With the level of high competition that cut
across every industry, both direct and indirect competition is/are virtually
doing everything within their reach to increase market share, minimize
resources, and gain 100% profit.
A marketing plan has two key objectives; it can serve as a reality check to help you determine the likelihood of achieving your marketing objectives. And it can serve as a communication vehicle to help you sell your ideas internally, to senior management and your sales team, and externally, to potential investor.
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However, the company that stand to have
enough market presence and market shares, is/are company that knows how to get
to where they envisaged from where they are, to where they want to be (strategy)
The Japanese have a very simple way of describing
the typical American marketing plan: READY? FIRE! AIM. This often time fails
because of the level of intensive planning involved-behind every successful
product or service is a well researched marketing plan.
Strategy and Tactics are embedded in your
marketing plan.
STRATEGY explains how you are going to get
there.
TACTICS explains the details of the
strategy.
All put together can be extracted from your
MARKETING PALN.
Advantages of having a MARKETING PLAN for
your business:
In reality, a marketing plan is the heart
of your business because it offers you a wealth of information about how well
you are positioned to your audience, within your marketplace, and against your
competitors. Such knowledge, in turn, guides your strategies and actions
you put in place to address your products, pricing, sales and promotions. As
such, the marketing plan is an essential tool for ensuring your success.
Producing a marketing plan can have an
amazing impact on a small business because it provides clarity, purpose, and
direction on how to attract and retain customers – the most crucial aspect for
the success of any business. Marketing plans also make it easier for you
to be more strategic and effective at generating brand awareness, selling your
products or services, coveting new market opportunities, and addressing
emerging or existing problems.
What
is Marketing Plan?
Marketing
plan is a written statement that defines the strategies, tactics, resources
that your company will employ to reach its business objectives. Your marketing
plan is the “why” behind whatever your company plans to do to achieve its sales
objectives.
A marketing plan has two key objectives; it can serve as a reality check to help you determine the likelihood of achieving your marketing objectives. And it can serve as a communication vehicle to help you sell your ideas internally, to senior management and your sales team, and externally, to potential investor.
How
to develop a clear, concise, compelling marketing plan?
We
shall review this in our next articles, till then STAYTOPS!
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