Marketing Plan

Every business big or small will be more successful with a business plan. And the key component of a business plan is the marketing plan.

A good marketing plan summarizes the: who, what, where, when, and how much questions of company marketing and sales activities for the planning year:

Who are our target buyers?
What sources of uniqueness or positioning in the market do we have?
Where will we implement our marketing spending plans?
When will marketing spending plans occur?
How much sales, spending, and profits will we achieve?

Projections of financial matters in the business plan are based on the assumptions from the marketing plan. The marketing plan details when expenditures would be made and what level of sales would be achieved, how and when should advertising and promotional expenditures be made.

Here are the major elements of a marketing plan:

Situational Analysis

The situational analysis depicts the total marketing situation where the company competes and the status of the company products and distribution channel.
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SWOT Analysis

The classic SWOT Analysis tackles the internal Strength, Weaknesses, external Opportunity and Threats. Key issues facing the company would also be discussed.
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Marketing Strategy

The marketing strategy determines the company’s marketing strategy statement, which is also basically stating the goals and targets of the marketing campaign. It includes the key target buyer description, competitive market segments that the company would be competing in, the unique positioning of the company’s products, the reasons why the product is unique and appealing to the customers, price strategy versus the competition, marketing spending strategy with advertising and promotion, and possible R&D and market research expenditure strategies.
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Sales and Marketing Plan

The sales and marketing plan provides a guide that outlines each specific marketing even or action plan to increase sales. For example, it may contain a summary of quarterly promotion and advertising plans, with spending, timing and share or shipment goals for each program.
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