The general idea of a marketing plan is to structure how you'll attract customers with your marketing materials. This means lots of research and competitive analysis. Your marketing plan should be the origin of your activities for the next several months to a year. Be sure to keep the plan a “live” document – it can and should be changed to match the current economical climate and adjust to whatever is happening within your company.
Here are the components you need to create a marketing plan that will be sure to garner results:
Research
You need to find data about the industry you want to enter, as well as data about the people you want to reach. Here are some specific items to research:
Product – what is available now, and how your competition is marketing their product
Market – where the market is now as well as seasonal patterns
Customers – demographics, needs, buying decisions
Sales – industry sales, both current and past
Suppliers – do you have many to choose from and bargain with, or is there one dominating supplier that you'll need to use?
Target Market
Decide on a niche market you want to sell to and describe the people that make up that market.
Product
Describe how your product relates to the market. What gap will your product fill? What does the market use now and what else is needed?
Competitors
What is your unique selling point that sets you apart from your competitors? How do your competitors brand their product? What kind of marketing vehicles do they use? How well has it worked for them? You need to know your competitors and the marketing tactics they use.
Mission Statement
A mission statement doesn't have to be long. Just write a short paragraph that states:
• Your key market – who you're selling to
• Your contribution to the market – what you're selling
• How you're different – your unique selling point
Marketing Strategies
How will you get the word out? How will you promote your product? List many strategies you want to explore or consider. Some examples include
• Direct marketing – sales letters, poster printing pieces, billboards
• Advertising – print, TV, radio
• Trade shows
• Web site
Pricing and branding
From your research, come up with a price point that will compete well with your competitors. Also decide where your product will be positioned and how you'll attain brand awareness.
What marketing strategies can you afford? What do you need to outsource? Do you need to hire any people?
Set goals associated with numbers. Goals that you can measure, or that are quantifiable. For example, a goal can be to sell 50 products per week or to increase revenue by 25% this year. Goals can be associated with customer satisfaction, sales, profits – anything you want to attain that is measurable.
Contingency Plan
You don't want to think about it, but you need it. You need to have some backup marketing strategies in place just in case some unforeseen circumstance comes up or if one of your strategies doesn't work.
By thinking through all these components and keeping your marketing plan “live,” you'll be ready to create an effective marketing campaign and you'll be ready for any obstacles in your way.
Examples Of A Marketing Plan
Many marketing experts argue that marketing is a logical process with a natural structure that can be viewed primarily as a method of understanding the marketing environment; using the marketing mix; developing a marketing plan -based upon the use of the marketing mix; implementing a plan based on the selected strategy; and finally, using a control method to ensure that the strategy is adhered to. This marketing process is reviewed and evaluated regularly and modifications are made to the use of the marketing mix tactics in order to take into account any possible market change that might impact upon an organization's competitiveness.
This view of marketing seems to suggest that many of the marketing theories employed by multinational enterprises are international in scope and have global consequences. The EU market constitutes a different marketplace if examined in terms of the various cultures that co-exist, the multiple levels of competition, and the organization strategies used in order to penetrate its markets. Although these differences and their implications interfere with business planning, the E.U. is considered as an opportunity by numerous companies that decide to expand to other markets by using the appropriate internationalization strategies and competing with major global players in terms of sales, profits, market shares and organizational momentum.
A core issue in marketing theory is the growth and importance of networking and interaction. According to experts, the way in which administrative units, companies, and non-profit organizations (NGOs) develop, is directly related with their type of interaction and consequently the networks formed to gain commercial advantage in domestic or foreign markets. These networks can use similar subcontractors or components, share research and development costs, or operate within the same governmental framework. Clearly the EU, a trading block with no internal barriers, creates its own elite sub-networks. Collaborations in aerospace, vehicle manufacturing or engineering have all sponsored the development of a European outlook, which is based upon each participant's abilities and expertise. This recently adopted approach of networking and marketing interoperability between companies demonstrates how important it is today for any type of manager or project coordinator to know who takes the decisions in the E.U. level and who can be approached from the E.U. administrative units, in order for a specific network to adequately present its interests and work towards their accomplishment.
The E.U. is a rich, diverse market, with a vibrant and varied cultural heritage. This means that although there has been a harmonization process within the 25 member states as a result of the E.U.'s formation, great differences still exist and help shape everyday practices and processes. Rather than businesses being simpler as a result of this economic and trade union, it is recognized that due to heavy regulation and bureaucracy, the E.U. needs to communicate itself effectively to all, as a unique supranational player of our global village. The new E.U. profile has not yet been introduced successfully and due to the audiences' diverse backgrounds, any attempt can prove to be highly complex. Especially if someone considers that Europeans tend, in general, to have their cultural differences recognized and most of their political and social networks are based on extremely important historical instances, the firms that recognize this challenge and adequately "package" their offer have a good chance of developing a successful marketing plan to meet the diverse E.U. citizens' needs.
Both Janice Jenkins & Kadence Buchanan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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