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.
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