I often quote Benjamin Franklin (Benjamin Franklin): “If you don’t intend, you intend to fail.” In business, the main plans are business plans and marketing plans. Today we discuss the marketing plan. The marketing plan shows the direction of all marketing and advertising efforts. Remember, marketing is all about bringing buyers and sellers together, and advertising is the type of communication used in marketing. Advertising includes television, radio, online, print media and other media. Let’s study some key parts of the marketing plan that will help your business succeed.
Situation analysis –
this is the current state of your business. Here to answer the question of why you want to travel. Which products do you offer? Which problem do you want to solve? And how does your company differ from other companies? Situation analysis is an observation of a company’s internal work to identify products and services, differences and the main reason for your existence. Business owners can use this information to build a solid foundation for their mission and vision and to better communicate their value to customers.
External Environment –
The next part of the marketing plan is the external environment. What happened outside of your company? Business owners need to look at what is happening in the external environment or industry. Have other companies in your industry succeeded or failed? Is the industry growing or shrinking? Are there any threats that could harm your business? Industry information can be found online at http://www.sba.gov.
Target Market –
According to research, the target market segment defines ideal customers for your business. Who is your ideal customer? where is it? It defines the income, gender and educational level of the target market. When defining your target market, business owners should consider the census, demographic information, and other additional information. A clearly defined target market allows entrepreneurs to make better use of resources to acquire new customers.
Ad Media –
There are many options available for ad media. For example, television, prints, billboards, emails, flyers, social media and radio are some commonly used media. Business owners should consider using different advertising media to reach their target market. If your target market uses the Internet a lot, then use an online advertising medium. Also consider your marketing budget when choosing a medium.
Marketing Budget –
The marketing budget describes how the business owner will pay for marketing efforts. Marketing budget should be based on percentage of total sales, ad media used, and other factors. Part of the marketing costs included in the marketing budget are trade shows, events and sponsorships.