5 Basic Ingredients Of The Marketing Plan

A marketing plan gives your company a flying start and works cost-saving. This plan fulfills the set objectives in the business plan. You can use an external agency for this purpose, but by writing the marketing plan yourself you will also gain more insight into your company. At any cost, you must remember the following things  5 basic ingredients of a marketing plan.

  1. Internal and external analysis

You must be aware of the matters that is used in your field and environment. With an external analysis you can identify the market, customers and your competition. What are your strengths and weaknesses? You can do this, by applying the SWOT system: SWOT stands for Strengths, Weaknesses, Opportunities and Threats. An internal analysis describes the state of affairs in your company and mirrors them to the competition.

  1. Strategy 

With a marketing strategy you determine the goals you want to achieve with your company in the long term. By setting provisional (and measurable) targets you can quickly make smaller jumps which helps you to reach your long term goals. You also have to find a good balance between ambition and false modesty. If you are setting an easy and achievable target then  you will not gain much in comparison with the competition, but thinking too big can also cause disastrous consequences. The marketing mix is a useful tool for determining your marketing strategy.

  1. Target group

For whom are you going to work and how do you intend to market your product? You should find out which target groups apply to your organisation . This can vary greatly per company and sector. In this way, consumers can be your main target group, but you can also focus primarily on the intermediate or retail trade. Do not forget to describe your ideal customer or clients in detail, also known as gauge. This makes it easier to make a realistic estimate of the size of your target group.

  1. Budget

Your budget must also be determined in the marketing plan. Whether you have more than sufficient starting capital or not, you will have to specify how much money you can make available for the various market segments (product development, price discounts, etc.). Calculate per product how much money you are expected to spend.

  1. Evaluation

Have you completed your marketing plan? Then you are not there yet, because a company should always move on towards the future plan to make your company grow faster.

In short: If you work on the plan then you can see a growth in your company after 6 months from the point you started.

Make sure that you regularly evaluate your marketing plan.

This allows you to quickly adjust when objectives or targets are not being met and you will not be surprised at the end of the year.