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Marketing Plan Essay

1061 words - 5 pages

WRITING THE MARKETING PLAN

Getting started:
1) Perform background research on the business category to gain an understanding of buyer behavior, key industry players, key factors that influence the market, etc. (These sources should be shown in the “Sources” section of your paper.
2) Identify the initial parts of a good marketing plan (i.e. competition, background industry information, and external impacts, etc.)
3) Do a thorough SWOT analysis, and make it prominent in your report. This, of course, supports your recommendations. (Again, document all sources.)
4) Do a study of consumer behavior based on demographics, and other secondary sources. (Document all sources.)
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SITUATION ANALYSIS-This is also known as the SWOT (strengths, weaknesses opportunities and threats). Consider internal strengths and weaknesses of the marketing program and the ability of the organization (structure, leadership, talent, infrastructure, etc.) to support the marketing strategy. Consider external opportunities and threats in terms of sales analyses, competition, industry trends, customer profiles and potential, and other assumptions and constraints related to the plan, including:

A. Market Analysis-Assess the market in terms of size, scope, market share, sales history, growth potential, etc.

B. Industry Analysis-Assess the industry in terms of capacity, new entrants and ease of entry, substitutes, buying power of competitors.

C. Competition-Assess the competition in terms of intensity, market share, brand identification, etc.

D. Environmental Factors-Assess the external environment related to social, political, demographic, technological, and regulatory influences.

III. OBJECTIVES-What are our goals and objectives with this strategy? Do these goals fit with the organizational goals? How did we determine these goals, and are they reachable? in 3 to 5 years or longer?

IV. MARKETING MIX-This is significant in any marketing plan. The entire marketing plan and strategic approach is built around the manipulation of the marketing mix. Consider:

A. Products/Services-What are they? What are their features? What is the utility of it? Is it used for anything other than its intended purpose?

B. Price-What level in consideration of the market profile and the intended niche? What will be its compensatory nature, i.e. throughout its life cycle? How will price position the product or service? What will be the most price per unit of issue, i.e. commercially and institutionally (if applicable)?

C. Promotion-Who are we trying to reach? What will be the message? What will be the medium? What is the role of promotion in positioning?

D. Place-Consider the channels to include distribution, location of target markets, method of selling, etc. Where are the customers? How are we going to get the products or services to our customers, and how difficult is it for us to reach them? Is there potential for ROI?

V. INFORMATION SOURCES-This relates to control of the implementation of the...

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