This is an article about how to make a marketing plan. Marketing plan includes defining objectives, analyzing environment, describing target market, analyzing competitors and deciding marketing mix of the product or service.
Marketing plan is an overall business plan that contains a list of actions. It helps to focus on the objectives and intended to accomplish those objectives. Whether a company is providing products or services marketing plan is very essential (McDonald, 2007). While writing a marketing plan, following are the major issues which kept in mind:
Define Objective: This is the first step while writing a marketing plan in which the objective of company and the product to be marketed must be mentioned clearly. It also includes the sales figure that a company wants to achieve. Product Strategy focuses on all the elements of the product, instead on single element (Ferrell & Hartline, 2008). The company must have an idea what their customer expect from them, this type of activity helps in creating customer satisfaction and loyalty.
Climate: After defining objective, analysis of internal and external climate of the organization is requires. This includes PEST (Political, Economical, Social, and Technological) analysis and SWOT (Strengths, weakness, Opportunity, Threats) analysis.
Describe Target Market: Target market is described on the basis of age, sex, income level, education level and their residence status. With the growth in business, the target audience is also increases hence contently evaluate their likes, dislikes and expectations (Hiebing, Hiebing & Cooper, 2004).
Competitor Analysis: Competitor analysis plays an important role in setting a marketing plan. It helps in creating marketing strategy and promotional plans. Analyze the competitor with their market share and find their weakness and strengths (Ferrell & Hartline, 2008). In this step, company has to describe its USP (Unique Selling Point) and determine the difference between its products and competitors’.
Pricing: Deciding the pricing of product is the most complex decision to make a marketing plan. It helps in generating revenue for the organization. The price of product is highly influenced by competitors pricing strategy and the rule of demand and supply (Ferrell & Hartline, 2008).
The price of product is decided on the basis of the quality difference between its product and competitors, and also it is based on target audience.
Perceived Value=Customers Benefits/Customers Cost
The pricing is decided on the basis of type of market. Market is divided into four type, perfect competition, monopolistic competition, oligopoly and monopoly (Ferrell & Hartline, 2008).
Place: The location of the product is selected on the basis of customers’ prospective i.e. ease to approach, safety aspects and the availability of public transport. The location should be built around customers; it should be accessible and should provide a sense of security.
Promotion: After deciding the price of the product, promotion plan is decided which is according to the personnel requirement. It includes special offers either to customer or to salesperson to promote the sales of product (Westwood, 2002). Promotion strategy can be developed through various sources like radio, TV, print media, t-shirts, pens and business card.
Set Budget: Fund allocation is also required to carry out these processes. The fund is required to cover advertising, promotional and all other costs associated with marketing (McDonald, 2007).
Review and Update: Continuous reviewing and updating is necessary for making the market plan more effective and also to reduce the cost of planning (McDonald, 2007).
We hope that this post would help you to make a good marketing plan, if you have any query regarding marketing or marketing plan or need homework help, please send us email to info@homeworkhelpexperts.com or call us now at 001-877-839-9989
References
Ferrell, O. C. & Hartline, M. D. (2008). Marketing Strategy. USA: Cengage Learning.
Westwood, J. (2002). The marketing plan: a step-by-step guide. USA: Kogan Page Publishers.
McDonald, A. M. (2007). Marketing plans: how to prepare them, how to use them. Italy: Butterworth-Heinemann.
Hiebing, R. G., Hiebing, R. & Cooper, S.W. (2004). The one-day marketing plan: organizing and completing a plan that works. USA: McGraw-Hill Professional.
Stages in Marketing Plan
Marketing plan is an overall business plan that contains a list of actions. It helps to focus on the objectives and intended to accomplish those objectives. Whether a company is providing products or services marketing plan is very essential (McDonald, 2007). While writing a marketing plan, following are the major issues which kept in mind:
Define Objective: This is the first step while writing a marketing plan in which the objective of company and the product to be marketed must be mentioned clearly. It also includes the sales figure that a company wants to achieve. Product Strategy focuses on all the elements of the product, instead on single element (Ferrell & Hartline, 2008). The company must have an idea what their customer expect from them, this type of activity helps in creating customer satisfaction and loyalty.
Climate: After defining objective, analysis of internal and external climate of the organization is requires. This includes PEST (Political, Economical, Social, and Technological) analysis and SWOT (Strengths, weakness, Opportunity, Threats) analysis.
Describe Target Market: Target market is described on the basis of age, sex, income level, education level and their residence status. With the growth in business, the target audience is also increases hence contently evaluate their likes, dislikes and expectations (Hiebing, Hiebing & Cooper, 2004).
Competitor Analysis: Competitor analysis plays an important role in setting a marketing plan. It helps in creating marketing strategy and promotional plans. Analyze the competitor with their market share and find their weakness and strengths (Ferrell & Hartline, 2008). In this step, company has to describe its USP (Unique Selling Point) and determine the difference between its products and competitors’.
Pricing: Deciding the pricing of product is the most complex decision to make a marketing plan. It helps in generating revenue for the organization. The price of product is highly influenced by competitors pricing strategy and the rule of demand and supply (Ferrell & Hartline, 2008).
The price of product is decided on the basis of the quality difference between its product and competitors, and also it is based on target audience.
Perceived Value=Customers Benefits/Customers Cost
The pricing is decided on the basis of type of market. Market is divided into four type, perfect competition, monopolistic competition, oligopoly and monopoly (Ferrell & Hartline, 2008).
Place: The location of the product is selected on the basis of customers’ prospective i.e. ease to approach, safety aspects and the availability of public transport. The location should be built around customers; it should be accessible and should provide a sense of security.
Promotion: After deciding the price of the product, promotion plan is decided which is according to the personnel requirement. It includes special offers either to customer or to salesperson to promote the sales of product (Westwood, 2002). Promotion strategy can be developed through various sources like radio, TV, print media, t-shirts, pens and business card.
Set Budget: Fund allocation is also required to carry out these processes. The fund is required to cover advertising, promotional and all other costs associated with marketing (McDonald, 2007).
Review and Update: Continuous reviewing and updating is necessary for making the market plan more effective and also to reduce the cost of planning (McDonald, 2007).
References
Ferrell, O. C. & Hartline, M. D. (2008). Marketing Strategy. USA: Cengage Learning.
Westwood, J. (2002). The marketing plan: a step-by-step guide. USA: Kogan Page Publishers.
McDonald, A. M. (2007). Marketing plans: how to prepare them, how to use them. Italy: Butterworth-Heinemann.
Hiebing, R. G., Hiebing, R. & Cooper, S.W. (2004). The one-day marketing plan: organizing and completing a plan that works. USA: McGraw-Hill Professional.
2 comments:
Great tips you got there. This is really a crucial subject to talk about. Marketing plan is somehow difficult to make because there will be trial and errors.
Very profound tips! You can actually start a marketing campaign just by reading this post. Competitor analysis is very essential in every marketing plan, thanks for putting this together.
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