A marketing plan helps a business identify its objectives and plan strategies to help generate targeted sales. The marketing plan template, provided here, is fairly short, but will help you draft one for yourself.
A market plan is a file or document that outlays the current market scenario of any business, and also provides a strategy to achieve any goal that may be outlined by the business or company. The plan is quite detailed in nature, and enlists various key elements that constitute or contribute to the sales and marketing departments of that business. It enlists details about the set goals or objectives that are to be achieved over a specified period of time, and the action plan that will help achieve the target. The key elements of a marketing plan have been elaborated here.
Elements of Sales and Marketing Plan
The objective is the aim of the company behind marketing a particular product and the logic behind launching a particular product. The objectives clause in some cases also specify the competitors move if the new marketing plan is a reaction to a competitor’s action.
The marketing mix are the important elements, or rather the important features of the product. These include the name and nature of the product, price, place or rather the market for which it has been launched, and the means of promotion.
The situational analysis is basically the analysis of the product’s manufacturer (can also be a company’s department) and the fiscal features of the manufacturer. Apart from the company’s analysis, the customer’s analysis is also done in order to ascertain and anticipate the customer’s reactions.
Before and after launching the product, the actions of the competitors are closely observed and recorded. Such actions often becomes a legitimate basis of taking marketing decisions.
The division of market is an important aspect and customers might be situated in different locations. The market segmentation clause defines the marketing provisions for people situated in different geographical locations.
Risk, which is an eminent part of any business, is ruled out by an important clause in the marketing plan―alternative strategies. Such strategies and policies are basically laid down in order to minimize the loss arising out of risks.
Strategic Marketing Plan Template
Direct Potential Competitors
While developing a marketing plan you will also need to attach a separate documents depicting remedies and protocols that can be used in cases where the market reacts in a manner that is quite unwanted.