What is a marketing plan? What are the contents and how can somebody prepare such a plan? Usually a marketing plan is part of a business plan, albeit a very important part of any business plan. A business plan is a key part of organizing any enterprise.
As the name suggests, a marketing plan will usually detail a list of actions as well as a sound strategy for positioning and selling whatever it is that the business in question produces. Strategy is critical in the effective planning of virtually anything and especially marketing in a competitive business environment.
A marketing plan will usually consist of an executive summary, situational analysis, Opportunities analysis, objectives, strategy, action program, financial forecast and finally controls.
The executive summary will be a brief digest or summation of the contents of the entire report. The situational analysis is very important in a business plan because it have a description of the competitors including their strengths and weaknesses. It will also detail the level of demand for the product or service. This analysis will inform the rest of the business plan because the situation in the market has to be the main reason for the business plan taking whatever direction it will take.
Opportunities analysis in the plan will naturally be the next step after the situational analysis and should be able to make a lot of sense to anybody who has read and understood the previous analysis section. This will be followed by the objectives, strategy and action program. The last item will detail exactly how the whole marketing plan will be executed.
The best business plan will be useless if there is no cash to execute it and that is why the financial forecast which comes next is so important. You do not want to start something and then run out of money in the middle of it. The financial forecast should give a pretty good idea of cash flow in the business during the execution of the marketing plan. Final will be a section on controls.
Some folks think that marketing is only for new businesses. However ideally every business needs to have a written marketing plan annually. Sometimes certain organizations will detail a written plan that stretches into three years or more. Those experienced in business will be quick to appreciate the advantages of a long term view for any business.
Creating a business plan for your organization can make all the difference between success and failure. The way to do this is to start by carefully gathering information from the market your organization is operating in and then sitting down to carefully analyze the details and come up with a good marketing plan. An easy way to do this is to meet with the main people involved in your business and brainstorm on your marketing plan. The whole process will naturally be easier if you can get a little help from a marketing consultant or somebody who has experience creating successful business plans.