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What are the Elements of a Marketing Plan?

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Question: What are the Elements of a Marketing Plan?
Answer:

Description of the Target Market

  • age
  • sex
  • profession
  • income level
  • educational level
  • residence

Description of Competitors

  • market research data
  • demand for product
  • nearest direct and indirect competitors
  • strengths and weaknesses of competitors
  • assessment of how competitors businesses are doing
  • description of the unique features of your product
  • similarities and dissimilarities between your product and competitors

Description of Product or Service

  • describe your product
  • emphasize special features, i.e., the selling points

Marketing Budget

  • advertising and promotional plan
  • costs allocated for advertising and promotions
  • advertising and promotional materials
  • list of advertising media to be used and an estimate of cost for each medium

Marketing Budget

  • advertising and promotional plan
  • costs allocated for advertising and promotions
  • advertising and promotional materials
  • list of advertising media to be used and an estimate of cost for each medium

Pricing Strategy

  • pricing techniques and brief description of these techniques
  • retail costing and pricing
  • competitive position
  • pricing below competition
  • pricing above the competition
  • price lining
  • material costs
  • labor costs
  • overhead costs

Description of Location

  • description of the location
  • advantages and disadvantages of location
Related Video
Brian Price, executive director of marketing
  1. About.com
  2. Money
  3. Inventors
  4. Selling Your Product
  5. Marketing Plans
  6. Sample Marketing Plans
  7. What Are the Elements of a Marketing Plan?

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