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Marketing Plan Basics: 1. Market Research

The document outlines the key components of a basic marketing plan, including conducting market research to understand customers, competitors, and industry trends. It recommends defining a target market and unique value proposition. The plan should describe the product or service and how it meets market needs. It also suggests determining pricing, branding, and promotion strategies, setting quantifiable goals, budgeting resources, and monitoring results to improve marketing efforts over time. The overall purpose is to research the market and positioning to effectively promote and sell a product or service.

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27 views3 pages

Marketing Plan Basics: 1. Market Research

The document outlines the key components of a basic marketing plan, including conducting market research to understand customers, competitors, and industry trends. It recommends defining a target market and unique value proposition. The plan should describe the product or service and how it meets market needs. It also suggests determining pricing, branding, and promotion strategies, setting quantifiable goals, budgeting resources, and monitoring results to improve marketing efforts over time. The overall purpose is to research the market and positioning to effectively promote and sell a product or service.

Uploaded by

VijayGohil
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Marketing Plan Basics

1. Market Research
Collect, organize, and write down data about the market that is currently buying the
product(s) or service(s) you will sell. Some areas to consider:

Market dynamics, patterns including seasonality

Customers - demographics, market segment, target markets, needs, buying decisions

Product - what's out there now, what's the competition offering

Current sales in the industry

Benchmarks in the industry

Suppliers - vendors that you will need to rely on

2. Target Market
Find niche or target markets for your product and describe them.
3. Product
Describe your product. How does your product relate to the market? What does your market
need, what do they currently use, what do they need above and beyond current use?
4. Competition
Describe your competition. Develop your "unique selling proposition." What makes you
stand apart from your competition? What is your competition doing about branding?
5. Mission Statement
Write a few sentences that state:

"Key market" - who you're selling to

" Contribution" - what you're selling

"Distinction" - your unique selling proposition

6. Market Strategies
Write down the marketing and promotion strategies that you want to use or at least consider
using. Strategies to consider:

Networking - go where your market is

Direct marketing - sales letters, brochures, flyers

Advertising - print media, directories

Training programs - to increase awareness

Write articles, give advice, become known as an expert

Direct/personal selling

Publicity/press releases

Trade shows

Web site

7. Pricing, Positioning and Branding


From the information you've collected, establish strategies for determining the price of your
product, where your product will be positioned in the market and how you will achieve brand
awareness.
8. Budget
Budget your dollars. What strategies can you afford? What can you do in house, what do
you need to outsource.
9. Marketing Goals
Establish quantifiable marketing goals. This means goals that you can turn into numbers.
For instance, your goals might be to gain at least 30 new clients or to sell 10 products per
week, or to increase your income by 30% this year. Your goals might include sales, profits,
or customer's satisfaction.
10. Monitor Your Results
Test and analyze. Identify the strategies that are working.

Survey customers

Track sales, leads, visitors to your web site,


percent of sales to impressions

By researching your markets, your competition,


and determining your unique positioning, you are
in a much better position to promote and sell your

Related Articles
Sample Marketing Plan
Market Plan Worksheet

product or service. By establishing goals for your


marketing campaign, you can better understand whether or not your efforts are generating
results through ongoing review and evaluation of results.
As mentioned earlier in this article, be sure to use your plan as a living document.
Successful marketers continually review the status of their campaigns against their set
objectives. This ensures ongoing improvements to your marketing initiatives and helps with
future planning.

Login details:ravirajsinh vaghelaEmail:[email protected]


Company information:ravirajsinh vaghela's CompanyCompany ID:736625515

ravirajsinhvaghela%40ymail.com

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