What is marketing plan

MARKETING PLAN

A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

CONTENTS OF MARKETING PLANS

·        Executive Summary.

·        Situational Analysis.

·        Opportunities / Issue Analysis - SWOT Analysis.

·        Objectives.

·        Marketing Strategy.

·        Tactics.

·        Budget.

·       Executive summary

Begin your marketing plan with a one page summary of the circumstances and principal recommendations contained in the plan.

Summary allows everyone to grasp quickly the main thrust of the plan and then lets them read further in search of the information most critical to his or her part in it.

·       Situation analysis

This section describes where your company stands at that moment in time .

It includes background on past sales, major competitors, and explanations of recent sales and profit result.

It should also feature a forecast for the industry, including opportunities and threats and some mention of the company’s strengths and weakness versus the competition.

·       Objectives

Every company has objectives. They are simply a matter of deciding where you want to get there

Is the purpose of your marketing plan to launch a new product or line of products?

If so, your objecting might read, achieve 10% market share within the first 12 months of products launch.

Is the purpose of your marketing plan to boost revenue from existing product?

Your objective then might read, increase revenue 12& from our existing line of products over the next six months while maintaining current profit margins.

·       Strategies

Strategies are the things you need to do to accomplish your objectives. If you where you want your company to be the strategy is the route you need to take to get there.

For example, if the objective is to increase sales revenue your strategies might be one or more of the following:

à Increase the average price on all units.

à Increase overall sales volume.

à Sell more of the higher priced units.

à Any combination of these.

·       Tactics

Increase awareness among potential customers is a strategy. Develop a brochure to send to new prospects is simply a tactic for implementing that strategy.

·       Budget

Of course each tactic has a price. Add up all that you plan to use and you know what your budget must be to achieve your goals.