Marketing Plan

Marketing Plan

A marketing plan is a long-term strategy for the promotion of a product or service by a business to create return on investment, reduce costs, and generate profit. The marketing strategy encompasses all the promotional, advertising, and sales initiatives that increase brand awareness and contribute to sales revenue.

Every business has one ultimate goal: to gain more customers and close more sales. And though there are millions of strategies and tactics a company can use, the starting point remains the same: have a well-crafted marketing plan.

After all, marketing is what drives your target audience to buy a product or service, bringing in the cash. But without a marketing strategy, it’s like going to war without your weapons.

Ansoff Matrix

It aids a business in determining its product and market growth


Marketing Mix

Product, Price, Place, Promotion, People, Process, Physical Evidence


STP model

Segmentation , targeting ,positioning . How to address customers and deliver personalized (and relevant) messages to audiences.

The need of a marketing plan

The marketing plan is the missing link between the strategic direction of the business and the delivery of results. It is the glue that connects everything together and ensures that the right activity is taking place, at the right time, to the right audience through the right channels. A marketing plan, with a dedicated resource allocated to it, allows companies to market the business continuously and consistently.

Features

The plan identifies the target market, the value proposition of the brand or the product, and the campaign mix of the brand.

  • Product: What’s being sold?
  • Price: How much does it cost?
  • Place: Where will the product be sold?
  • Promotion: How will you communicate with your audience?
  • People: Who is involved in the production, promotion, and distribution?
  • Process: How will you deliver it to the customer?
  • Physical Evidence: How will you prove to customers that your business exists?

“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.” —

Beth Comstock

Top4 Consulting and Training LLC. Licenced by QFCA No: 01600

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