Marketing plan Description

 create a marketing plan are designed to maximize profits and sales and minimize costs and losses. The marketing plan is to be based on the template 1. Executive summary 2. Mission statement 3. Market analysis a) Industry overview b) PESTLE analysis c) Competitor analysis d) Customer analysis 4. Business venture a) Organisation background b) Marketing objectives c) Target market d) Unique selling position 5. Marketing strategies a) Product strategy b) Pricing strategy c) People strategy d) Promotional strategy e) Place (distribution) strategy f) Process strategy g) Physical evidence strategy Key steps 1. Research potential business ideas: a product or service around which you could develop a marketing plan. 2. Select a business idea and research it in some depth. Does it seem feasible? 3. Study the marketing plan template, To begin with, make sure you understand the elements of the marketing plan, their meaning and how they fit within the marketing process. 4. Taking each major element one by one, then, the next step is to compile a more comprehensive set of notes in each section, using the readings, power points, and youtube videos as inspiration. You should also feel free to search for online information of your own. 5. The next important stage is to analyze the information you have injected into the plan and see if you can transform it into significant plans and decisions. Remember, your goal is to come up with a marketing plan which fits well and makes sense as a coherent whole. 6. Once you have done this, it’s time to come up with a draft plan. Use sentences and paragraphs for your most important statements and dot points for information which relates to these statements. 7. Review your draft plan. Check that the plan follows a step-by-step process. Do the plans and decisions you have made in terms of identifying market segments and coming up with market strategies follow logically from your initial mission statement and market analysis. 8. If there are areas which do not seem to fit well, make sure you make the necessary adjustments so that all elements in your marketing plan are a good fit – something that is called ‘internal consistency’.

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