How to write a Marketing Plan

How to write a Marketing Plan

How to write a marketing plan

In general, the Marketing Plan includes:

  • Market Analysis
  • Market Definition
  • Customer Profile
  • Competition
  • Risk
  • Sales Strategy
  • Capital Requirements

The Marketing Plan is the most important part of the business plan as it identifies if there is a need and if the entrepreneur wants to continue the business plan. It describes how a company will react and manage market conditions to generate sales.

Its detail is:

1. The market definition and its opportunities
  • Who are the customers
  • What are the demographics and psychographics
  • Prepare profiles of the potential customer
  • Learn the lifestyle and priorities
  • What is the industry like
  • Market shares
2. Competition and other opportunities
  • Competitive analysis
  • Look at the current and potential competition
  • Who is buying from your competition and why
  • Prices, service, product, selection?
  • Who has the market and why
  • Ease of entry and exit
  • Profitability
  • Does your product fit
  • Pricing
3.  Marketing strategy
  • Sales and distribution
  • Pricing strategy
  • Advertising and promotion
  • Location
4)  Market research
  • To understand the total market
  • Talk to customers, competitors, suppliers
  • Put yourself in the customers shoes
5)  Sales Forecast
 
6)  Step by step timetable for implementation
 
7)  Cost of implementation
 
8)  Review goals of
  • Sales volume
  • Customer satisfaction
  • Expansion of potential markets
2019-08-03T13:10:54+00:00December 9th, 2018|Categories: Business Solutions, Business Startup, Marketing, Ready to go into Business|

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