Tuesday, April 27, 2021

Anatomy of a Marketing Plan


A marketing plan is a request for funds in return for a promised level of incremental revenues, unit sales, market share or profits. One can develop marketing plans for products, services, market segments or brands. The critical components of a marketing plan includes the following:

  • Summary
  • Objectives (attract new consumers, create new uses, increase share of requirements, incent trial, encourage repeat purchase, encourage add-on purchase, increase awareness, increase loyalty, change value perception, increase emotional bond, extend into new product and service categories, etc.)
  • Situation Analysis
  • Market analysis
  • Competitive context
  • Customer profile (segments, needs, attitudes, behaviors, insights, etc.)
  • Strategies and tactics (touching upon all key marketing components that will be used: product, packaging, pricing, distribution, advertising, publicity, sales promotion, social media, selling, etc.). Be specific.
  • Operations considerations (impact on plant capacity, need for new assets, etc.)
  • Financial projections
  • Pro forma profit and loss statements, balance sheets, cash flows, etc.
  • Including funds required to execute plan
  • Supporting customer research (qualitative research, concept testing, volumetric modeling, market test results, etc.)
  • Risks and contingency plans

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