A high-quality business plan ultimately must achieve two objectives. Firstly, it should illustrate the rudiments of your venture. Secondly, it should present financial information for a return in investment. Outside of these two goals, the substance of your business plan is dependent on whether it’s for investors or a personal reference blueprint for yourself. Which brings us to the Marketing Plan; the business plan section most widely referenced and sought after by entrepreneurs.
THE MARKETING PLAN
The Marketing plan is the critical section of the business plan detailing the marketing strategy for a product and/or service. The marketing plan may include and is not limited to product and/or service offering, target demographic market, competitors, budget, promotional mix and advertising.
DEVELOPMENT OF THE MARKETING PLAN
When developing the business plan, the marketing plan section enlightens the reader on how you’re going to attract potential customers to purchase your products or services. The marketing plan includes the following sections:
– Product and/or Service Offering
– Promotions and Advertising and Plan
– Sales & Distribution Plan
– Pricing Point and Strategy
The most effective method to create a marketing plan is to closely be associated with each of the sections below (while referencing the comprehensive market research that was generated prior to this section).
Another business plan tidbit to keep in mind are the Five P’s:
– Product: The product and/or service offering.
– Price: Pricing point and strategies.
– Place: Best described by method of distribution for product and/or service.
– Promotion: In Laymen terms how will you advertise your product and/or service.
– People: This entails everything from customer service to what are the needs and demands by your customers.
Collectively, all the components of your marketing plan should disclose the splendor of your big idea. At the end of the day you want to present to investors or your organization a product and/or service that customers will crave.
Look for more articles from me regarding business plans, market research or funding your venture, current company or start-up. Also be sure to first talk to your small business development center in your community, if you are new to the business plan process.