Main components of marketing plan

A marketing plan is very important step towards creating a successful marketing program for your industry. It should not be complicated your marketing plan should be easy to understand and easy to work. Here are main components of a marketing plan.

·         Market Research: Gather, arrange, and note down down data about the market that is presently buying the products or service which you are going to sell. Some of the area which you should consider is Market dynamics, market patterns including seasonality Customers demographics, market segment, buying decisions what is the  product  competition and  what are current sales in the industry ,benchmark in the  industry and  also  about the  suppliers on which you will depend.

·        Find your Target Market: find niche or target market and describe about your product or services it  very  important that you select your  target market perfectly and you should also be  aware of your  product  and who will be  your  client base  in future.

·        Describe your product: explain about  your  product  and  also  explain how  your  product  realties with the  market, also explain what  market needs and what  currently they are using and  what  they need and what  they  can utilize  in upcoming  time  means  what  better product  can be  in future what  they are utilizing at current time.

·        Competition: Explain your competition. Grow your "unique selling proposition."  That will make you stand apart from your rival and you also should have knowledge what is your competitor doing for branding.

·         Market Strategies: write the marketing strategies you are using or you consider utilizing in upcoming future like networking, advertising means you can promte your product in print media, conduct traning programs which will help to create awareness about your product and you can also promote product in trade shows.

·         Pricing, Positioning and Branding: once  the  information collect plan  strategies what  will be  the  price  of your  product where your  product  will stand in market  and how  you will improve the brand  and create brand awareness  about  your  product  in the  market.

·         Budget: Look at your  budget how  much  expanses you  can  afford  and  what you to  plan according to budget what  task  you can  do  inhouse  and  what  you have to  outsource and  what  budget you have  according you have to  plan so  budget plan is  important part of marketing plan.

·         Marketing Goals: establish marketing goals in quantity means you goals should be in numbers For example; your goals may be to increase at least 40 new clients or to sell 20 products every week, or to raise your income by 40% in this year. You goals can also include profit, sales and customers satisfaction.

·         Watch Your Results: Analyze your  strategies that  are working for  you and  where  you lack which  can be  improved or  where  your  strategies  are not  working, survey  customers have  a  watch on your sales  also have  look at  leads and  what  percent your  sells is  increase  and if there is  decrees try to find reason and  what improvement  you can do .

All these mentiuoned component are important as these component help you to  stand  develop  and become successful in market  you can  say if you have proper marketing  plan  it  makes you successful business  man 

 

CONTACT: 450, Mastermind 1, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065Ph:+91 8097027355, +91 9137256150, +91 9222086563 or visit http://mbaprojectreports.com/ email at profprakash@mbaprojectreports.com

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