What Does a Marketing Plan Consist Of?
Marketing plans are usually strategic documents that give new and established companies a road map for how they plan to market their products and services. Most companies need these documents to stay competitive and focus their marketing efforts in an organized, efficient manner. If you are starting to write your company's new marketing plan, don't forget to include several essential components.
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Market Research
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Most marketing plans require market research and analysis as the first main component, according to the Prairie View A&M University Cooperative Extension Program. Market research is composed of several items, such as the state of the current marketplace and information about competitors. If you don't take the time to identify these important external factors, you could miss opportunities, and make many mistakes when deciding on your overall strategy.
Description of Product or Services
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Many marketing plans feature elaborate sections that detail your particular product or service, as well as your organization. The point of these sections is to determine how your company differs from competitors, and how your product or service fills a gap in the current market. This marketing plan component can help you create your overall brand and mission statement. It also can help troubleshoot potential flaws or discrepancies in your plan. For example, if you learn that your product really isn't that different from one already on the market, you may need to rethink your positioning plan or even change your pricing strategy to compete.
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Target Market
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You will need to clearly identify your target customer market, and divide it into segment markets, according to an article on Info Today. For example, you may want to target a specific age group, industry or geographic territory. If you are an established company, you may want to separate your target markets into two groups -- current and prospective clients. Once you have identified who would be most interested in your product or service, your target market, you will be better able to create a strategy to gain their attention and attract new business.
Marketing Strategies and Goals
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Some companies use varied marketing strategies for their different target market segments. For example, if you are targeting active social network users in a younger generation, your marketing strategy will probably be comprised of several web-based ideas. These might include email advertisements, landing page banners, online focus groups and getting your product or service presence into online discussion groups. Once you identify your marketing strategies or ways to attract customer interest, you'll need to set quantifiable goals. These may include activity goals, such as the number of email ads or phone calls to prospects. They should also include results goals, which are actual sales.
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References
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