 A
marketing plan may be the single most important determinant of business
success. Identifying prospects and figuring out how to turn them
into customers is the essences of the business experience. Marketing
may be the single most difficult aspects of business management.
It also becomes more difficult due to the the ever-changing market.
A written plan will help everyone in marketing, and in the company
in general, understand and work toward common goals. In this section
of the website we will discuss the critical components of a marketing
plan:
Identify Your Target Market
- knowing your target market- who you
are selling to is critical for positioning your company and product
in the market place
Profile Your Customers
- creating a customer profile can save your company a lot of time
and money. Knowing your customer will shape the kinds of market
schemes you want to undertake.
Know Your Competitors -
always know what your competitors are up to. The more you know
the better.
Understand Your Product
- in order to position your product
on the market; you must understand it as an outsider would. Knowing
your product will help you portray it honestly and positively.
Analyze Your Risk -
thoroughly analyzing the risk of your business will help you plan
for and avoid problems. The purpose is to have a fuller picture
of what you are undertaking.
Target Market
Industry Analysis
- begins with collecting information about the size, growth, and
structure of your industry.
Market Segment -
define the segment of the market you want to sell to
Market Niche
- define your niche by aiming at customers what do they really
want.
S.W.O.T. Analysis -
a broad based S.W.O.T. involves looking at your company’s
Strengths, Weaknesses, Opportunities,
and Threats. Analysis can be
a quick and easy way to examine your company.
Your Customer
Demographics
- Who’s out there that will use your product or service?
Geographic Influences
- relates to where your target market is located. The larger your
market, the more flexible you will have to be in your marketing
efforts.
Economic Factors
- knowing your target consumers’ economic circumstances
can help you decide how much money to spend.
Other Influencers
Biographic
- describes how your customer purchase products
Psychographics -
this information helps you to determine or at least make an
intelligent guess about the factors that motivate your potential
customers to buy.
Consumer Adopters
- this is based on the notion that different people will accept
and use your product at different stages.
Your Competitors
Pricing
- a key aspect of competition, if the competitor changes to a
lower price than you, justify that higher price to the customer.
Packaging
- consider packing as a portrait that says a thousand words about
both you and your competitors.
Locations -
where are your competitors located? Does their location have any
impact on how they provide their product?
Marketing Communications
Sales Promotion
- supplements advertising, public relations and personal selling.
The objective of your promotion should be to activate new prospects
and bring about sales.
Sales Literaure
- the written material that accompanies represents or explains
your product to potential customers.
Advertising
- the most powerful tool available in the marketing mix. One ad
can reach a millions of people.
Public Relations
- also called PR or publicity is information about your company,
your product, your project, or your event that is not a direct
message from you to the potential customer.
Trade Shows
- offer many advantages if you plan ahead and know what purpose
you want to achieve by attending.
Customer Service
- can be the key component to attracting and retaining customers.
Customer service is the one way to retain customers
Sales Plan
- is part of your marking plan that deals most directly with generating
revenues for your company. Your sales plan will ensure your company’s
success by addressing goals.
(This information can be found in the Small
Business Resource Center Marketing section of the library).
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