As common planning tools, Marketing Plans are used by entrepreneurs in “start up” situations, and by established companies embarking on new product lines. And while these plans may exist as stand alone documents, most are written as complementary components of an overall Business Plan.
Marketing Plans are generally written to cover a one year period; however, it is not unusual for companies to write three to five year plans. But regardless of whether a plan covers one year or multiple years, it should be adaptable to changes in business climate and market conditions.
As with any formal planning document, writing a Marketing Plan requires both writing and analytical skills. The ability to write clearly and succinctly is a given, but writers should also have some degree of expertise in Marketing Principles and Forecasting, as well as an ability to gather and interpret relevant market research data.
That said, compiling a Marketing Plan is a step-by-step process. And while methods and techniques may vary, writers should begin the process by asking themselves some very specific questions. Examples of the kinds of questions that need to be addressed include the following:
* What is my overall objective?
* What products and services do I wish to provide?
* What is my target market?
* Who is my competition?
* Does market research support my objective?
* What are my marketing and promotional strategies?
* Will promotional work be done in-house or contracted out?
* What is my anticipated budget?
* Have I established measurable marketing goals?
* How will these goals be monitored?
* Are these goals adaptable to changing conditions?Be mindful that these types of questions provide the context and framework for the final plan. As such, it is crucial that your answers be detailed, specific, and based on verifiable data. This is especially important when obtaining input and answers from product specialists, industry experts, or Marketing Research Professionals.
Obviously, this step will require much fact-gathering, analysis, and collaboration. But it is only after this information is collected and organized can the task of formatting and writing the Marketing Plan begin.
By and large, how an individual writer will approach this task is generally a matter of personal and organizational preference. As such, Marketing Plans run the gamut from being very creative to being very pragmatic. However, the key is to choose a writing style that will be most receptive to those who will be evaluating the Plan.
The upshot is that you may format your Marketing Plan as you choose, but reviewers will expect the final plan to include most, if not all, of the following elements in one form or another:
By and large, how an individual writer will approach this task is generally a matter of personal and organizational preference. As such, Marketing Plans run the gamut from being very creative to being very pragmatic. However, the key is to choose a writing style that will be most receptive to those who will be evaluating the Plan.
The upshot is that you may format your Marketing Plan as you choose, but reviewers will expect the final plan to include most, if not all, of the following elements in one form or another:
* Objective
* Market Analysis
* Marketing Strategy
* Promotional Activities
* Budgetary Information
* Marketing Goals
* Monitoring of Goals
* Market Analysis
* Marketing Strategy
* Promotional Activities
* Budgetary Information
* Marketing Goals
* Monitoring of Goals
One other element that should be included is an Executive Summary. Busy reviewers and decision-makers often prefer to use summaries as screening devices, so take the time to include one. As a general rule, two or three pages covering the highlights of the Plan will usually suffice for this purpose.
For more information, check out the Business Section of your local library or the Internet where you will find many useful resources on this topic.
For more information, check out the Business Section of your local library or the Internet where you will find many useful resources on this topic.
Related Links:
http://knowthis.com/tutorials/principles-of-marketing/how-to-write-a-marketing-plan.htm
Jack
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