You marketing plan should be a part of your overall business plan. Therefore, keep the focus of your marketing plan on your company's goals and objectives. Your marketing plan will include your product, pricing, advertising and distribution strategies. However, you will need to conduct an analysis for your marketing plan so you can create the most effective marketing strategies. The analysis for a marketing plan should include four key sections.
Company Analysis
The first part of a marketing plan analysis is your company analysis. Determine your overall goals and objectives for your company's marketing department. Corporate executives often ask their marketing departments to project sales and profits based on their advertising strategies. Analyze your marketing plans for the year. Determine how much you have available to spend on advertising, marketing research and merchandising. Develop a sales and profit forecast based on your promotional expenditures. You also should analyze the culture of your company. You will need to hire skilled and ambitious marketing employees to accomplish your company's goals.
Target Audience Analysis
Determine who your target audience will be in your marketing plan analysis. Your target audience includes people who are most likely to buy your products. For example, your discount store may primarily appeal to families earning less than $35,000 per year. Keep your target audience limited to a manageable group of people according to the Small Business Administration. In other words, avoid marketing to mass audiences. The people who respond to your advertising will likely other distinguishing characteristics. Your vitamins may appeal to bodybuilders and exercise buffs. People who read your magazine may primarily have graduate and doctorate degrees. Conduct market research surveys to get more details on your customers' needs and wants. Find out which demographic groups (i.e. age, income) are the heaviest users of your products or services.
Competitive Analysis
Analyze the strengths and weaknesses of your competitors versus those of your own company. One way to analyze your competition is by conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis. Write down key strengths of your competitors. For example, your primary competitor may have high-quality products and an extensive distribution network. Another competitor may offer lower prices because of its size. Think of ways you can counter the strengths of your competitors. For example, you may provide better customer service than other companies. You may also have a large influx of capital to grow your business. Find ways to counter the strengths of your competitors and exploit their weaknesses. Find your own niche in the marketplace.
Industry Analysis
An industry analysis includes political, legal socioeconomic and technological changes that can affect your business. For example, new consumer labeling laws may increase packaging costs for your vegetable products. An embargo aimed against a foreign country may hinder your exports to that country. Also, new technologies may be on the horizon, especially if you sell computer software, cell phones or other high-tech products. Stay in touch with the happenings in your industry. Order secondary marketing research reports about your industry. Companies like Nielsen, Simba Information and the NPD Group sell secondary research data.
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