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
