Every business, small or large, needs a business plan. And the
marketing plan is a key component of a business plan.
Features of a good marketing plan:
A good plan answers the who, what, where, when,
and how much about a company's marketing and sales activities
for the planning year: Who are the target buyers? What is our
unique position in the market? Where will we implement our marketing
spending plans? Where will marketing spending occur? How much
sales, spending, and profits will we achieve?
The financial projections in your business plan
are based on certain assumptions in your marketing plan. The marketing
plan details when expenditures will be made, what level of sales
will be achieved, and how and when advertising and promotional
expenditures will be made.
Major elements of a marketing plan:
Situation analysis. The company's total marketing
environment as well as the status of the company's products and
distribution channels.
Opportunity and issue analysis. External opportunities
and threats to the company and its internal strengths and weaknesses,
also a discussion of key issues facing the company.
Goals and objectives section. The company's major
goals as well as its marketing and financial objectives.
Marketing strategy section. The company's marketing
strategy statement which summarizes key target buyers, competitive
market segments, the comapny's unique position, price strategy,
marketing spending strategy with advertising and promotion, and
possible R&D and market research expenditure strategies.
Sales and marketing plan. Each specific marketing
event or action plan to increase sales, a summary of quarterly promotion
and advertising plans, with spending, timing, and share or shipment
goals for each program.
