Four Essential Marketing Plan Components

Preparing a Marketing Plan for your product or service is a real eye-opening experience. While we all hope that our product or service will appeal to the masses, the truth is, that may not happen. Assembling a Marketing Plan first and foremost forces you to clearly define what you are selling.

From there, you define the demographics of the market for your product or services. You research on-going or upcoming trends in the industry, your existing and potential competition and whether or not the market is already saturated.

And the time to analyze this valuable information is before you spend money opening the door to your new business venture. A marketing plan is one valuable tool that will help your business survive.

Analyze the Market

This section plays an important role in determining who will purchase your product or service, and why. You need to identify such attributes as gender, age group, where they live, their buying habits and their social values.

This section also has you look at the current economic climate including upcoming changes in laws or technology that might impact the delivery and/or reception of your product or service.

It's also important to take a close look at your competition whether it's around the block or around the globe. The more you know about your competition the better prepared you are to deal with it. Know their hours of operation, their organizational structure, their promotions, their advertising outlets, whatever you can find out.

Identify Marketing Goals and Objectives

With the information about your target market and your competition in hand, you can better outline your marketing goals and the steps to take to achieve these goals.

Identify what you think are your company's strength and weaknesses, and the resources you have available including staff and finances. Committing your goals and the steps to a calendar will help keep your marketing efforts on track and provide you with direction.

Define Marketing Strategies

Before you can determine how you will market your product or service, you've got to put together a features and benefits list, including what it has that the competition lacks. You need a price point, packaging, and you need to decide if and how much you are willing to offer as a discount. All of this will help you properly position it in the marketplace. This information is the foundation upon which all your marketing and promotional materials are created.

Next determine the various sources available for marketing your product or service. Some ideas include print ads, brochures, web banners, your own web site, trade show exhibits, partnership opportunities and promotional flyers.

Implementing and Evaluating Marketing Programs

The final two components are equally important. You've got to define a marketing budget, determine how you want to spend it and evaluate its effectiveness. Besides the marketing avenue, decide whether or not you need to hire employees, and what training they will need. Determine how you will motivate your employees, including your management, so that they share your goals and vision.

Evaluating your marketing programs is just as important as the other steps. You may find you need to revise your marketing efforts including lowering the price, highlighting different features, even selecting different marketing programs. An effective marketing plan is one that is regularly updated.

If the thought of creating a Marketing Plan has you overwhelmed, get yourself marketing plan software. Using software will save you time because the software knows the right questions to ask. You fill in the answers as necessary, push some buttons, and before you know it, you'll be printing a professional-quality Marketing Plan that will chart your company's future!

Copyright © 2004 Cavyl Stewart. Get more software tips, strategies and recommendations to help you create your marketing plan by signing up for my Exclusive 100% free, 100% original content ecourse: "Simple Steps To Creating A Rewarding Marketing Plan." To sign up please visit: http://www.find-small-busi ness-software.com/marketing-ecourse.html

---

Quiz: Where is Your Marketing Message?

Wondering if your marketing message is dancing in the spotlight... Read More

Five Marketing Tips to Double Profits

It's a startling fact: almost all entrepreneurs aren't marketing their... Read More

Customers Are Like Vampires

No, customers aren't bloodsuckers (well, maybe a few are!) and... Read More

Service Marketers; How?s Your Packaging?

When a shopper picks up a product in a store,... Read More

Marketing Hesitation Costs Dearly

Timing is everything. Hate to be late? The early bird... Read More

FREE Means MORE Business

Why give freebies?We have all seen freebies at trade shows... Read More

8 Instant Ways to Create Consistently Successful Marketing Campaigns

It's almost a given that when I speak to a... Read More

Five New 5 Ps!

NO! When I say "5 P's", I'm not talking about... Read More

Produce More Sales from your Email Promotions Five Ways - Part 1

Do sales come from your ezine regularly? How many well-written... Read More

Reinventing The Wheel

Revolutionary ideas have always been the mark of mankind. It's... Read More

To Be Successful Sell to Wants not Needs

My mother used to tell me, tongue in cheek, that... Read More

Your Marketing ? From The Couch To The Cash Register

When you put time or money into any marketing plan,... Read More

The Secrets of?

A lot of advertising and mailings promise to reveal the... Read More

Use a Guarantee In Your Headline To Increase Trust

Sometimes you can use a guarantee effectively in your headline.... Read More

Ten Tips for Creating a Winning Proposal ? Part 2

Part 1 of this series described five critical components for... Read More

Are Your Marketing Efforts Working...Or Could They Use A Little Help?

Marketing is a broad business subject that encompasses a range... Read More

Importance of Endorsements And How To Use Them

Customer endorsements are an inexpensive and easy sales tool, particularly... Read More

Marketing Got You Stumped?

It's not unusual for entrepreneurs to find the whole idea... Read More

Consider Consumer Psychology

In your marketing efforts, be they on or offline, it's... Read More

Are You Sabotaging Your Marketing Success?

What?!? Sabotage your own success? Who would do that? Well,... Read More

Limited Time Only (Shh! Its A Secret)

Under normal circumstances, you'd shout it from the rooftops. After... Read More

Sell Big Ticket Items Now! - 1 Simple Step To Keep Your Fears From Holding YOU Back

First, some background on today's topic. I've had a terrible... Read More

The Name Game

Pop quiz! If you have to say goodbye to your... Read More

Another Commercial? Dont Touch That Dial! Watch & Learn

When commercials come on the television do you get up... Read More

Slogans: Creating and Using Them In Life, Career and Business

Information is coming at us from all directions nowadays. This... Read More