How to earn in online

How to prepare a marketing plan

 

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1.  Describe your market and the characteristics and size of each market segment; review key market trends.
2.  Research what customers value, such as product features, quality, service, image.
3.  Compare the distribution channels for reaching customers (eg direct sales or through retailers).
4.  Profile your competitors and what they're offering.
5.  Identify other key factors influencing your business environment; carry out a SWOT analysis of your competitive position (SWOT: strengths, weaknesses, opportunities, threats).
6.  Review the effectiveness of previous marketing initiatives such as advertising campaigns or seasonal sales.
7. Assess the profitability and sales potential of different customers and market segments, and of different products or activities.
8.  Decide who to target among both existing and potential customers; decide which products to push and those which need updating or replacing.
9.  Set specific objectives: for example, retaining existing customers, increasing order sizes, selling new products or winning new customers.
10.  Decide how you will price each product or service.
11.  Decide how you will distribute and sell; plan how you can improve customer service and satisfaction.
12.  Plan how you will promote your products or services, and how you will keep in touch with customers.
13.  Identify customers' purchasing cycles to timetable marketing activities.
14.  Confirm the implications of your marketing plan for the rest of your business: production and training requirements, for instance.
15.  Prepare realistic sales forecasts and budgets.
16.  Include key indicators (eg new enquiries, conversion rates, customers lost, average order value) and a system for measuring them in your plan.

 

Cardinal rules

Do--

• Base your plan on solid market research
• Focus on target customers
• Build an action plan to achieve specific objectives
• Learn from experience
• Measure the effectiveness of your plan

Don't--

• Spread your efforts too widely
• Make plans you can't fulfil
• Make unrealistic assumptions and forecasts

Most important Quesnare marketing and business plan

The following Quesnare template along with the instructions and information included in The Marketing Plan Business for Independent Inventors. 

This is the marketing plan of.............................

I. MARKET ANALYSIS

A. Target Market - Who are the customers?

1. We will be selling primarily to (check all that apply):

Market Segment		Total Percent of Business
a. Private sector		%
b. Wholesalers		%
c. Retailers		%
d. Government		%
e. Other		%

2. We will be targeting customers by:

a. Product line
We will target specific lines.......................................

b. Geographic area? Which areas?............................

c. Sales? We will target sales of................................

d. Industry? Our target industry is...........................

e. Other?...................................................................

3. How much will our selected market spend on our type of product or service this coming year? $.............................................................................

B. Business Competition

1. Who are our business competitors?

NAME         ...............................................................

ADDRESS  ...............................................................

                  ...............................................................

Years in business .....................................................

Market share        ......................................................

Price/Strategy............................................................

Product/Service
Features.....................................................................

NAME      .................................................................

ADDRESS.................................................................

                  .................................................................

Years in business......................................................

Market share............................................................

Price/Strategy..........................................................

Product/Service
Features.....................................................................

2. How competitive is the market?

High Competitive Market ____________________

Medium Competitive Market ____________________

Low Competitive Market ____________________

3. List below your strengths and weaknesses compared to your business competition (consider such areas as location, size of resources, reputation, services, personnel, etc.):

Strengths Weaknesses

1.________________________ 1._______________________

2.________________________ 2._______________________

3.________________________ 3._______________________

4.________________________ 4._______________________

C. Market Environment

1. The following are some important economic factors that will affect our product (such as country growth, industry health, economic trends, taxes, rising energy prices, etc.):

______________________________________________________

______________________________________________________

______________________________________________________

2. The following are some important legal factors that will affect our market:

_____________________________________________________

_____________________________________________________

_____________________________________________________

3. The following are some important government factors:

______________________________________________________

______________________________________________________

______________________________________________________

4. The following are other environmental factors that will affect our market, but over which we have no control:

______________________________________________________

______________________________________________________

______________________________________________________

II. PRODUCT OR SERVICE ANALYSIS

A. Description

1. Describe here what the product/service is and what it does:

______________________________________________________

______________________________________________________

______________________________________________________

B. Comparison

1. What advantages does our product/service have over those of the competition (consider such things as unique features, patents, expertise, special training, etc.)?

______________________________________________________

______________________________________________________

______________________________________________________

2. What disadvantages does it have?

______________________________________________________

______________________________________________________

______________________________________________________

C. Some Considerations

1. Where will you get your materials and supplies?

______________________________________________________

2. List other considerations:

______________________________________________________

______________________________________________________

III. MARKETING STRATEGIES - MARKET MIX

A. Image

1. First, what kind of image do we want to have (such as cheap but good, or exclusiveness, or customer-oriented, or highest quality, or convenience, or speed, or ...)?

______________________________________________________

B. Features

1. List the features we will emphasize:

a.___________________________________________________

b.___________________________________________________

c.___________________________________________________

C. Pricing

1. We will be using the following pricing strategy:

a. Markup on cost ____ What % markup? ______

b. Suggested price ____

c. Competitive ____

d. Below competition ____

e. Premium price ____

f. Other ____

2. Are our prices in line with our image?

YES___ NO___

3. Do our prices cover costs and leave a margin of profit?

YES___ NO___

D. Customer Services

1. List the customer services we provide:

a. ____________________________________________

b. ____________________________________________

c. ____________________________________________

2. These are our sales/credit terms:

a. _____________________________________________

b. _____________________________________________

c. _____________________________________________

3. The competition offers the following services:

a. ______________________________________________

b. ______________________________________________

c. ______________________________________________

E. Advertising/Promotion

1. These are the things we wish to say about the business:

______________________________________________________

______________________________________________________

______________________________________________________

2. We will use the following advertising/promotion sources:

1. Television ________
2. Radio ________
3. Direct mail ________
4. Personal contacts ________
5. Trade associations ________
6. Newspaper ________
7. Magazines ________
8. Yellow Pages ________
9. Billboard ________
10.Online Marketing___________
11.Other________________

3. The following are the reasons why we consider the media we have chosen to be the most effective:

_______________________________________________________

_______________________________________________________