template is all based on hard data, using figures and measures giving the information to define the targets of the Marketing Plan. The Objectives set concrete goals in terms of things like sales, revenue, etc.
Market Analysis is broken down into sub headings, dealing with Market Research, Competition, etc., which are factors in creating the Marketing Plan. The analysis also gives useful information which details considerations for the Marketing Plan.
1. Market conditions:
Market conditions are the relevant industry and consumer factors relating to the business. Consumer demand, industry turnover, any economic or social factors, any market situation which affects planning is in this section.
2. Competition analysis
This is a particularly important part of the Market Plan and the Business Plan. It directly affects business viability. Competition analysis identified competitors and related issues.
3.Client needs analysis.
Client needs are really based on analysis of client issues, like price, functions, services, etc. This is an analysis of client issues, which relate directly to the Marketing Plan.
4. Market research / data Market research information is critical to creating a formal marketing plan. Surveys, demographic analyses like market segmentation and raw data, all form a part of this section. Note: It is essential to include Market Research in all formal Business Plans submitted to lenders or investors. A Business Plan can be considered unacceptable without this data.
Your marketing strategy is a series of considerations set out as methods of solving the issues identified above, and meeting your objectives. There are several sub headings in this section, each of which needs to be a clear description of facts and explanation of your priorities.
1. Product or Service
This section identifies the product or services related to the Marketing Plan.
The section defines:
2. Market positioning
This is an integral part of your Marketing Plan. The 'market position' is a complete analysis of your product or service's exposure to your market.
3. Price structures
Price information shows your cost benefit position in terms of sales, competition, and consumer benefits.
PERFORMANCEThis section relates to how you intend to carry out your Marketing Plan. The sub headings outline the specifics.
The marketing mix is the description of the tactical methodologies used for promotion of your product or service. Depending means of promotion, you may wish to break this section up into a series of specific points, dealing with each part of your marketing mix, as below.
1) Online marketing
3) Print media
4) In store promotions
5) Street promotions
6) Street signs
This is a statement of finances for your Marketing Plan, with a fully itemized cost breakdown detailing expenditure. Note: This section must be done in accordance with the requirements of a lender, when submitting a Business Plan. Always ensure you cost your Marketing Plan from real figures.
CHECKING YOUR MARKETING PLAN FOR CONSISTENCY:
The simplest way of checking your Marketing Plan for integrity is to ensure that all elements relate to the other components to which they refer. If information is contradictory or missing, you know you need to revise your plan.
Your Client Needs and Market Research are related to your Product Information, Market Position, and Marketing Mix.
Your Marketing Mix breakdown relates directly to your Market Position and Budget.
Your Marketing Plan, above all, shows a clearly documented, viable, method of achieving your Objectives.