Creating the marketing plan

A formal, written marketing plan is a great way to document the planning process, because it captures all the things you and your team have learned about the market. The competition and your customers. Now there are many formats you can use for the written plan, but most plans will include the following components. An executive summary that gives a brief, high-level review of the plan. The situation analysis that documents all the analysis about your company’s strengths and weaknesses, the market opportunity, the competition and the customer. The strategy section that outlines how you segment the market, who you plan to target, and how you will position your products and services in the market. The tactical programs, including what products you will offer, what prices you will charge, how you will promote your products, and how you will distribute them. A financial section that documents your revenue projections and budget requirements. And finally, an implementation plan that outlines the timing of your programs and who is responsible. Now here’s a tip. Start writing it from the very beginning of the planning process. Create a blank PowerPoint presentation with just the headings of each component on a separate page, and keep it with you during team meetings. As you collect information or make key decisions, write or type into the appropriate slide. That helps you keep the document up to date as you move through the process. A written marketing plan is a dynamic document and you should expect to make changes to it as conditions in the market change. If you create a great plan and update it regularly, it’ll help you stay ahead of the competition.