A marketing plan is a document that contains information about the steps a firm must take in order to achieve its objectives. In a marketing led organization, all elements of a marketing plan are touched. Whether your plan focuses on promoting the company and creating awareness or on launching a new product or promoting a specific campaign, it must show what action you will take. These are the key elements of a marketing plan you must consider:
Positioning is one of the most important elements of a marketing plan. Because the clients decide if your product will benefit them or not, all business battles are lost or won in their minds. Positioning a product or service on the marketplace requires a niche and a place where your product fits.
Setting your business apart from the competition requires an unique product on the marketplace. Ask yourself what makes your product special and what you can offer that the competition can’t. Another important aspect is to decide whether to compete on price, service or quality. These decisions can affect the brand and shape the future activities of the organization, such as the use of advertising, the response to competitive actions and promotions.
The overall functionality, features and quality of the product are essential elements of a marketing plan. Finding the right product for the target market involves understanding and selecting the customers. A target market is a group of people of a certain geographic area, a certain age or a certain income. Conducting a survey is the best way to determine the products a specific target market desires.
The price must be understood in terms of what the customers are able and willing to pay. If the price is higher than the price of other market suppliers, the sales will decrease. On the other hand, if the price is too low, the company will not realize a profit. It is important to conduct an analysis and determine what price breaks are able to compete on the market.
This step follows other elements of a marketing plan, such as determining what product the company will offer, the place where it will be sold and the price. You can promote a product or service through many means, including Internet advertising, word of mouth, print publications, radio ads and television. Because promotion can be expensive, the budget allocated determines the means used.