Discover The Components That Form A Small Business Marketing Plan

Creating a marketing plan is a very important stepping stone in a business’s existence. Operating a smaller company, doesn’t necessarily mean that you should disregard the importance a Marketing Plan can be to your business. The differences between a Marketing Plan for a larger business and a Marketing Plan for a smaller business do not exist. They should be handled with equal importance. Each and every component covered within a Marketing Plan, are there for a reason and shouldn’t be skipped. Otherwise the outcome could be fatal.This article has been created to teach the reader, firstly, what to include in a marketing plan, and secondly, why and how it helps your business.

There are 8 key modules which contain several sub-categories of their own.

A marketing plan begins with a summary section. Investors and Executives don’t want to waste all their time reading through a Marketing plan that could in the end be of no use, therefore the summary section serves the purpose of highlighting key areas. It includes information about what the plan stands for as well as the reasons for the creation of the marketing plan, also including the desired result.

Next you are required to thoroughly describe your Product or Service. It requires a brief description on your Product/Service, including the features, price and design etc.

Market Research is the next module to be covered.No matter what industry you are situated in, competition will be very fierce. Gaining any possible advantage over your competition will prove to be very beneficial in the long term.Effective Market Research is a method that can be utilized to achieve this. Market Research provides important information to identify and analyse the market need, market size and competition. It helps provide statistics and data which can then proceed to be used in future decision making processes.

The plan quickly moves on to what is known as the Details and Analysis section. This module has been allocated to allow you to analyse both the internal and external factors of your business and your market. Included in this section are brilliant analysis tools such as PESTLE and SWOT analysis. Both combine to form a well rounded external analysis. Other areas comprise of your marketplace, competition, brand, team and customers. All resulting with unique conclusions and assumptions, that will prove to be so helpful that their importance doesn’t need to be justified.Your actual Marketing Strategy, is percieved to be one of the most important modules within the plan. Helping you to identify and highlight the several different marketing strategies that should be included within a Marketing Plan is the key basis behind this section. Strategies and techniques which focus on most of the key elements of your business. Critical areas such as Pricing, Placement, and your Product, initially know as some of the components of the Marketing Mix are covered. Achieving marketing objectives and fulfilling your market needs are some of the eventual outcomes of implementing an effective Marketing Strategy.Further on, you are required to describe and explain your promotions and advertising. First of all you will review both your online and offline advertising, before moving onto various other sales and marketing exercises that you will complete. Other steps in this section include your resellers and affiliations and public relations and publicity campaigns.

The penultimate module focuses on the implementation of the marketing plan. Even the most well-thought out marketing plan is just a stack of paper if it isn’t coupled with a plan for implementation. This is the portion of the marketing plan where you’ll clarify objectives, assign tasks with deadlines, and chart your progress in reaching goals and milestones.

The Marketing plan concludes with the thorough analysis of the financials of the plan. Highlighting all the relevant financial data that relates to the sales and marketing budget. A Marketing plan without a realistic costing budget may result in a very problematic situation. A marketing budget is the marketing plan written in terms of costs, sales forecasts and break-even analysis.