what-is-a-marketing-plan

A marketing plan is a crucial part of a business plan, as it describes how distribution can be made and priced and products can be progressed. The purpose of the marketing plan is to show that the company's products will be in demand by the consumer, be competitive, and have their market segment. It is based on the data obtained in the previous sections of the business plan and shows the results of market research for a new business, evaluates the consumer profile, strengths and weaknesses of competitors, geographic and other market factors. What is more, it reflects the results of the marketing research that underlies the business plan.

 

The purpose of this section of the business plan is to show that there are a sufficient number of consumers of this product on the market, to justify that consumers will prefer this particular product or trademark to competitors, and to show what should be the main emphasis in the strategy of advertising and marketing products, as well in price policy.

Marketing Plan Format

The marketing and product marketing plan is one of the most significant parts of the business plan. The results of market research are the basis for the development of a long-term marketing and pricing strategy for an enterprise and its current policy. In view of the importance and complexity of this section, it is advisable to prepare the document by checking data on the market, its volumes and growth rates for additional alternative sources. Find marketing plan templates on the Internet and learn how to choose a proper format.

All subsequent sections of the plan depend on the sales estimates in this section. The volume of sales of goods and services, planned as a result of market research, has a direct impact on production and marketing plans, as well as on the amount of invested capital. These competitive analysis data largely predetermine both sales and pricing strategies of an enterprise in selected market segments.

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The Rules of Creating a Marketing Plan

The marketing plan is designed to justify the scope, method, sales price of products, and the definition of advertising policy. The marketing strategy of production management is a complex system of organization and management of production and business activities based on studying the state and prospects of market development and representing a set of functions and measures for developing new products with new properties. In the implementation of investment projects, not only the markets planned for production are explored but also the markets of investment resources, the markets of raw materials consumed for its production, components, etc.

The marketing plan includes:
• description of markets, their main segments;
• list of consumers of products, major competing firms;
• analysis of possible complications in the sale of products due to competition;
• definition of marketing strategy, namely, program activities in all areas and positions of marketing research, on target markets;
• measures to control marketing research.

In general, the marketing plan contains:
1. Measures to maximize the requirements of consumers of products in the implementation of the investment project.
2. Assessment of the possibility of miscalculations and errors and their "cost" in various projected variants of the project.
3. Data characterizing the marketing environment of the project and data on possible marketing intermediaries.
4. Arrangements for the organization of advertising and data on the cost of it.
5. List of specific buyers of products.
6. Sales promotion methods.
7. Arrangements for the organization of pre-sale preparation and after-sales service.

Marketing Analysis

Marketing analysis should, as far as possible, be focused on plausible, interrelated, and comparable information. The marketing plan should take into account the presence of other products in the assortment of the enterprise. Potential investors view the marketing plan as a critical point for the success of a new venture. Marketing planning will be an annual need for the company and can be considered as a guide when making operational decisions. Competent marketing research will help reduce business uncertainty, reduce risks in developing a business plan, and most effectively distribute the economic potential to achieve the desired level of the company. When writing a marketing plan, pay your attention to these aspects.

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