The Five Components Of A Marketing Plan

Marketing Plan

A marketing plan is an essential tool for any business in today’s competitive consumer market. Developing a marketing plan will aid a firm in thinking about what makes its business unique and how it will get the message out to desired consumers, using a variety of different channels. A marketing plan helps a firm focus on the Four P’s of marketing; price, product, promotion, and place. If the plan is well thought out, it will keep business owners and employees on track, as well as help to identify consumer needs. It will also help to evaluate those consumer needs and determine if the organization can meet or exceed expectations in order to turn the desired profits. There are five main components that make up a marketing plan, the executive summary, business challenge, market, strategy, and budget (Tanner, Jr. & Raymond, 2012). A well thought out and executed marketing plan will make it easier for an organization to decide if the plan will profit.

The Components of a Marketing Plan

The executive summary is the first component of the marketing plan. The executive summary will provide

This section should consist detailed information in regards to the consumers, a company analysis, possible collaborators, competitors, and the business climate (Tanner, Jr. & Raymond, 2012). Since consumers are the center of all marketing plans, they should be the starting point to the market section. Break the potential consumers into segments, starting with the most important and working down to the least important. Readers will want to know; who does the market consist of, the reason these consumers purchase the products they do and how they fill their personal value equation, their current buying process and the needs the offering meets for these potential consumers. Readers should be able to understand how each segment differs and how the total offering will satisfy the needs of each