Marketing plan

Introduction to a marketing plan

A marketing plan can be identified as the basis of the entire business plan. This is because all other parts of a business plan will be prepared based on the information of the marketing plan, such as customer needs of the target market and quantity of units in demand.

The marketing plan explains what goods or service an entrepreneur expects to offer, its potential market and the related marketing strategies. It also includes the projected sales for the product and the sales expenses to be incurred. Marketing plan is the document that presents the goods or service that is expected to be marketed by an enterprise, its target market, and how the target market will be reached. The following information is included in a marketing plan:

  1. Market analysis
  2. Marketing strategies of the proposed business
  3. Sales forecast
  4. Sales income and sales expenses
  5. Marketing Fixed Assets

Market analysis

A market analysis refers to exploring the market in relation to the business. It deeply investigates the demand for the goods or service, the target customers, the nature of the competitors and their marketing strategies, etc. This will help the entrepreneur understand the factors that he/she should consider when deciding on marketing strategies for his/her business. The main purpose of a market analysis is to get the necessary information to prepare an accurate marketing plan. Therefore, a market analysis is the first step of preparing a marketing plan.

Obtaining information for a market analysis

Information needed for a market analysis can be gathered through different means. Given below are some of the methods used often for this purpose:

# Distributing questionnaires among customers and getting their responses.
# Interviewing customers.
# Observering customers’ transactions in the market.
# Using sources such as newspapers, magazines, reports, the Internet etc.

Important factors in a market analysis

1. The demand for the goods or service

What the entrepreneur expects to offer to the market may be something that is already available in the market. If not, it could be a modified version of something that is already available, or something entirely new. Whatever it is, it is necessary to examine the customers’ willingness to buy it as well as their ability to buy it.

2. Target customer

This refers to the customers who we can expect to buy the product, or who we can expect to be persuaded to buy it in future.

As a example -

# Exercise books for School students
# Gold Jewelry for Ladies
# Mobile phone repairing for Mobile phone users
# Sports goods for Sports persons

An entrepreneur must identify his/her target customer correctly. This can be done in a very specific manner by considering factors such as the customer’s age, income level, gender, occupation, social status, etc.

3. Competitors

The same kind of goods or services can be offered to the market by many different suppliers. The other suppliers who provide goods or services that are similar to those that we offer are our competitors. There are many varieties of toothpaste, soap, chocolates, telecommunication services, etc available on the market under different brand names, and these are examples for competitive goods and services. In addition to such homogeneous products, there can be substitute goods/ services as well. Given below are some examples for substitute goods/ services.

Therefore, when studying competition, it is important that you consider the homogeneous products (i.e. goods and services which are similar to yours), as well as substitute products. In addition, you should pay attention to the marketing strategies used by your competitors.


Post a Comment

* Please Don't Spam Here. All the Comments are Reviewed by Admin.

buttons=(Accept !) days=(20)

Our website uses cookies to enhance your experience. Learn More
Accept !