Marketing Plan for Any Company

A marketing plan tailors your products to appeal to your target customer.

One of the best ways to ensure your company makes a profit is to develop a marketing plan. Marketing involves identifying customer needs and desires and satisfying those needs and desires while making a profit. A marketing plan helps a company learn more about its customers, consider strategies and goals, provides great returns on marketing investments and helps measure progress.

Market Research

Market research is an objective and organized way for your company to learn about prospective customers and your competition. The key to effective market research is using information that is comprehensive, current and accessible. You can conduct secondary market research by studying information relevant to your company that experts wrote in books, trade journals, published surveys and periodicals. By conducting primary market research, you obtain original information that directly applies to your company. You can obtain this type of information by conducting polls or surveys, experiments, focus group studies, market testing and by observing behavior. You must conduct market research before you can begin a marketing plan.

Mission Statement

As with a business plan, you need to create a mission statement for a marketing plan. The mission statement explains why you have a marketing plan, your company's goals and the strategies the company will use to achieve those goals.

Product and Service Descriptions

In a marketing plan, describe each product and service using specifics. For each item, identify its name, shape, color, trademark, packaging, labeling and other defining characteristics. Describe how the product or service is superior to similar items, but also include its weaknesses. Provide the anticipated demand for and the cost of your company's goods or services, as well as the expected revenue you anticipate the product to generate. In the cost, include all variable and fixed expenses, distribution costs and a cost comparison of similar goods or services sold by competitors. If necessary, explain why your prices are higher or lower than those of your competitors.

Market Description

Using the information gathered in your market research, identify your target customer along with information regarding demographics, geographic location and lifestyles. Indicate the size of the total market, as well as trends and information learned through studies and testing. Describe the factors that can affect a customer's choice to purchase an item or services and if the company will use promotions.

Direct and Indirect Competition

A successful marketing plan includes a description about a company's competitors, including their markets, product lines and divisions. Compare your company with your competitors concerning strengths and weaknesses, including marketing techniques. Include the sales history and trends of your competitors.

Promotion

Discuss your company's advertising campaign, including how you selected your media choices, and all your marketing strategies. Explain if the company will operate an in-house advertising department or get the services of an agency, as well as the cost of advertising. Additionally, describe publicity or promotional activities your company could hold, such as an open house. Prioritize the company's marketing strategies in order of importance.

References

• SBA.gov: Marketing 101
• SBA.gov: Marketing 201
• Missouri Small Business & Technology Development Centers; Marketing; Curators of the University of Missouri; January 2010
• Missouri Small Business & Technology Development Centers; 20 Marketing Tips...Every Entrepreneur Should Know!; Curators of the University of Missouri