Preparing a Marketing Plan

A marketing plan is part of an overall business plan and can have a significant impact on the profitability and success of your business. The size and level of detail in the plan depends on your company. Every business is different. But no business should be without a marketing plan. The thought processes needed to develop the plan will focus your efforts on those tasks needed to lead you to success.
• Describe your product/service in detail. What are its most significant features? What is unique about the product? Does the product require copyright, patent or other legal protection? Is the product still in development, or is it ready to roll?
• Identify your target market. Who will this product/service appeal to most? Where is your market? Is the market growing? Include all market research, including historical figures for sales of your type of product.
• Size up the competition. Who are your major competitors? How does your product compare to theirs? How strong a foothold do they have in the market? Look at the methods they use to market their products.
• State your objectives in measurable terms. What will be your sales over the next 4 quarters? What will be your sales growth period over period?
• Detail your marketing strategy. How will you advertise and market your product? Which features of the product will you focus on? What will be the product's price and why? What will you budget for marketing?
• Describe your operations. Include your plan for customer service, proposed credit and sales terms, and the physical location of your business.
• Prepare financial statements based on projections of sales, operating costs and expenses. Include cash flow projections, profit and loss reports and income statements. Prepare a breakeven analysis.

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