Market Plan is Not a Complex Thing to Understand:
Before we start thinking about the essentials of a good marketing plan, let's remove the misconception from our brains that a marketing plan is a very complex thing to understand. You don't have to read a lot of thick books to know about the essentials of a good marketing plan. There are literally millions of small business owners who have never read a marketing book in their lives and still run their businesses successfully. The secret of marketing for these business owners all over the world is that they are very clear about their goals and they know how to achieve them.
Understand the Situation:
The basics of a good marketing plan are so simple that you can easily store them in your head. However, here are some points to give you a deeper understanding of the essentials of a good marketing plan. The first and most important point is that you should understand the situation clearly. How long has your product or service been on the market? What similar products or services in the market compete with you? What makes your product or service better than that of the competitors? If you are able to answer these questions quickly and concisely, then you are in a position to design a good marketing plan.
Size of the Market:
To understand the essentials of a good marketing plan, you must have knowledge of the market. First, you must know the size of the market. No matter how do you measure the market, whether in dollars or number of units consumed or by any other method, knowing the size of the market lets you set realistic goals? In addition to just numbers, you should also know other aspects of the market such as the economic condition of your target customers. What are the priorities of your prospective customers and how can you make their lives better?
Strategy and Tactics:
The third point is strategy. When you are clear about the situation and the size, then strategic planning becomes easier. Strategy entails concentrating on the target customers exactly at the time when they need your product or service the most. A good strategy is the central ingredient of a good marketing plan. The better your strategy, the better the results of your marketing plan will be.
The next step in the process is tactics. Tactics are the specific action steps you will take to achieve your goal. They are the implementation of what you have planned while designing the strategy.
A solid and tangible objective is vital for getting positive results from a marketing plan. How do you set your objective? Be specific. Come up with a sales goal and a date that you will hit that goal. Both the number and the date must be very clearly defined while setting the objective. This objective will be important in analyzing the results of your marketing plan once the date of your objective has come and gone.