How to Write a Marketing Plan for a New Product

Entrepreneurs use marketing plans for several reasons: finding out their market, clientele and competitors, outlining a plan for getting and keeping customers, and recognizing and predicting change.
The main factor of a good marketing plan is to knowing the customer, what he likes and doesn't like, and what she expects. It also helps you know your competition, related products, strengths and weaknesses. Determining these factors can help you understand who your competition is and recognize changes in the market.

Instructions

1. Remember the four P's of marketing. To obtain your goal, your plan should have the standard method of product, price, place and promotion.

2. Describe your target market. You can do this in many ways including: age, gender, career, income level or where customers live. If you have few resources, directly promoting to those customers you think will buy your product is beneficial. When you get more customers, you might have to change this part of your plan.

3. Recognize your competition. Do this through market research data, product demand, determining strengths and weaknesses of competitors -- and similarities and differences -- and the difference in pricing strategies between you and your competition.

4. Define your product, and try describing it from a customer's point of view. Successful entrepreneurs know or have some idea of what their customers want or require of them. This can be advantageous in making customer loyalty and satisfaction.

5. Make a marketing budget for your plan. This includes money needed for advertising and promotions, materials and a list of media use. Since a practical marketing plan needs money, you'll have to get funds from your operating budget for promotional costs.

6. Create a pricing strategy. The method you use might have been created by others, you should study the plan and methods competitors use. By doing this, you'll get a complete knowledge of how to price your product, whether it's in line with competitors and how you can bring the prices in line. To be successful, you should have a well-planned strategy, establish your policies, and always check prices and operating costs to guarantee profits.

7. Make an efficient promotional strategy. Avenues you can use are newspapers, magazines, TV, radio, business cards and T-shirts. Be sure your strategy uses different outlets to advertise and continue using the ones that work.

Tips & Warnings

• Some financial institutions critique your marketing plan to see whether your business is a good risk for their money. You need to give reliable market information to show your business takes care of a need and that you can compete.

Resources

• Read this Article in Spanish