Marketing Plan Basics

Marketing

MARKETING YOUR BUSINESS FOR SUCCESS
OUTLINE FOR A MARKETING PLAN

Elements of a Marketing Plan

1. Marketing Plan - Description of the Target Market



• - age
• - sex
• - profession
• - income level
• - educational level
• - residence



2. Marketing Plan - Description of Competitors



• - market research data
• - demand for product or service
• - nearest direct and indirect competitors
• - strengths and weaknesses of competitors
• - assessment of how competitors businesses are
doing
• - description of the unique features of your product or service
• - similarities and dissimilarities between your product or service and competitors



3. Marketing Plan - Description of Product or Service



• - describe your product or service
• - emphasize special features, i.e., the selling points



4. Marketing Plan - Marketing Budget



• - advertising and promotional plan
• - costs allocated for advertising and promotions
• - advertising and promotional materials
• - list of advertising media to be used and an estimate of cost for each medium



5. Marketing Plan - Description of Location



• - description of the location
• - advantages and disadvantages of location



6. Marketing Plan - Pricing Strategy



• - pricing techniques and brief description of these techniques
• - retail costing and pricing
• - competitive position
• - pricing below competition
• - pricing above the competition
• - price lining
• - multiple pricing (for service businesses only)
• - service components
• - material costs
• - labor costs
• - overhead costs