A marketing plan is a document that describes the environment of a company, the situation it is in, the marketing objectives it will seek to achieve, the marketing strategies that will enable it to achieve those objectives, and the action plans it Will allow you to implement such strategies.
By analyzing your current environment and situation, and by planning your marketing goals, marketing strategies and courses of action, the marketing plan allows a company to anticipate the facts and thereby reduce uncertainty and minimize risk.
But in addition to serving as a planning tool, the marketing plan also serves a company as an instrument of coordination by allowing it to coordinate marketing activities, and as a monitoring and evaluation tool by allowing you to compare the results obtained with those planned.
Like any business plan, the marketing plan is not a document that circulates only once and then is forgotten somewhere in the company, but is a document to be used again and again, either to follow the Which it entails, or to ensure that the results obtained are consistent with those planned.
Also, the marketing plan is not a static document, but a flexible document that can and should be modified or corrected if circumstances warrant it.
Let’s see below how to make a marketing plan through the development of each of its parts or sections:
1. Executive Summary
The first part of a marketing plan is the executive summary, which consists of a summary of the most important points of the other parts of the plan, so it should be put to the beginning of this plan, but be developed after the completion of the Other parts.
Some of the elements that should be included in an executive summary are:
-The description of the company (name, location, business description, etc.).
-The description of the product (differentiating characteristics, main attributes, etc.).
-The main opportunities and threats detected.
-The main strengths and weaknesses detected.
-The main marketing objectives that will be sought.
-The main marketing strategies that will be used to achieve the objectives.
-The task force responsible for implementing the plan.
-The budget required for the execution of the plan.
-The objective of the executive summary is for the reader to have a general and succinct overview of the marketing plan, to know quickly its most important points, and to generate interest in the plan and to deepen the reading of the other parts.
2. Analysis of the environment
After the executive summary, the next part of a marketing plan is the analysis of the environment in which external forces or factors that could influence the company are analyzed and described.
These forces or external factors could be made up of:
-Forces of indirect action: economic forces (gross national product growth rate, inflation rate, interest rate, etc.), social forces (fertility rates, mortality rates, migration, etc.), government forces , Patent laws, monopoly laws, etc.), technological forces (new machinery, new production procedures, new communication systems, etc.), etc.
-Consumers: needs, tastes, preferences, desires, consumption habits, buying behaviors (where they buy, when they buy, how often they buy, why they buy), customs, attitudes and other characteristics of consumers.
-Competition: location, target audience, sales volume, market share, market experience, resources, capacity, key strategies, competitive advantages, strengths, weaknesses and other characteristics of competitors.
The analysis of the environment allows us to better understand the environment of the company and to detect opportunities and threats, so it serves as a basis for setting the marketing objectives and for formulating marketing strategies that allow us to take advantage of the opportunities and face the Threats.
3. Analysis of the situation
This part of the analysis of the situation analyzes and describes the different elements or factors that may exist within the company, and that can give an idea of the resources and the capacity with which it has.
These elements or internal factors could be made up of:
-In the administrative area: objectives, strategies, policies, culture, values, structure, planning, organization, direction, control, etc.
-In the area of marketing: sales, target audience, product, price, distribution, promotion, customer service, customer loyalty, etc.
-In the area of finance: liquidity, profitability, financing, investments, financial ratios, working capital, assets, liabilities, equity, etc.
-In the area of production: plant layout, research and development, technology, acquisition of inputs, stock control, etc.
In the area of human resources: recruitment, training, remuneration, incentives, labor relations, leadership, motivation, etc.
The analysis of the situation, allowing us to have an idea of the resources and the capacity of the company, allows us to detect strengths and weaknesses, and thus also serve as a basis for establishing marketing objectives and formulating marketing strategies that Allow us to strengthen the strengths and neutralize the weaknesses.
4. Setting Marketing Goals
In this part of the establishment of marketing objectives are established and indicate the marketing objectives that will be sought, taking into account the analysis of the environment and the analysis of the situation.
Objectives must be established that take into account the opportunities and threats detected in the analysis of the environment, while taking into account the resources and capacity of the company, as well as its strengths and weaknesses detected in the analysis of the situation.
The objectives of a marketing plan should be both general and specific.
General marketing objectives are generic goals that are aligned with the goals and mission of the company.
Some examples of general marketing objectives are:
-Be a leading company in the market.
-Position the brand in the minds of consumers.
-Be a company recognized for its quality in customer service.
While specific marketing objectives are concrete goals expressed in terms of quantity and time, they allow the achievement of the overall objectives.
Some examples of specific marketing objectives are:
-Increase monthly sales by 20% by the second half.
-Achieve a market share of 15% at the end of the year.
-Open 2 new premises for the first quarter of next year.
5. Formulation of marketing strategies
In this part of the formulation of marketing strategies are formulated and indicated the marketing strategies that will be used to reach the proposed objectives.
Strategies should be formulated to take advantage of opportunities and to address threats and, at the same time, as well as objectives, take into account the resources and capacity of the company, strengthen their strengths and neutralize their weaknesses.
The strategies of a marketing plan must be product, price, distribution and promotion oriented.
Some examples of product-oriented marketing strategies are:
-Include new features or attributes to the product.
-Launch a new product line.
-Add new complementary services to the product.
Some examples of price-oriented marketing strategies are:
-Launch a new product with a low price in order to achieve rapid penetration.
-Increase the price of the product in order to increase the feeling of quality.
-Reduce prices below those of the competition in order to win market.
Some examples of distribution-oriented marketing strategies are:
-Make use of intermediaries in order to increase product coverage.
-Use the internet as a point of sale.
-Increase the number of delivery vehicles.
Some examples of marketing strategies aimed at promotion are:
-Offer the offer to purchase a second product at half price for the purchase of the first.
-Post ads on classified ads sites on the Internet.
-Gift advertising items such as pens, key chains or cartridge holders carrying the company logo.
6. Design of action plans
Finally, this part of the design of action plans specifies the steps and other aspects necessary to implement or execute the marketing strategies formulated.
Design of action plans
Some of the elements that should be specified in the action plans are:
-The tasks to be performed: the tasks, activities or actions that will be necessary to implement marketing strategies.
-The allocation of resources: the resources that will be used to carry out the tasks and implement the strategies, and the way in which they are to be distributed.
-Those responsible: those responsible and responsible for carrying out the tasks and implement the strategies.
-The schedule of the tasks: the schedule with start dates and deadlines to carry out the tasks and implement the strategies.
-The budget required: the investment required to perform the tasks and implement the strategies.
The action plans serve as a guide for implementing or executing marketing strategies, but they also serve as a monitoring and evaluation tool, allowing us to verify that the tasks are being developed as specified, and that they are being met within the deadlines Agreed.