Four Essential Marketing Plan Components

Preparing a Marketing Plan for your product or service is a real eye-opening experience. While we all hope that our product or service will appeal to the masses, the truth is, that may not happen. Assembling a Marketing Plan first and foremost forces you to clearly define what you are selling.

From there, you define the demographics of the market for your product or services. You research on-going or upcoming trends in the industry, your existing and potential competition and whether or not the market is already saturated.

And the time to analyze this valuable information is before you spend money opening the door to your new business venture. A marketing plan is one valuable tool that will help your business survive.

Analyze the Market

This section plays an important role in determining who will purchase your product or service, and why. You need to identify such attributes as gender, age group, where they live, their buying habits and their social values.

This section also has you look at the current economic climate including upcoming changes in laws or technology that might impact the delivery and/or reception of your product or service.

It's also important to take a close look at your competition whether it's around the block or around the globe. The more you know about your competition the better prepared you are to deal with it. Know their hours of operation, their organizational structure, their promotions, their advertising outlets, whatever you can find out.

Identify Marketing Goals and Objectives

With the information about your target market and your competition in hand, you can better outline your marketing goals and the steps to take to achieve these goals.

Identify what you think are your company's strength and weaknesses, and the resources you have available including staff and finances. Committing your goals and the steps to a calendar will help keep your marketing efforts on track and provide you with direction.

Define Marketing Strategies

Before you can determine how you will market your product or service, you've got to put together a features and benefits list, including what it has that the competition lacks. You need a price point, packaging, and you need to decide if and how much you are willing to offer as a discount. All of this will help you properly position it in the marketplace. This information is the foundation upon which all your marketing and promotional materials are created.

Next determine the various sources available for marketing your product or service. Some ideas include print ads, brochures, web banners, your own web site, trade show exhibits, partnership opportunities and promotional flyers.

Implementing and Evaluating Marketing Programs

The final two components are equally important. You've got to define a marketing budget, determine how you want to spend it and evaluate its effectiveness. Besides the marketing avenue, decide whether or not you need to hire employees, and what training they will need. Determine how you will motivate your employees, including your management, so that they share your goals and vision.

Evaluating your marketing programs is just as important as the other steps. You may find you need to revise your marketing efforts including lowering the price, highlighting different features, even selecting different marketing programs. An effective marketing plan is one that is regularly updated.

If the thought of creating a Marketing Plan has you overwhelmed, get yourself marketing plan software. Using software will save you time because the software knows the right questions to ask. You fill in the answers as necessary, push some buttons, and before you know it, you'll be printing a professional-quality Marketing Plan that will chart your company's future!

Copyright © 2004 Cavyl Stewart. Get more software tips, strategies and recommendations to help you create your marketing plan by signing up for my Exclusive 100% free, 100% original content ecourse: "Simple Steps To Creating A Rewarding Marketing Plan." To sign up please visit: http://www.find-small-busi ness-software.com/marketing-ecourse.html

---

How Gratitude Works

Want to know what the highest-impact, lowest-cost tool is in... Read More

Using Alternative Media to Generate More Customers

Last week I received a very nice thank you gift... Read More

Networking Events ? Lose the Fear and Gain the Benefits

"Kevin, are you saying I need to go to Networking... Read More

Are You Guilty Of Interruption Marketing?

You muted the commercials on the TV last night because... Read More

The Beginners Mail Order Opportunity Guide

The "Mail Order" business is not a business of itself,... Read More

How to Put Law & Order into Marketing Your Legal Practice

First in a series of three articlesRegardless of your law... Read More

Marry Your Marketing Plan

Make a vow to keep up your marketing schedule in... Read More

Should You Clap For Your Customers?

Does it make sense to clap for your customers? It... Read More

Secret Marketing Plan

Many people have asked me what was the secret to... Read More

Using Demographic Data For Your Direct Mail Marketing Campaign

Targeting high potential markets with a direct mail marketing campaign... Read More

4 Steps to Successful Offline Event Booths

A great way to gain more local sales is to... Read More

Knock, knock. Whos There? Your Target Market, Are You Listening?

Have you ever had a conversation with a person who... Read More

Translation and Your International E-Commerce Strategy

Most businesses realize that they are simply a click away... Read More

How to Write Irresistible Promotional Pieces that Attract More and Better Clients

Whether you're creating a sales letter, a brochure, a newsletter,... Read More

How to Magnetize Your Business

Do you ever wonder how some businesses always seem to... Read More

Niche with Passion and Reap Your Financial Rewards

One of the keys to creating a successful business is... Read More

Whats In It For Me?

Sometimes, one of the most difficult things to teach beginning... Read More

10 Important Marketing Tips

Each of the following Ten Marketing Tips is based on... Read More

Why Do They Buy?

A recent issue of Entrepreneur magazine included a marketing story... Read More

Copy SoapNet and Make Money

Whether you want to admit it or not, soap operas... Read More

Promotional Bags: Your Company Details on Parade

The trick to a good promotion is to attach your... Read More

Fertilizer For Your Grassroots Marketing

Looking for a great way to drive traffic to your... Read More

The Exiler

THE EXILER (your search for true brand attributes ends here!)With... Read More

Two kinds of Advertising for a Marketing Strategy

Advertising is the lifeblood of any business. If you do... Read More

Three Simple Ideas That Increase Profit? FAST!

Are you spending more time trying to get new clients... Read More

Nurture Sales Leads with Direct Mail Marketing

Direct mail is a cost-effective way to make sales and... Read More

How to Leverage Your Most Powerful Marketing Tool

Second in a series of three articles:What if you could... Read More

Marketing Success Defined

How do you personally define success? High income? Substantial net... Read More

Marketing as a Spiritual Practice II: Unearthing Your Potential

Marketing as we know it is over. Done. Finito.People the... Read More

Marketing From Both Sides Of The Ball

In the world of business, marketing is often conveyed as... Read More

What Are Focus Groups & How Do They Work?

Businesses and other organizations use focus groups to research consumer... Read More

10 Surefire Ways to Add Sizzle to Your Brochures

Businesses rely on brochures as their front line in communicating... Read More

How Can I Get Name Recognition?

Some of the ways in which to get your "name... Read More