Marketing Basics
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The Marketing Plan
If marketing is everything you do
to place your product (or service)
in the hands of potential customers,
how do you do it all --
especially if you're all alone?
It helps to have a plan.
A marketing plan is more
than your map for success.
It's actually a map-making process
that when complete will reveal a clear route
to your prospective customers.
A good map reveals specific items of information.
A good marketing plan should do the same for you.
Here are six things your marketing plan
should help you accomplish.
1)
Prove that you understand your industry.
Knowing your product isn't enough.
2)
Identify your target market.
These are the people most likely to buy
your product or use your services.
3)
Identify your competition.
Who's out there and what are they doing?
4)
Establish your pricing,
distribution, and product positioning.
How much will it cost plus a fair profit?
How will you get it there?
And where do you fit into the marketplace?
5)
Get someone to subsidize your dream.
If you want to attract investors,
a written marketing plan is essential.
6)
Focus on a single effective marketing concept.
Define your strongest strength and lead with that.
For example, Little Caesar's "pizza pizza"
may not be the most innovative idea ever conceived --
but it's certainly one of the more effective.
Why?
Because it's simple and consistent.
Here are the major components that you should consider
when writing your marketing plan.
- Mission (or vision) statement:
- This is an external communication
of your company's values.
Like Admiral Stockdale,
you're answering the question,
"Who am I and what am I doing here".
- Company objective:
- This section communicates what you want to do,
by when, and how (what are your resources?).
It is specific, quantifiable,
and is inclusive of your entire company.
It is not merely a sales goal.
If you're an entrepreneur,
your company objective might also
serve as your marketing objective.
- Market analysis:
- This section reports on the findings
of the extensive research
that you have pursued and prepared.
You need to discuss various factors
of the market environment
in relation to your product.
These factors include legal, social,
political, economic, and technological considerations.
- Target audience:
- Based on your research,
discuss who your customers are
and how you can reach them.
Here's where you decide whether to niche or not,
or to segment your audience either vertically or horizontally.
- Competitive analysis:
- Your advance research should reveal your competitors,
the obvious and especially the others.
How does what they're doing relate to your product?
What advantages do you have?
How can you keep the advantage?
- Action plan:
- As Shakespeare said,
"Action is eloquence".
You've made your map.
Now you can define the best route
to reach your customers.
This section of your marketing plan
outlines what media mix you'll use
to reach your audience.
Advertising --
where, how often, and at what cost.
Public relations --
specific programs and promotions
of interest to the community.
Sales strategies --
incentive programs for representatives and distributors
as well as prospective customers.
A successful marketing plan
is based on research and analysis.
But because information can be manipulated
to prove almost anything,
insight is equally important.
As Edward de Bono says,
"Proof is often no more
than a lack of imagination".
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