MARKETING PLAN LECTURES. MKTG131 Marketing Management. WHAT IS A MARKETING PLAN?. Marketing plans are detailed strategies of how to go about successfully marketing a product or products and earning a projected amount of return from the effort. . WHAT IS A MARKETING PLAN?.
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MKTG131 Marketing Management
Marketing plans are detailed strategies of how to go about successfully marketing a product or products and earning a projected amount of return from the effort.
A comprehensive marketing plan will consider such important elements as distribution costs, production costs, advertising expenses and any expense related to identifying and marketing the products to the consumers in the targeted markets.
1. Product/Service Definition. Describe your product or service in simple and easy-to-understand terms. Include your point of difference and communicate the benefit/value your customer will receive.
2. Target Audience. Take the time to clearly describe your target audience. Be specific as to the demographics and psychographics of your ideal buyer. Focus on resources and marketing tactics.
3. Goals & Objectives. Set the bar as to what you want to achieve. Make your goals meaningful, specific, and measurable. Concrete goals such as revenue and new customers will help you keep an eye on the ball at all times.
4. Identify the Competition. Learn about and understand the competitive landscape. It will enable you to better position and target your message.
5. Pricing. A guidepost for setting price involves estimating the monetary value your customer will receive, and understanding your financial goals and objectives. (don't forget -- you are in this to make a profit).
6. Establish a Marketing Budget. Evaluate your marketing decisions such as advertising or hiring sales representatives based on the amount of business that a particular initiative generates. Track each initiative and keep what works.
7. Look at Channels of Distribution. Brainstorm a range of ideas to reach your target market with your value message. Be creative and don't censor wild ideas.
8. Set Specific Action Steps.
9. Set Timing for Each Step. Listing action steps is not enough -- you must establish a timetable for each step. Be realistic so that you do not set unreasonable expectations, thereby creating frustration for yourself. At the same time, be careful not to set goals so far out in the future that there is no sense of urgency for you to take action.
10. Get Accountability. The best laid marketing plans fail when they end up in your bottom drawer, never to be seen again. Therefore, it is critical to be accountable for taking charge and executing your plan. “The more they believe in you and your ideas, the more helpful they will be in the long run.”
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