Characteristics of a good marketing plan |
In addition to the situational analysis, your marketing strategy is critical. This is where you have to define the need that your products or services are intended to satisfy. In this same section you should also outline specific information on your target markets. If you can identify segments and/or demographical information on the target markets, this is the place for it. In this same section, you should also clearly identify market trends and/or fads and establish the potential for growth in the chosen market. How you will position yourself in the market. Your SWOT analysisSWOT is an acronym for Strength, Weakness, Opportunities and Threats . Take your time to put down your strength as it relates to your business, your weaknesses, if you can spot opportunities that your market offers that your business is in a good position to exploit. The same should be done with threats from competitors and environmental factors that may threaten your position in the market. Financial projectionsThis sections will include your sales and expense projections, break-even analysis. If you are selling multiple product lines or services, break down your sales and expenses into basic categories. In addition to your financial projections, you should put in place ideas on how you plan to control your revenue, expenses and your product and service development. In the same section, you should also have a subsection for contingency plans, where you have to clearly state the anticipated risks and steps that you will take to address the impact of such risks if and when they occur. This is by no means a marketing plan template and there are some specific details that had been left out, since every business is implemented differently and it is up to you to include every detail that matters to your business. However, there are things to remember when designing a marketing plan:
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