Marketing is the infrastructure of the business income. The marketing plan is an essential part of the business plan. The marketing plan goal is to outline the business activities using business environments analysis, challenges identification and preparing a structural working plan for successful business.
Marketing plan preparation step by step
Executives Summary - Summary of chapters 3-8. Prepare this summary after chapters 3-8 are finished.
Overview - Include in this chapter:
An introduction of current status and required status.
An explanation for the whole required process.
External analysis - The analysis purpose is to map and understand the business environment. The analysis includes:
Legal environment - Relevant rules and regulations that influence the business operations.
Economic environment - Influencing factors such as interest rate, customary credit days in the business industry, atmosphere in stock exchange and payment ethics in the business industry.
Cultural environment - Religion, customs, lifestyle and business behavioral codes.
Political environment - Political stability level.
Competitors - Identification of existing and potential competitors, Identification of industry enter blockers.
Customers - Identification of existing and potential customers, identification of market segments and niches.
Opportunities - Environment changes can make new markets be available for your business.
Threats - Regulation changes and foreign currency sensitivity.
Internal Analysis - The analysis purpose is to map and understand the business and its positioning within the environment. The analysis includes:
Business essence - Business vision values and principles.
Business targets and goals - Definition of short and long term business targets of the following aspects: Market segments, market portions, products/services variety and income.
Current strategy - Business structure, operating methods, products/services variety and customers relations.
Strengths and weaknesses - Current market portion analysis, current business positioning and customers dependency analysis.
Current stage of products/services lifecycle - competition level, profit margins and existence of next generation products/services in the market.
Definition, analysis and characterization of the major challenges:
Saturated market.
Product/service weakness comparing to customers product/service.
Profit margins decrease.
Weak image
Risky dependency on customers.
Major challenge - Choosing the major business challenge and preparing several alternative plans in order to cope with it. Plans can be:
New product/service development.
Improvement/expansion of existing product/service.
Addressing new market segments.
Major challenge solution - Choosing the solution with an explanation of the reason. Preparing an implementation plan that includes all required resources.
Chosen alternatives tactic - Guide lines and concepts for implementation. It is the high level design of the marketing implementation.
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