How To Develop A Marketing Plan

It is a fact that marketing is a key part of making your business successful. You should think and decide well about your targeted customers. Bear in mind that for you to constantly have your customers keep on coming back to you is make them satisfied with your product or service. With this, you should develop a marketing plan as your guide in implementing your marketing strategy. Creating clear objectives with an easy explanation on how you will achieve them is necessary. Though marketing does not guarantee sales, but if you have a well-prepared plan, the chance to succeed is still possible.

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The following are the key areas in a marketing plan:

  • Summary and introduction
  • Analysis
  • Objectives
  • Strategy
  • Tactics
  • Implementation

SUMMARY AND INTRODUCTION – This gives a brief overview of the plan. Include your business strategy because this helps to ensure that your marketing plan all work together.

ANALYSIS – You should understand the market and your potential customers to where your business operates. This is a key part of the planning and this will help you anticipate the threats and opportunities that you may encounter all throughout your business.

OBJECTIVES – This should be based on your strengths and weaknesses and the market and make sure that it should be linked to your business strategy. Objectives should be SMART: Specific, Measurable, Achievable, Realistic, and Time-bound.

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STRATEGY – This is how you put your marketing strategy into practice so this should be a reflection of your strategy. Look at what your customers want and what you can offer. You should assess of possible sales or any expectations that you can come up with your business.

TACTICS – Once you are done with your objectives and strategy, you need to plan how you will make this strategy into a reality. Most businesses follow the four Ps: Product, Pricing, Place, Promotion. Some also extend to seven Ps as a comprehensive approach and these additions are People, Processes, Physical evidence.

IMPLEMENTATION – This should include a schedule of each key tasks. This will serve as your guide on how you will make the business works. You need to be specific with schedules and their corresponding tasks. The cost of everything in the plan should also be included. Of course, a plan will not just happen by itself. Make sure to assign someone to monitor the progress of each task and being completed with the time designated. You should review the overall progress of the plan and write down feedbacks. With this, you can learn from your mistakes so that you can modify your plans and have it more improved in the future.

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