How to Write a Marketing Plan
A marketing plan is a design outlining the marketing efforts for a product or service. The length of a marketing plan will vary depending on the industry, size of product and purpose of the marketing plan (offering a product or describing a product line). The marketing plan for a small business is flexible and less elaborate than that of a large company. The variations in the structure of a marketing plan arise because different businesses operate in different environments.
How to Write a Preliminary/Basic Marketing Plan
The first essential part of a preliminary marketing plan is an executive summary/abstract. The purpose of the executive summary is to provide an overview of the marketing plan with a focus on the product, price, promotion and distribution. The executive summary should describe the offer by the company, relevance of the product to the target market. It should contain a positioning statement, which reflects the philosophy of the company.
Overview of Company
The second key element of a preliminary marketing plan is the company overview. The section includes the company mission statement, description of product/service, assessment of competitors and a SWOT Analysis.
The third element of a marketing plan is the description of the market segment. Your marketing plan should identify the target market segment and demonstrate the rational for selecting the primary and secondary target segments.
4Ps of Marketing
The last core element of a marketing plan is the description of the concepts of the product, price, place and promotion. A comprehensive marketing mix helps the marketing manager to develop an efficient strategy for sales and promotion. The pricing strategy in your marketing plan should describe the fixed and variable costs, prevailing market rates and the willingness of the target segment to pay. The distribution strategy in your marketing plan should describe how the target customers would buy a product/service. The sales and advertising strategy should describe how the company would reach the target segment. You should analyze a mix of advertising strategies including the most relevant media to reach the target market. You should describe the sales promotion techniques, such as free samples and coupons, which the company will use.
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