We run into many companies that want to take up marketing initiatives but still need a plan. Create a plan. If you do not have one, do not worry. We have your back. We provided a sample of a marketing plan outline in the body of this text. This outline is not set in stone but is meant to be a guide. Feel free to add or remove sections as you see fit to meet your business needs. As you decide to take on new marketing initiatives, ask yourself if this aligns with your marketing plan. If it does not align, ask yourself if this project is worth changing the plan.
Marketing Plan Outline:
Executive Summary: Think of the executive summary as a review of all of the sections in your marketing plan. We suggest making this section 1-2 pages long.
Portfolio or Product Mix: Write out all of the products/services that you will be providing and explain the value delivered from these offerings.
Risk Assessment: For more information on risk, check out this article.
Porter’s Five Forces: This framework is used to assess the risk. Then, the information provided in this section should be backed by research. To learn more, review this article.
Bargaining power of buyers
Bargaining power of suppliers
The threat of new entrants
Threat of substitute products or services
Rivalry amongst existing competitors
SWOT Analysis: This is another framework used to assess risk. It should also be backed by research. To learn more, review this article.
Strengths
Weaknesses
Opportunities
Threats
Market Analysis: Research the current landscape using some of the resources listed at the end of the plan (or any other reputable sources). In this section, use charts and graphs to show research results.
Segmentation
Size
Accessibility and Value
Strategic objectives: Detail your overall marketing strategy and then expound on each subsection.
Marketing strategy
Positioning strategy
Pricing strategy
Distribution strategy
Marketing communication strategy
Environmental issues: Explore the factors that affect business growth and strategy in the current and future landscape.
Action programs: Detail all activities to help you meet your goals and objectives. This includes ongoing programs, potential projects, and other initiatives.
Budget: Generally, marketing budgets fall at about 5% of revenue; however, provide more details, including initial investments required, break-even points, etc.
Controls: These are the metrics that will measure performance against the strategy. Some examples include sales goals and marketing ROI metrics.
To complete the marketing plan, you will need to conduct marketing research. Clarke (2024) provides a list of reputable data banks.
Though this list is a good start, it may only provide some of the research you need. Some other good resources are the Census Bureau, which can provide demographic data, and the NAICS Association, which can provide business data. If you are still experiencing challenges, you may have to look into hiring someone to conduct market research for you. Note that your research is going to depend on your target segment. For example, if you are a small business that offers products and services locally, then you should build your plan with this business model in mind. All of your initiatives may target a certain geographical area. If you are a local and e-commerce business, adjust your plan to match your business model.
Adam Clarke. (2024). SEO 2024: Learn search engine optimization with smart internet marketing strategies (2024th ed.). Digital Smart Publishing.
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