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COMPREHENSIVE BUSINESS
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- Business Plans
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A Marketing Plan is a well-written document that details the actions needed to reach one or more marketing objectives. It can be written for a product, service, brand, or product line. It may cover one year (annual marketing plan) or as many as five years (five-year plan).
The marketing plan is usually encompassed in the business plan, however can be a separate document all on its own. The plan contains a list of actions and a sound strategic foundation. It is imperative to the survival of a business in the marketplace.
Purpose of the marketing plan
The purpose of the marketing plan is to define the market and identify customers and competitors. It outlines a strategy for attracting and maintaining customers and identifies anticipated change. A business does not succeed simply out of will. Business success entails careful planning and a thorough understanding of the marketplace in order to develop a strategy that will ensure success.
The vital role of marketing
Marketing plays a very vital role in a successful business venture. How well the plan develops how to market the business in addition to management and financial management plans, will ultimately determine the degree of success or failure. The key elements of a marketing plan include:
- Knowing the target market
- Knowing the competition’s strengths and weaknesses
The marketing plan allows the business owner to identify and fulfill customer needs. Developing a better understanding of competitors and identifying changes in the marketplace will effect the profitability of the business and therefore must be identified through a well structured marketing plan.
Marketing plans answer questions about the success of a product or service
- Is the product or service in constant demand?
- Who and how many other businesses provide the same product or service?
- Is creating a demand for the product or service possible? How?
- How can your company compete in price, quality, and delivery?
- For a franchise, will the franchisor price the product or service to give an accurate profit projection?
Key advantages of a marketing plan
- Identifies wants and needs of customers (target market)
- Determines the demand for the product or service
- Assists in the design of a product or service that will meet (or exceed) the customer’s needs
- Outlines measures for generating cash flow for daily operations, ability to repay debts, and earn a profit
- Identifies competitors and analyzes strengths and weaknesses in order to create a unique or competitive advantage
- Identifies new product or service areas or geography
- Identifies new and or potential customers
- Allows testing of strategies to achieve desired results
- And many more
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