Develop a Marketing Plan Your marketing plan gives

Develop a Marketing Plan

� Your marketing plan gives you a guide on which to base decisions and ensures that everyone is working together to achieve the same goals � It can prevent your organization from reacting to problems in a disorganized manner and can help anticipate problems

� Marketing plan objectives should be timely, measurable and attainable � Consider you competitors prices when introducing a new product � Consider your competitor’s market share when forecasting sales � Rely on research information when forecasting sales

� Forecasting sales for your marketing plan are important for use as a standard of measurement � When the level of profitability remains the same, a business may decide that the cost of implementing a marketing plan for a specific product is much greater than the financial benefits

� 1. Executive Summary: brief summary of goals and overall recommendations. (write this last) � 2. Situation Analysis: overview of current marketing situation (product, pricing, distribution), competition, challenges, trends � 3. Desired Target Market: important step � 4. Marketing Goals and Objectives: what do you wish to achieve in your business? Objectives should lead to an increase in sales

� 5. Marketing Strategies and Programs: outline marketing programs and strategies to reach of your goals. Include a detailed product description � 6. Financial Plans: you budget, expenses and revenue forecast � 7. Performance and Implementation: When to determine success, how to evaluate, what needs to be changed. � 8. Appendices