Marketing plan of a company specifies the high level marketing and sales details of its brands or products. It is the brief description and outline of the product details with features for marketing purpose, sales figure and target, target customers and branding details. Marketing plan helps to identify all the marketing strategies and sell the respective product to the consumers or in the market.
The main parameters used to prepare a marketing plan are:
It outlines the company details, its vision and goal which helps people to market the products in an efficient way. All the marketing strategies are finalized based on the Company details, its vision and goal. If the marketing plan does not match with the Company details, then it is bound to be a failure. The main company details are specified below
a) Company Description
b) Company Vision
c) Company Culture
d) Company Focus etc.
It covers all the product related required details which have important implications in deciding the proper marketing plan. It covers the following details.
a) New or existing product
b) Main attributes of the product
c) Price and Added offers
d) Target customers for the product
e) Distribution channel details
To derive the marketing plan, it is very important to know the customer details which drive the selling of its product. Marketing plans are derived based on the customer number, type, choices and concentration in a particular market. The main customer related details required to develop a proper and effective marketing plan are
a) Demography (Age, number etc.)
b) Customer Profession and choices
c) Preference or Decision Drivers
d) Concentration in a particular market
Opportunity and issue Analysis is an important parameter to derive the marketing plan. For a new comer in a particular product segment, the marketing plan will be different than an existing market player because of the different issues and opportunities faced. All the market position related details have to be outlines properly before finalizing the marketing plan. The main details required in this segment are
a) Current Market Position and Market Share
SWOT Analysis can be used for the required analysis
Marketing Environment can be used to analyze the marketing environment and different environment related factors.
After analyzing all the parameter, a marketing plan is finalized with the following contents
Executive Summary: The summary or preface of a marketing plan which talks about the product and company
Situational Analysis: Contains the analysis of different marketing situations based on different parameters. PEST analysis can be used to perform the macro-economic situational analysis.
Opportunities / Issue Analysis – SWOT Analysis: Demonstrates strength, weakness, Opportunities and Threats
Objectives: Objective of the market plan; be it increasing market share of an existing product or creating a market for a new product
Strategy: Reasons behind adapting the marketing plan
Action Program: Action items or steps to achieve the objects. It contains all the steps involved to reach out all the prospective consumers in a market
Financial Forecast: contains the financial forecast data based on market analysis and sales projections and break-even analysis
Controls: How to control the successful execution of a marketing plan in order to make it a success. Regular review meetings and status checks can be performed to achieve the same.