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Business Plan Tutorial: Marketing Plan

The Marketing Plan

Questions to answer about marketing:

  • What is your product or service?  (If you have explained it fully before, don’t repeat it. Just make sure it is fully explained.)
  • How did you determine the product price?  Show support of price using cost of materials, time to produce, cost of transport, competitor's prices and your profit.   
  • Discuss the product in terms of place. Where will the business be located? Where will you obtain the components necessary for your product? Where will you sell your product and how will it get there?  
  • What promotional ideas will you use?  

The marketing plan (Four Ps): Product, Price, Place, Promotion

In addition to address the questions in the box above, the most robust marketing plans will include well-researched details on the Four Ps: 

Product: Describe all of the attributes of the product or service such as: how customers will find the item, then order it and purchase it; how the product will be delivered and installed; the product's life cycle. Also discuss how customers will become aware of your product.    

Price: Consider how consumers and competitors might react to your pricing and whether you will offer price promotions.  

Place: In addition to describing the locations of where your product will be available, you may need to research supply chain and distribution channels. 

Promotion: How are you going to promote your product or service in a way that makes sense for your market? Promotional ideas include:

  • Media: website, social media, radio, podcast, local newspapers and magazines
  • Physical items: free giveaways (samples, t-shirts, hats), business cards, mass mailing, sandwich boards, coupons
  • Verbal: word of mouth, cold calling
  • Events: parties, grand openings, fair and conference booths, popups
  • Donations: sponsor local sport teams, donate to local causes
  • Memberships: join the Chamber or Commerce or a trade service 

Segment, Target & Position (STP)

The STP is a facet of the marketing plan. Use ideas about STP to further guide your process in developing a solid marketing plan.

Segment 

Who are the potential buyers of the product?

Target

Your target is decided by which segment your product would appeal to the most, and if they have the means to buy your product. Describe your target market segment in detail by using size, demographics, psychographics, geography, lifestyle, or whatever segmentation is appropriate.

Position

Positioning is designing a product or service that the targeted market sees as distinct and valuable when compared to competitors' products. Think about how you want your customers to view your business and products, and how you will achieve that perception. Also consider how you will communicate your position with the market and the evidence you'll need to determine your position will be successful. 

Three ways to position a product:

  1. Unique - This is the only one of its kind
  2. Difference - More than twice the speed, or more attachments, etc.
  3. Similarities - Same as ______ but at a lower price. 

 

Databases for marketing

E-Books on marketing

Additional tips

  • Check the competitions' websites!
  • Read news articles about your competition. Search for your industry and competing companies in Google News.
  • Google Shopping can be a good resource for comparative pricing. 
Subjects: Business