What Is a Marketing Plan

Simply put, your marketing plan clearly lays out your strategy to sell your venture to both your customers and your potential investors and bankers.

Getting this plan prepared will involve substantial research into the industry you wish to market in as well as a complete understanding of consumer motivations. Your marketing plan in a complete description of how you will get your product or service to market, build a market niche, maintain growth, and deal with future market change. Portions of the plan become templates and schedules for specific activities such as festival markets, newsletter mailings, advertising copy and other specific operations to promote your business.

Your market plan is made up of the following parts:

How do your customers perceive your business and its products?

Getting your price structure right for your business is one of the most effective marketing tools you have.

There are three primary strategies involving pricing:

You choose to sell your products at a set price since everyone sells theirs at that price and no one wants to “rock the boat” and possibly set off a price war.

Once you establish a price you can then look at various discount schemes to sell more product.

Coupons have gotten to be extremely popular among consumers and retailers alike.

If your business ships products in any way, you must have a policy for assessing freight charges and recouping shipping costs.

Sales terms allow customers to take a discount if the invoice is paid within a set period.

All products are marketed through two primary channels, retail and wholesale.

For many, advertising is synonymous with marketing, but as you can see from all the other aspects of marketing it is only the most visible, or you hope it is the most visible.