Marketing Plan
Marketing Plan
Feasibility Introduction
Coverage of Feasibility
Applied Marketing
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Types of Marketing Plan
•Time Based – Time-based
marketing plans, such as those that
are executed quarterly or annually,
focus on the time of the year, the
current condition of the business, and
the best strategies in that period.
•Content Based – A content-
based marketing plan looks in detail
at what kinds of content (blogs,
videos, graphics, etc.) will reach the
target audience.
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Types of Marketing Plan
•Search Engine
Optimization (SEO) – An SEO
marketing plan is all about getting
the most hits online. It involves
keyword research, content
optimization, link building, and more,
all with the goal of drawing
customers to your website.
•.
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How to Write a Marketing Plan
-Mission and Value Proposition
The mission and value proposition is
a statement that articulates the
value that a product or brand will
deliver to a customer. It should
appear front and center on the
company website and any branding
materials.
•.
The value proposition should delinea
te
how a product or brand solves the
customer’s problem, the benefits of
the product or brand, and why the 10
How to Write a Marketing Plan
- Set Key Performance
Indicators (KPIs)
Establishing your
key performance indicators (KPIs) will
allow you to measure the success of
your marketing plan in relation to
your company’s value proposition. In
other words, they track the
effectiveness of your marketing
strategy. For example, if your goal is
to engage with a certain demographic
in a certain region, you can track
social media impressions and website
visits. 11
How to Write a Marketing Plan
- Set Key Performance
Indicators (There are a number of
KPIs that help you measure success
including the search engine ranking,
click-through rate, cost per click,
return on investment (ROI), and
conversion rates, which tracks the
percentages of visitors to your
website that make a specific action
such as buying a product or
becoming a newsletter subscriber.
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How to Write a Marketing Plan
- dentify Your Target Market
The marketing plan identifies the
target market for a product or brand.
Market research is often the basis for
a target market and marketing
channel decisions. For example,
whether the company will advertise
via social media, online ads, or
regional TV.
Knowing to whom you want to sell and why is an extremely critical
component of any business plan. It allows you to focus your business and
measure its success. Different demographics have different tastes and needs;
knowing your target market will help you market to them. 13
How to Write a Marketing Plan
-Strategy and Execution
The marketing plan includes the
rationale for these decisions. The plan
should focus on the creation, timing,
scheduling, and placement of specific
campaigns and include the metrics that
will measure the outcomes of your
marketing efforts. For example, will you
advertise on social media or TV? What
time will you schedule your marketing if
they are through email newsletters? The
strategy may include flighting scheduling
, which includes the times when you can
make the most of your advertising
dollars. 14
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How to Write a Marketing Plan
Set Your Budget
A marketing plan costs money.
Setting a budget will allow you to
create a workable plan, prevent
runaway costs, and properly allocate
your funds.
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Marketing Plan vs. Business Plan
A business plan is a roadmap that details how a business will
operate and function in its entirety. It should cover the goals,
missions, values, financials, and strategies that the business will use
in day-to-day operations and the achievement of its objectives.
Among its many elements are an executive summary, the products
and services sold, a marketing analysis, a marketing strategy,
financial planning, and a budget.
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Example of a Marketing Plan
Consider the following marketing plan framework that is designed to help direct
marketing objectives:
1.Executive Summary: Describes company mission, key executives, and
where it is headquartered.
2.SWOT Analysis: Describes strengths, weaknesses, opportunities, and threats
for the company. This helps you define how to build on your strengths and how to
find ways to improve on your weaknesses. It also helps a company analyze their
competitors and how they may achieve an advantage based on their unique value
proposition.
3.Business Initiatives: Outlines the goals of the marketing plan, such as the
number of impressions, Google rankings, or email subscribers.
4.Customer Analysis: Describes your target market and audience
characteristics based on market research. These may include age, pain points, and
location, among other variables.
5.Competitor Analysis: Outlines the companies providing similar goods or
services to your target audience. In addition, it describes their strengths, market
share, pricing structure, and most importantly where your company can fill an
important gap. 18
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!
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