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Components of a Marketing Plan

10 Oct

Every successful business has strategies for marketing their products and services. The most effective way to organize and assess multiple marketing strategies is to create a marketing plan. This multi-sectioned plan will outline your company’s purpose, intended marketing strategies, and more.

As with any report or plan, a marketing plan should begin with an introduction. This is where the company’s mission statement and marketing plan’s purpose are outlined. This will enable the reader to become familiar with the company and its goals.

The next section analyzes the current market and where the company stands. This section should cover current products, target markets, distributor networks, competitors, financial analysis, and external forces.

Following the market analysis is the company’s marketing strategy and objectives. This should answer any questions about which strategies will be used, what the financial objectives are, and what the marketing (non-financial) objectives are.

The fourth section is basically the hearth of the plan. Ideally taking up about half of the total plan, this section is for tactical marketing programs (i.e. how the established goals and objectives are to be reached). The following areas are key to this section: target markets, products, promotion, pricing, distribution, and other areas. It can also include a comparative summary of previous vs. current marketing decisions.

Now, it’s time to prove that your plan is viable. In the next section, you should cover three key topics: marketing budget, expected performance analysis, and implementation schedule.

Finally, the reader should be provided with additional information to consider, such as internal and external factors that could affect the plan. Here is also where research limitations should be brought to light. The goal of this section is to balance out the plan and prepare any potential investors for changes that could occur.

Obviously, creating a strong marketing plan will take more than just a few minutes out of your day. It is important to research thoroughly and understand the currant market’s climate. Luckily, doing so will help your company move toward success.

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