A well-written, comprehensive marketing plan is the
focal point of all business ventures because it describes how you plan to
attract and retain customers, the most crucial aspect of a business.
The marketing plan is essential to any successful
business. It is the heart of the business, the basis from which all other
operational and management plans are derived. Marketing offers you a wealth of
information that if applied correctly virtually can ensure your success.
Therefore, it is important that you, as a first-time
business owner, develop a comprehensive, effective marketing plan. If you need
assistance in accomplishing this task, contact your local SBA office. Consult the
local telephone directory under "U.S. Government" for the telephone
number and address of the office nearest you.
An effective marketing plan will certainly boost
your sales and increase your profit margins. You must be able to convince
customers that you have the best product or service for them at the best
possible price. If you cannot convince potential customers of this, then you
are wasting your time and money. This is where the marketing plan comes into
play, and this is why it is so important.
There are numerous advantages you can extract from
the marketplace if you know how. And the marketing plan is an excellent tool
for identifying and developing strategies for extracting these advantages.
Business Advantages
• identifies
needs and wants of consumers
• determines
demand for product
• aids
in design of products that fulfill consumers needs
• outlines
measures for generating the cash for daily operation, to repay debts and to
turn a profit
• identifies
competitors and analyzes your product's or firm's competitive advantage
• identifies
new product areas
• identifies
new and/or potential customers
• allows
for test to see if strategies are giving the desired results
Business Disadvantages
• identifies
weaknesses in your business skills
• leads
to faulty marketing decisions based on improperly analyzed data
• creates
unrealistic financial projections if information is interpreted incorrectly
• identifies
weaknesses in your overall business plan
Review
Now is good time to review what goes into a
marketing plan. Write down what you can remember on a blank sheet and then
compare it to this quick fact sheet. The marketing plan offers numerous
advantages; however, as you can see, there can be drawbacks. Remember, however,
the advantages outweigh the drawbacks, you can seek professional assistance
when you are developing the marketing section of your business plan. It may be
worth the investment.
Even if you are not able to market your own invention, writing a
marketing plan will help you to sell or license your invention to
manufacturers, retailers, and other interested parties. You will be
able to intelligently discuss the market for your invention with
potential buyers.
This tutorial on writing a marketing plan will provide you with the following marketing know-how:
- Understand The Purpose Of A Marketing Plan
- Identify strategies for conducting market research
- Identify advantages of market research
- Understand What The Marketing Plan Contains
- Target market
- Competition
- Product
- Marketing budget
- Location
- Pricing strategy
- Promotional strategy
- List
- Advantages of developing a marketing plan
- Disadvantages of developing a marketing plan
- Prepare A Marketing Plan Outline
- Develop An Effective Marketing Strategy
- Advertising strategy
- Promotional strategy
Again, even if you do not wish to market your own product having the above knowledge will impress both potential licensees and manufacturers.
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