Profit-Generating Plan
This is all about the application of marketing resources to achieve marketing goals.Your marketing plan is a section of the business plan.
It's Uses
- Segment markets
- Forecast market size
- Identify positions in the marketplace
- Plan for a viable market share within each segment
Have you considered any of this marketing objectives?
- Sell existing products in an existing market
- Sell existing products into a new market
- Sell new products in an existing market
- Sell new products into a new market
Whichever you decide, ensure your objectives are always SMART
- Specific: in-terms of value or market share
- Measurable: -ability to confirm its achieved or not.
- Achievable: with resources; people and investments
- Realistic: avoid target that gets you demotivated if not attained
- Time-bound: set timescale for achieving any objectives
Strategies ought to be your wide method of achieving any marketing objective.
They relate to products, pricing, adverting or distribution.
You may wish to consider any of the following types of strategy
- Develop: Offer a wider range of products or services to existing client
- Attack: Generate business through a new customer [Ask for referrals]
- Defend: Avoid the loss of paying customers
Would you consider strategic pricing? Possibly
- Maximising profits or
- Setting a low price deliberately
The choice is yours!
Only select strategies that will best satisfy your objectives...
One that can easily be implemented with your resources and capabilities.
For proper implementation, convert your strategies into a program or action plan.
Develop an Action Plan
- Your current position or situation
- Aims: define goals - set targets
- List steps involved
- Person responsible
- Start date
- Finish date
- Budgeted cost
You will need to further break down your action plans.
If you need help - ask me how? Comment below
If you need help - ask me how? Comment below
Depending on the situation or opportunities,
You made need to prepare a brief plan.
You made need to prepare a brief plan.
Especially where you need to:
- Target new sales area
- Introduce a new product
- Phase out an old product
- Introduce a modified product
- Develop sales into an individual export market
If there are any words still unclear to you, spend some time to find out the meaning.
Would you like to download a marketing plan template? If yes <<click here>>
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