A marketing plan contains the description of the product or service, information on your target customers or clients, relative position of your competitors, pricing and promotion strategies, distribution schemes, and marketing budget. Planning Process When coming email list up with a marketing plan, you usually undergo two planning phases. The first phase of the planning process involves evaluating the current product or service and how past marketing strategies (if any) had succeeded or failed.
This retrospective analysis in planning allows you to identify, which areas you need to focus on. This evaluation also includes assessing your own position in the market and those of your competitors as well. The second phase of the planning process is setting up your marketing objectives and strategies. In this portion, you establish specific actions to be undertaken in marketing your business product or service. Marketing Mix Your marketing plan needs to look into several key areas.
These can be covered by formulating the right marketing mix. The marketing mix is a set of variable known as the four P's of marketing. Determining the optimal combination of these four variables is essential for success in marketing your business. These are: 1. Product. Your product or service should genuinely satisfy your target customer's needs or wants and should distinctly stand out from those of your competitors.