Marketing strategy is the most important part of a business plan. It is a comprehensive set of elements that effectively differentiate a business from its competitors in the market. It does this by first analyzing the business’s strength and weaknesses, and than capitalizing on the strengths and creating a strategy to address the weaknesses.
Elements of the marketing plan
Regulatory, political, economic, social, and international.
Mission statement, corporate vision, strategic intent, corporate plan, long-term goals, objectives such as profit, ROI, share price, and organizational chart.
Product Category Review
General description (life cycle state, needs/wants specified), sales trends (years, seasonality, share of major brands), distribution profile, pricing overview, and packaging overview.
Description of major competitors’ strengths/weaknesses.
Brand positioning and advertising.
1. media spending (by medium, seasonality)
2. sales promotion (trade vs. consumer)
Anticipated major programs (new/improved brands, new territories, changes in distribution, pricing, marketing communication).
Customers/buyers vs. consumers/users (and influences), demographics and psychographics, purchase rate, brand loyalty analysis, and difference between brand and category users.
Current positioning, sales trends, performance test results, awareness, pricing history, distribution history, marketing communication history, stage in brand life cycle, source of additional business.
Internal Strengths and Weaknesses, and External Threats and Opportunities.
Potential areas of interest, exploitation, and discovery.
Future barriers to overall plan.
Sales, market share, etc.
Theoretically-based plans to complete objectives.
Targeting and Segmenting
Pinpointing the target market and identifying segments most appropriate for the marketing objectives.
Identification or Competitive Advantage
Analyzing the advantages of a business’s products or services over their competition.
Positioning and Branding
Creating value for the consumer that is separate from similar products and companies.
Objectives (brand/line extensions, improvements, deletions)
Objectives (penetration, type outlets, geography, service level), channels, warehousing. and retailing c.
Objectives, strategy, and purpose.
Personal selling, advertising, sales promotion, packaging, and direct marketing.
To see more about the marketing mix, click here.
A guide to successfully complete the overall goals of the marketing plan.
Projected outcomes of the plan.
The cost associated with each aspect of the marketing plan.
Scheduling and Timing
Dates & Times to measure the effectiveness of each aspect of the plan.
Collect results, analyze outcomes, and adjust the plan for the next phases.
curating your plan
As marketing strategists we love developing effective marketing plans for our clients. Whether you be interested in a plan to accomplish specific goals, enter the market, or introduce a new product/service, we can help.
Our Marketing Plans can take anywhere from 2 weeks to 6 months to prepare dependent upon your intended outcome. We conduct research and surveys to ensure the data is accurate and up-to-date. Let us help you on your way to dominating your market.
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