Marketing plans help you communicate your strategic marketing goals.
A marketing plan is a detailed document that helps communicate important information about the company's marketing strategies with key stakeholders. A marketing plan should be a collaboration between marketing and management teams within the company. When creating a marketing plan, essential elements include a statement of objectives, market analysis, competitive analysis and marketing strategies and tactics.
Statement of Objectives
In the statement of objectives section, communicate the things you want to achieve over the course of the plan. According to SBA Jumpstart, an organization funded by the U.S. Small Business Administration's Office of Native American Affairs, write marketing objectives so they are "S.M.A.R.T" -- be "specific" about goals; "measure" what you want to accomplish; outline the plan for "attaining" those goals; be "realistic;" and make your goals "time-sensitive."
Market Analysis
Another essential element of a marketing plan is market analysis. According to Entrepreneur Magazine, you need to understand the target market -- those who will potentially buy your product -- when writing a marketing plan. First, define the categories, characteristics and size of the target market. Next, determine the markets with the highest profit potential and least competition for your business. Build a "profile" of your target customer or customers that includes demographic information like gender, age and income level as well as behavioral and shopping tendencies.
Competitive Analysis
Another important part of a marketing plan is the competitive analysis. Before your write this section, research who the competition is, including their products and services, prices, promotional strategies and customer segments. Think about how you can fill a niche in the market that is untapped. Compile the results of your research in a table that lists each competitor, their strengths and weaknesses, pricing and promotional strategies and tactics.
Marketing Strategies
Marketing strategies are an essential element of any marketing plan. Strategies support your marketing objectives and are the "big picture" plans for accomplishing those goals. For example, if one of your marketing goals is to increase sales through your website and your customers are young entrepreneurs who frequently use technology, one of your strategies would likely be to use online marketing to reach this customer segment.
Marketing Tactcis
Finally, the marketing tactics are specific tools that support your marketing strategies. Using the previous example, if your strategy is to use online marketing to reach your customer, example of marketing tactics are search engine marketing, advertising on social media websites and email marketing. For this section, list each of your strategies that support each tactics. Include a timeline and budget for each tactic.
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