A particular company marketing plan usually starts with an overall objective. A good example of marketing plan is the objective of a company is to increase sales and profits by ten percent in the current year. Another objective of a particular company may be to add five new products in the company’s product line or to modify existing products by adding new features and attributes. Once the desired objectives are set, then company should outline those ways by which the company plans to achieve those desired objectives. Following are the key elements of a marketing plan outline fromat. I would here discuss each.
Executive Summary
The executive summary should include the company’s goals and objectives and also the overall challenge which your company will face while achieving selected goals & objectives. Executive summary also provides overall information that how you company plan to attract the attention of targeted customers to your business or the product you sell. The outline of executive summary should include sub-bullets for goals and objectives, company mission and summary of the company. Also ensure that your desired marketing objectives are smart, which means:
- Specific
- Measurable
- Attainable
- Realistic and
- Timely
Situation Analysis
The situation analysis describes the current status of the business. The main objective of situation analysis is to show where your company is now compared to where you want it to be after implementing the plan. This section includes the following:
- Company analysis
- Customer analysis
- Competitor analysis
- Environmental analysis and
- SWOT analysis
So this phase requires information about the targeted customer, company’s competitors, environmental forces and the business itself. For example, company analysis consists of a description of your company and your market share. Competitor analysis includes the market position of competitors, their market share, strengths and weaknesses. And at last your outline must also include a SWOT analysis.
Market Segments
In order to effectively market your product or service to the customers, a company must identify the specific segments of the public who are most likely to buy the company’s product or service. Market Segments phase includes the following considerations:
- Describe target customers
- What are their wants, needs and desires?
- What is their location?
- Pricing sensitivity
- How to reach and contact him?
Marketing Strategy
Marketing Strategy is the final part and most crucial elements of the plan The chosen strategy is always based on information gathered about the targeted market segment and by situation analysis. This include sub-bullets for the “four Ps,” that are product, price, place (distribution) and promotion.
- Which are products, how & where you describe your product offerings
- Price & the level at which you price company product
- Place refers to where conduct business and
- promotion refers how company will market its product
A sound Marketing Strategy should also list the tactics a company plan to use as part of promotional strategy. For example television or radio advertising, social media marketing, billboards, public relations, direct mail, contests and giveaways, paid search, or newspaper and magazine ads.
At the end, there should be a conclusion which must summarize all above steps. So conclusion summarizes all information presented in marketing plan outline and most important is that this provides a hopeful outlook for the company’s future.
