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Sunday, June 21, 2020

How to Prepare a Marketing Plan?

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The marketing plan is the first essential component of a product. Without this a product cannot be launched. The marketing plan contains the name of the business, the document name, the date of preparation of the document and the contact number of the business and the people involved in making the plan.

While this is featured on the cover page, there is also a table of contents. Next is the introduction where details of the products are mentioned. There is also the scope of mentioning whether there is any copyright or patent production of the product in this section.

Situational Analysis

This is possibly the most important part of the marketing plan. Details of market research are mentioned in this section. Who will be the potential customers? How does the product solve the needs of the customers? What is the section and age group of these customers?

The size of the potential market as well as that of the target market should be mentioned with factual data. The growth potential of both these markets should be addressed in the marketing plan. For this, estimates of the local, national and international markets should be given. This should be accompanied by the market share of the particular business.

Competition

The competitors should be identified and mentioned. The product should be then compared with the corresponding products of the competitors. After this step, compare your firm with the business size of the competitors in terms of location, distribution size and reputation.

Is it very difficult for the new products to survive in this market? Is there any particular thing that your competitors have taught you? What is the condition of sales of the competitors? Are they constant, increasing or decreasing?

Role of Technology

This is another very important step in the preparation of marketing plan. What is the present technology that is being used and how is it helpful? A futuristic edge should also be given by seeing the time frame before which this particular technology becomes obsolete. In the event of the present technology being discarded, how soon can your business adapt to changes?

Branding and Advertising

These two become very important when the product reaches its promotion step. How will the particular product be promoted? If the product is not going to be directly sold, then creation of a brand name is very important. This is brought about by the various methods of advertising- which includes both the print media and the mass media. Print media includes newspapers and magazines while mass media includes TV, radio and the Internet.

The marketing plan also contains the financial proposals for the launch of the product. These are some of the important sections of a marketing plan.


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Source by Pepik Smith