Marketing Plan | The Biz Knows

Marketing Pan

Regardless of if a company is offering products and/or services, it’s essential to create a marketing plan. Similarly to a business plan, it’s the road map of how the company’s offering will be promoted. A business cannot be successful without customers; the marketing plan is a helpful tool to identify all aspects of promotions. This includes identifying the target market and competitors to marketing strategies and pricing. See below for an outline of a marketing plan.

Executive Summary – Write this section last. It’s a high-level summary and should cover the four W's (who, what, when, where) and how.

Industry Analysis – Research to determine details about market dynamics, competition, current sales and benchmarks in the industry, as well as vendors. Also include a SWOT analysis (strengths, weakness, opportunities, and treats in the industry) and any regulatory issues.

Target Market – Describe all products/services and the target customers for each. Also include industry and social trends that effect potential customers. Finally, indicate anticipated needs of the target customer.

Market Strategy – Include marketing and promotion strategies considered for all products and services. Some objectives may include networking, direct marketing, advertising, training programs, direct and personal selling, press releases, trade shows, and usage of the internet. Also take into account pricing, product positioning, and how to accomplish brand awareness.

Forecasts – Provide anticipated projected sales and target market growth.

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