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| Marketing Plan |
A Common Marketing Plan Outline for a Small Home Based Business Venture
Author: Brad Keet
What is a Marketing Plan?
A marketing plan consists of a list of actions needed to attain marketing targets. It might be for a product, a service or a brand. There are marketing plans for short term targets - 1 year, and long term goals - five years.
A marketing plan could be part of an overall business plan format. A good marketing strategy is the bedrock of a good marketing plan.
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Why does a Home Business necessitate a Marketing Plan?
A marketing plan can assist a home business venture owner to focus his marketing efforts. It ensures methodical technique to providing products and services to fulfill and satisfy customers' needs.
How to formulate a Marketing Plan
Drawing up a marketing plan is not that cumbersome. Center on the content and do not fret about the writing style. Center on the targets and the efforts required to attain them need to be stated clearly in the marketing plan. Take note that a sound marketing plan sets clear, realistic, achievable and measurable targets. It should contain deadlines, a budget and allotment of responsibilities.
Marketing Plan Outline
A common marketing plan outline might consist of these topics:
Current Market Analysis
Explain the current market condition which the business is in. It can later be used as a benchmark to tweak the marketing plan in the future. By using a marketing plan SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and also the PEST (Political, Economic, Social, Technological) analysis tools, write a brief description of the current product or service available, the marketing boons and obstacles the business might chance upon. Ponder over the threats posed by competitors and also study other factors that might affect the business in the year to come. This may aid in the development of strategies in the future.
Target Market
Definitely every product or service requires a market. This explains why customer analysis in marketing plans is essential to its success. The product could be directed at the online market as well as the offline market. It could be targeted at the general public or it could be targeted at a niche market. For an online market the analysis should include reasons why people shop online. Once a target market is determined, write a target market profile based on demographics and include selection benchmarks.
Marketing Objectives
Express the company's marketing targets for the coming year. The goals should be specific, realistic and measurable in order to gauge the marketing progress. Avoid vague statements such as, 'Increase indoor sales.' Incorporate specifics instead - 'Increase indoor sales by 25'
Strategies to Achieving Objectives
If the marketing aim is to boost indoor sales by 25 then a strategy must to be formulated to meet this objective. For example, there could be special a promotion for walk-in customers. This promotion can be marketed through an emailed weekly newsletter to buyers. The strategies should be extensive and cover the 4P's of marketing - Price, Product, Place, Promotion.
Marketing Budget
Exercising marketing strategies to reach marketing objectives costs money. Create a breakdown of marketing concerned expenses associated with the strategies. Have a look at the numbers and decide if it is too large a figure. Do not be afraid to lower or revise the budget until a practicable figure is attained.
Keep in mind that a marketing plan has to remain an ongoing process throughout the life of a business venture. Marketing plans should be adaptable to changes in environment so as to remain relevant.
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