Marketing Plan

Marketing Plan A written report that discusses in detail the essential actions to be implemented to achieve the company’s objectives. It may be a part of the overall business plan for a product or service, a brand, a product line or a market. It usually covers one to 5 years.

Purposes of the Marketing Plan It is needed as part of the company’s annual to planning process; It is necessary for a specialized strategy to introduce something new: a new product, new market or new strategy; and It is relevant for the overall business plan to achieve the goals of the company

Parts of a Marketing Plan

Executive Summary This presents an overview of proposed plan for quick review by management. Ideally, it should not be longer than one page.

Purpose and Mission Purpose Mission Discuss a brief explanation why the plan was created. (to introduce a new product or to enter new markets) Mission A long-run vision of the company that answer questions like: Why is the company in business? What markets does it serve? ETC.

Situational Analysis Designed to take a macro view of how things are at the time the plan is presented Product Target Market Distribution Competitors Financial Aspect Other Issues

Current Product Analysis Product attributes Pricing Distribution Promotion Services Offered

Current Target Market Describe strategy used to reach targeted customers Describe the characteristics of the targeted customers Describe the purchasing process Provide market size estimates

Current Distribution Network Describe the channels/supply chain used to sell/deliver the product Describe the needs and benefits wanted by distributors Describe the purchase process Describe the distributor’s demographics

Competitor Analysis Identify the major competitors in the same target market Describe competitor’s strengths and weaknesses Discuss competitive needs

Financial Analysis for Product / Product Lines Make a current sales analysis Make a profitability analysis **Although graphs and tables could be used, an explanation of such is required.

Environmental Concerns and Opportunities Describe trends or events that are external that may affect the company’s products or market

Summary of Current Situation Summarize all the findings Provide as SWOT Analysis for the company’s product

Marketing Strategies Identify Marketing Strategies Determine Financial Objectives Determine Marketing Objectives

Tactical Marketing Programs This is the focus of the Marketing Plan. It contains a discussion of the detailed tactics to be implemented to achieve the objectives and goals. It includes: Target Market Strategies Product Strategies Promotion Strategies Distribution Strategies Pricing Strategies Other Strategies (Optional)

Budgeting, Performance Analysis and Implementation This part “sells” the plan to those who will approve it. Marketing Budget Outline the spending requirements for each marketing strategy you have identified.

Performance Analysis Implementation Discuss the revenue and expenses for each product depending on your recommended strategies Implementation Make a detailed schedule of tasks and persons responsible for the tasks.

Controls and Other Considerations This part discusses how the plan will be monitored