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Building a Successful Marketing Plan |
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Every business, small or large, needs a business
plan. And the marketing plan is a key component
of a business plan.
Features of a good marketing plan:
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A good plan answers the who, what, where,
when, and how much about a company's marketing
and sales activities for the planning year:
Who are the target buyers? What is our unique
position in the market? Where will we implement
our marketing spending plans? Where will marketing
spending occur? How much sales, spending,
and profits will we achieve?
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The financial projections in your business
plan are based on certain assumptions in your
marketing plan. The marketing plan details
when expenditures will be made, what level
of sales will be achieved, and how and when
advertising and promotional expenditures will
be made.
Major elements of a marketing plan:
Situation analysis. The company's
total marketing environment as well as the status
of the company's products and distribution channels.
Opportunity and issue analysis. External
opportunities and threats to the company and its
internal strengths and weaknesses, also a discussion
of key issues facing the company.
Goals and objectives section. The
company's major goals as well as its marketing and
financial objectives.
Marketing strategy section. The company's
marketing strategy statement which summarizes key
target buyers, competitive market segments, the
comapny's unique position, price strategy, marketing
spending strategy with advertising and promotion,
and possible R&D and market research expenditure
strategies.
Sales and marketing plan. Each specific
marketing event or action plan to increase sales,
a summary of quarterly promotion and advertising
plans, with spending, timing, and share or shipment
goals for each program. |
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