A credible marketing plan strategy is fundamental to business success
..and covers the "what" and "how" of your marketing plan.
The marketing plan strategy is defined after you have analysed your market segment, its demographic
characteristics and the competition.
The reward for an effective marketing strategy is a strong and enduring business, providing satisfaction and
financial benefits.
A description of your marketing plan strategy should include (where relevant):
- A Description of the Product or Service
What is the product, and what benefits does it provide? How does it compare to the competition? Does it have or
use proprietary technology?
- Value
What value does your product or service provide? Exactly (in dollar terms) what impact does it have on the
customer?
- Brand Names
Explain the plans with regard to existing or proposed branding.
- Packaging
Describe the packaging or your product, how it enhances and protects the product, and what benefits it will
bring to your marketing efforts
- Pricing
Pricing strategy is a big subject! You must explain your pricing objectives in relation
to the perceived value of your product, its differentiation, and the competition. Also consider the impact
of your proposed distribution methods (see next) on the price, after volume discounts and incentives are
taken into account, and environmental or regulatory issues which might place limitations on your ideal
pricing model.
- Distribution
Consider and explain your proposed distribution channels and methods. Reliance on specific channels (e.g. a
specific wholesaler or retailer) should be supported by evaluative descriptions of their financial strength,
experience, reliability, potential conflicts of interest (who else to they sell to?) and pricing
negotiability.
- Delivery
Describe the point of sale premises and the customer service benefits of your proposed delivery methods, and
how they will meet the needs of your customers. Personnel and training issues will also be relevant.
- Image
Explain your existing or proposed image in the market place, and how and why you intend to promote this in the
future. This could include such factors as the visual aspects of your product, scientific credibility.
emotional appeal, and comparisons of features, price and quality.
- Publicity
Describe the promotional media you intend to target for publicity, why it will be interesting, and how and when
promotions will occur. For example, consider press conferences or announcements, trade shows, endorsements,
news articles and talk shows.
- Advertising
Advertising is expensive, and will usually take up a significant part of the marketing budget. Small to medium
businesses don't often have the luxury of spare cash for purely branding exercises. Therefore every advertising
dollar has to justify it existence - and produce measurable results.Describe each form of advertising and the
market it is aimed at, the form it will take, the cost, and predicted yield.
- Support
Describe what warranty or guarantee commitments you propose, the cost and organisational requirements in terms
of personnel and other resources.
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