Next Article: The Mission and Product/Service Statement
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Outline for Marketing Plan
There is no single format for an effective marketing plan. Each business will have to customize the plan to meet its particular ability, market, and industry. However, many components are common to most marketing plans. Below is an outline and description of the primary portions of the marketing plan.
- Mission Statement – The mission statement can provide overall guidance for your business and marketing efforts. Answer the question, “What is the resounding purpose of your business.”
- Product/Service Statement – In the simplest form possible, tell what your product or service does for the customer. This statement will provide the backbone from which you derive your market efforts.
- Situation Analysis – In the situational analysis section you will incorporate the information that you developed when carrying out the initial feasibility analysis and the strategic analysis. Include information as follows:
- Company Analysis
- Competitor Analysis
- Market Demand
- Target Market(s)
- Customer Segments
- Size and Characteristics of each Segment
- Marketing Objectives and Goals
- Set out your long-term and short-term goals.
- Make sure you provide quantitative or measurable goals.
- Marketing Strategy
- Product – What are the feature of the product that provide the value proposition to customers?
- Price – What will you charge customers?
- Placement (Distribution) – In what markets will you place your product?
- Promotion – What aspects of the product will your promote and how?
- Packaging – How do you expect your product to be delivered? (E.g., this involves the format, appearance, protection, etc.)
- Process – What procedural aspects will you undertake to place your product in the market?
- Physical Environment – The ambience, mood, or tone of the immediate business environment that you are trying to create.
- People – Who will take part in and represent the business.
- Action Program – Carrying out the strategic allocation of resources to carry out the marketing mission and objectives.
- Budget – Allocation of costs across each marketing function.
- Controls – Method of measuring and monitoring the effectiveness of each strategy.
Now, let’s deal with each of these aspects of the marketing plan individually.