Marketing Plan

All businesses should focus on satisfying the needs of their customers. All the activities of the business should be directed to the marketing of the product or service.

The marketing plan involves:

• Presenting information about the market that the business will be servicing
• Analysing the total market, and identify market segments (target markets) that best suit the business
• Providing information about when, how and who is to perform particular marketing activities
• Gathering information about the overall market, market conditions and competitors through a SWOT analysis
• Predicting the likely impact of various marketing strategies
• Projections and sales forecast
• Detailing the most appropriate marketing mix using the 4 P’s: price, promotion, product and place

Market Analysis

The first action taken by the business is to understand and analyze the market that it is entering. You need to know:

• The size of the market
• The number and size of competitors
• Overall market growth
• The average profit level for each competitor in the market
• The sequence of the market that the business intends to target
• The location of the target audience
• Information available about the target market

Sales Forecasting

A sales forecast is an estimate of the amount of the product that the business expects to sell in a certain period, based on specific levels of marketing efforts.

Marketing Strategies

In order to achieve your business goals, you must to into account the following market strategies:

• How the objectives are to be reached
• A timeframe for reaching those objectives
• Mass marketing
• Niche marketing
• Timing of the introduction of a new product
• Product differentiation from the competition
• Channels of product and distribution
• Forms of promotion and extensive coverage

Suggested Reading:
+ Type of Business Ownership and Their Advantages

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