What is Marketing Plan?
A marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. It describes market conditions and strategies related to how products and services will be distributed, priced, and promoted.
Marketing research evidence to support any of the critical marketing decisions strategies as well as for forecasting sales should be described in this section specifies forecasts for products or services are indicated in order to project profitability of the venture.
Marketing Research for the New Venture
Information for developing the marketing plan may necessitate conducting some marketing research. Marketing research involves the gathering of data in order to determine such information as who will buy the products or services.
What is the size of the potential market, what price should be charged, what the most appropriate distribution channel is, and what the most effective promotion strategy is?
Marketing research may be conducted by the entrepreneur or by an external supplier or constant. There are also opportunities for entrepreneurs to contact their local colleges or universities to identify faculty who teach marketing and are willing to have external clients for student’s research projects
There are different stages
- Defining the purpose or objectives
- Gathering data from secondary sources
- Gathering information from primary sources
- Analyzing and interpreting the results
Characteristics of Marketing Plan
The marketing plan should be designed to meet certain criteria. Some important characteristics that must be incorporated in an effective marketing plan are as follows.
- It should provide a strategy for accomplishing the company’s mission or goal
- It should be based on facts and valid assumptions. It must provide for the use of existing resources. Allocation of all equipment, financial resources, and human resources must be described.
- An appropriate organization must be described to implement a marketing plan.
- It should provide for continuity so that each annual marketing plan can build on it, successfully meeting longer-term goals and objectives.
- It should be simple and sorted, a voluminous plan will be placed in a desk drawer and likely never used.
Steps of Preparing a Marketing Plan
- Defining the business situation
- Defining the target market opportunities and threats
- Considering strengths and weaknesses
- Establishing goals and objectives
- Defining marketing strategy and action programs