Building a Successful Marketing Plan

Features of a good marketing plan:

• A good plan answers the who, what, where, when, and how much about a company's marketing and sales activities for the planning year: Who are the target buyers? What is our unique position in the market? Where will we implement our marketing spending plans? Where will marketing spending occur? How much sales, spending, and profits will we achieve?

• The financial projections in your business plan are based on certain assumptions in your marketing plan. The marketing plan details when expenditures will be made, what level of sales will be achieved, and how and when advertising and promotional expenditures will be made.

Major elements of a marketing plan:

Situation analysis. The company's total marketing environment as well as the status of the company's products and distribution channels.
Opportunity and issue analysis. External opportunities and threats to the company and its internal strengths and weaknesses, also a discussion of key issues facing the company.
Goals and objectives section. The company's major goals as well as its marketing and financial objectives.
Marketing strategy section. The company's marketing strategy statement which summarizes key target buyers, competitive market segments, the comapny's unique position, price strategy, marketing spending strategy with advertising and promotion, and possible R&D and market research expenditure strategies.
Sales and marketing plan. Each specific marketing event or action plan to increase sales, a summary of quarterly promotion and advertising plans, with spending, timing, and share or shipment goals for each program.