Marketing plan is a written business document of a company. It contains all the necessary actions which the company will undertake to achieve a specific goal such as increasing market share or launching a new product or service. The length of a marketing plan usually ranges from one year to five year.
Marketing plan helps optimum utilization of resources and time. There are seven basic components of an ideal marketing plan.
1. Market research
Without having relevant information nothing can be planned. So a market plan starts with market research. All information about the market that is currently buying your product or service and can buy the product or a service that you are planning to launch.
2. Target market
After market research, define your target market. You must be aware who you are taking to and what are their preferences to absorb marketing massages. Accordingly, design all your marketing efforts keeping in mind this particular segment of buyers. So that a right massage could reach right buyers in a right way.
3. Competitor analysis
Without analyzing the level of competition a marketing plan is not complete. So also include information about other players who are offering similar products and services. Accordingly focus on your unique selling propositions while approaching the target segment so that you can stand out from the crowd.
4. Marketing strategy
Marketing strategy helps optimum utilization of limited resources and time to reach your target audience. Some may call it marketing mix as it mainly focuses on product, price, place and promotion. So clearly define features and benefits of your product, pricing strategies, promotional tools and distribution plan.
5. Marketing budget
Marketing budget can be developed by finding the cost of marketing activities like advertising, website development, public relations, salary of marketing staff and rent of office space. Marketing budget will help you focus on marketing efforts that are less costly but more effective.
6. Marketing goals
Your marketing goals are your quantifiable action programs means a ?to do list? with a time frame. It tells when a particular task will stat, who will accomplish it and by when it is supposed to be done, such as to increase market share by 20% by this year, to acquire 10 new clients in a month or to increase profits by 30% in a year.
7. Monitoring market response
You have to indentify and describe the tools you are using to monitor or evaluate the response of market to your marketing activities. It will help you understand how effective is your marketing plan and to make necessary adjustments if needed.