Nov 10, 2010

Marketing plan a road map of brand launch to a competitive edge!

In excitement to launch a new business sometimes entrepreneurs neglect to mark out a thorough marketing plan. A brand manager knows that a strong marketing plan helps in creativity and innovation. It guides and coordinates to all marketing efforts. Preparing the plan encourages company to examine and appraise the current state of brand positioning in the industry. Think of a marketing plan as a road map to assist an organization in setting and realizing goals and keeping it on course. Marketing plan is a crucial element of a business plan. It consists of information about company and its products or services, marketing activities objectives and strategies, and its method for measuring success. Typically, it outlines the marketing activities one will perform during a designated time period generally six months or one year. In it one will document the costs of its planned marketing activities as well as the measurements used to determine success.
Before one sit down to create its marketing plan, make sure he/she have a clear idea of the following: Its business include which products or services and their benefits and features, Target market and its buying habits, Knowledge about competing products or services, the problem, need or desire its product or service solves for customers. Brand managers know that marketing objectives should lead to sales. They should be distinct, measurable, and have a time limit for accomplishment. If one have multiple objectives, ensure that they are consistent and don't conflict with each other. Also, be certain that all parts of a marketing plan from strategy to budget support these objectives. The Gift
In a marketing plan one should provide a Promotional Plan. For example, if a company have marketing objective is to expand book sales among school going kids, one could: contribute books to school libraries, provide book stores with discount coupons, or sponsor a literacy event for kids. Another essential section of a marketing plan is the Action Programs section. Here one can detail the steps that need to be taken, when they should be accomplished then decide who will do them, etc. In the Placement section, describe how products and customers fuse together through sales and distribution. Define sales method. Are it is more concerned with quick sales or slowly building up relationships with customers? Does she employ contract sales people or employees? When she illustrates its distribution system, explain where its product will be placed in order to attract customers. Business Plan probably already describes its production and inventory capacities. Another question to deal with is whether a company should sells to individuals or to re-sellers? Many businesses utilize both methods.
Although it is helpful to research other business plans too, however, no two businesses can be identical. They can have variables like industry, company size, location, product, budget, competition, staff, and inventory. The process of creating the plan compels a company to think about its business goals and how its marketing strategy will facilitate realizing those goals. Remember to update marketing plan on a regular basis. The tactics that proved successful one year may fall flat if market conditions alter drastically. Plan to review and update marketing plan frequently. Reviewing every quarter would be ideal but if that's not feasible, do so once each year at least.

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