Expense budgetĪ forecast of the expected costs of the marketing strategies and an allocated budget. How are you going to position yourself within your target market and differentiate yourself from your competitors? Focus on the 4 Ps of the marketing mix – price, product, place and promotion. Discuss how the business is going to achieve its marketing objectives. The marketing strategies section makes out the bulk of the marketing plan. You can either target the entire market as a whole or only a certain segment of the market. Understanding who you would like to sell your products or services to will allow you to better focus your advertising. What segment of the market is your business targeting? Define the demographics, interests, wants and needs of your target market. Furthermore, objectives should always be SMART – specific, measureable, achievable, realistic and time-bound. The marketing objectives should be based on the SWOT analysis and relate to the overall business strategy. For example, your marketing plan could state that you want to increase your sales by 10% over the next year. The specific, quantifiable goals you want your business to achieve. What are their demographics? What are their likes and dislikes? Also, investigate who your business’ customers are and what motivates them to purchase. It involves understanding who the customers are. Market research is a very important part of the marketing planning process. Who are they? What are their products and services? How will you gain a competitive advantage? Market Research CompetitorsĪ description of the company’s competition. Opportunities and threats can be identified through a STEEPLE analysis – social, technological, economic, environmental, political, legal and ethical factors. Internal analysis involves understanding the business’ strengths and weaknesses. A SWOT analysis assesses the current business situation, and its position in relation to its competitors, by summarising the business’ strengths, weaknesses, opportunities and threats. This section provides an overview of the present state of the business. It is an overview of the main aspects of the plan. The marketing plan format should at least include the following elements: Executive SummaryĪlthough this section features at the beginning of the marketing plan, the executive summary should be written last. The structure of your marketing plan will be based on the research you conducted. It is not simply a written document, but a carefully researched plan devised to increase the profit of a company.
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How to write a marketing planĭrawing up an effective marketing plan requires a lot of planning and thought. The marketing plan is the fundamental part of the marketing planning process – which involves the planning, implementation and evaluation of the marketing plan in line with the marketing strategy. It is, however, advisable to also have a comprehensive, detailed marketing plan on its own – which can be attached to the appendix of a business plan. A marketing plan can be included as part of the overall business plan.
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