Create a Marketing Plan

Marketing Plan

A well-known axiom states that if you do not know where you are going, it does not matter how you get there. This becomes the basic rationale for having a detailed marketing plan. By definition a marketing plan is a “product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return” (Business Dictionary, 2012). The marketing plan “assesses the current marketing situation and outlines marketing objectives, a marketing strategy, action programs, budgets, and controls” (Armstrong & Kotler, 2005, p. 59). The goal of the marketing plan is to act as a navigational road map in helping to achieve the company’s marketing objectives.

There is no universally accepted “template” for a marketing plan; although, several components are usually part of all plans. Your assignment this week requires you to examine the following elements as you create your marketing plan. Take a moment to review each of these sections:

 Executive Summary of Marketing Plan

The executive summary is an overview of the entire marketing plan. It recaps the key points made in the plan. The executive summary is usually read by senior managers in the company who are not marketing specialists – so it is important to explain all terms for a general business audience (as opposed to marketing personnel)

Company Overview

The company overview provides background information on the company. Explain the mission and goals of the company. What products do they sell or what services do they provide? Give historical information about the company and present the current status.

Description of Target Market

Who is the target audience for this product? Consider the segmentation characteristics of the target audience and the positioning of the product.

Description of Competitors

Consider the current competitors and their products or services. Examine their current share of the market, customers’ current perception of the competitive product or service, current marketing strategies used by the competition. Evaluate any competitor advantages.

Description of Product or Service  

Thoroughly describe the product or service. Review the specific features and benefits. Explore branding and packaging considerations.

Marketing Budget

This section can provide a budget analysis related to promotion – advertising. public relations, direct marketing, e-commerce, personal selling, and point-of-purchase materials (Mullins & Walker, 2010).

Description of Location

 “Customers will not by your good or service unless it is conveniently available when and where they want to buy it” (Mullins & Walker, 2010, p. 339). Consider the planned distribution channel options for the product.

Pricing Strategy

Examine cost, demand, and competition-based pricing considerations. For new products, examine market-skimming pricing and market-penetration pricing (Mullins & Walker, 2010). Also consider discount pricing, promotional pricing, and psychological pricing (Armstrong & Kotler, 2005).

Summary and Implementation Plan

Recap the key points of the plan and provide a timeline for implementation of the plan. Provide any contingency plans.

Creating a marketing plan becomes an official commitment by the company to follow a strategic course of action for marketing products and services. This type of plan also offers “checks and balances” along the way to allow outcomes assessments of the planned results (Mullins & Walker, 2010).

References

Armstrong, G., & Kotler, P. (2005). Marketing: An introduction. Upper Saddle River, NJ: Pearson Prentice Hall.