The Elements of a Business Marketing Plan
A business marketing plan is a significant section in the planning stage of your business. By directing your attention to the marketing aspect of the business, you will be able to promote your business successfully.
The elements of a marketing plan affect the promotion of your business and your ability to reach your market.
In the creation a business marketing plan, you need to direct your attention to the following elements to make it effective and efficient in carrying out your marketing objectives.
1. Market Situation. When it comes to market situation, it generally gives you an overview of the market, the products and services, and the competition that you have to deal with in the business. The assessment of the market situation requires you to analyze the following:
a. Product Lines and Services. This will provide a general description of the products and services that you will offer in the market.
b. Market Size. This pertains to the market size and the segments that you will cater to. You need to make an educated guess in the number of clients that you will be able to cater to. A large market can also provide your business with competition. You can do the estimation by market research.
c. Sales and Distribution Setup. This is a documentation of how you intend to reach your target sales as well as the distribution methods that you will impose in the application of your marketing plan.
d. Geographic Area. Where do you intend to concentrate with your marketing plans in terms of location? The delimitation in terms of area needs to be specified in your marketing plans. This is where you need to determine the scope of the market that you want to reach in order to effectively market your products and services.
e. Audience. This is the description of your target market in terms of population, demographics, and income levels.
f. Competition. This will determine your competition in the market. Competition within the same industry is called direct competition. In case where products and services can be considered substitutes of each other, the competition will be indirect or substitute. Competition can help you determine how your business will place in the market.
2. Threats and Opportunities. It is also important to know how these elements can help you in the market. By knowing the threats that the industry has, you will be able to improve on the aspects that can give stability to your business. The determination of the market opportunities that you have will give ideas regarding expansions and additional product offerings.
3. Marketing goals. It is the achievement of your objectives through the implementation of your market strategies. Your marketing goals can be directed towards the following categories:
a. Introduction of new products and service.
b. Extension of existing products and services
c. Entrance or expansion to new territories
d. Cross selling or bundling of one product with another
e. Enhancement of production and delivery