ESSENTIAL FACTORS TO CONSIDER WHEN DRAFTING A VIABLE MARKETING PLAN

 

INTRODUCTION

Every organization either small or giant needs a Marketing Plans  to sell its product or service  to meets the set objective or goals of the organization is most time is profit.

Therefore, it’s essential to strategize on the viability of marketing plan to be adopted before taking actions.

If you are able to get it right from the beginning, right questions being asked,  and right strategies adopted, then, you can be sure your company can sustain itself amidst strong competitions.

WHAT IS MARKETING

Marketing is the process by which sellers(suppliers) promote(Promotion) and sell their goods and services(product), to buyers(customers), in the marketplace(Place), for a price (price).

Marketing is the management process which identifies, supply customer requirements efficiently and profitably

THE MARKET ING MIX

This is the balance of marketing techniques required for selling the product

There are four(4) essential components that  makes up marketing, which is often known as the four P’s

·        Products

·        Price

·        Promotion

·        Place

A business tends to performs well when it understands the needs and wants of targeted customers and prospective customers, delivers superior value by meeting those needs and wants through coordinated activities and does this while working towards the organizational goal

USE OF MARKETING PLAN

·        To determine where the company is now, where it wants to go and how to get there.

·        To determine how you will attract and maintain your market, how will you expand it and over what period of time

·        To explain specifically how you will enter the market, obtain a niche, maintain a market share, and achieve the stated financial projections

GUIDELINES TO WRITING A MARKETING PLAN

1.     What is the sales appeal of your product/service?

·        What is special or unique about it?

·        What is the unique selling point?

·        How will you identify prospective customers?

·        How will you reach the decision makers?

·        How will you decide whom to contact and in what order?

·        What level of selling effort will you implement and why is it the best approach?

2.     How may price change over time?

·        How may pricing change after recouping costs?

·        What about possible pricing wars with competition

·        What are the critical supply and demand factors

·        Marketing skimming- price high but selling fewer

·        Marketing penetration- pricing lower to secure a higher volume of sales

3.     What advertising/promotion media will you use

·        Trade journals

·        Magazines

·        Exhibitions

·        Direct mail

·        Email

·        Web

·        Television etc

·        How will your package and labeling enhance name and foster brand loyalty- why will prospective customer want to buy your product  just by seeing it?

4.     WHAT WILL YOUR PRICING STRATEGY BE?

·        What geographic areas will be covered

·        What will your pricing strategy be

·        Will your margin be low or high

·        What is your margin

·        What will your discount policy be

·        What will your reseller margins be

·        What will your credit and collection polices be

·        What kind and level of service, warranties and guarantees will you offer

·        How will you promote these

·        How may these affect profits

COMMON MISTAKES TO AVOID WHEN WRITING YOUR MARKETING PLAN

·        Note that marketing plans and sales plans are not the same terms.

Note: Sales plan is dealing directly with your customers, while Marketing plan is enticing them to consider your product.

·        Assuming that your sales efforts can be set up with minimal time and expense-

Note: it takes as much as one year for a salesperson to get acquainted with a product and learn a territory

·        Justifying your prices by the cost to produce and promotion.

Note:  sales price is a function of value in the eyes of your customers only. Too low a price is as detrimental as too high a price

·        Presenting a strategy that is too broad, irrational or unachievable

·        Underestimating the importance of packaging and brand name