Marketing

Anatomy of a Marketing Plan

While there is more than one "right" way to create a marketing plan, the best documents of this type include similar information. The types of data you will need to include in your marketing plan include:

Target Audience Definition

Every marketing plan should begin with a clear definition of the target market. Clearly identify your primary target market, as well as any secondary groups that represent potential customer groups. The best target audience statements specify who makes up each desired customer group in terms of demographic and psychographic characteristics. After reading this part of your marketing plan, it should be easy to visualize exactly who it is that your company plans to target with its marketing efforts.

SWOT Analysis

When it's time to create a marketing plan, you should spend some time reflecting on the internal and external factors that are relevant to what you need to do to promote your business effectively. The best way to do this is with a SWOT Analysis. Start out by reviewing the strengths and weaknesses of the products or services you need to market. This is an internal process that involves looking at what ways you are at an advantage, and identifying potential disadvantages that need to be overcome.

Additionally, you must also look outside of your organization. Identify opportunities for growth that exist in the marketplace, as well as potential threats to your ability to be successful. If one of your competitors is having product quality issues, there is an opportunity for you to capitalize on that. Alternately, if one of your competitors has developed a new production technology that allows them to undercut your prices while maintaining quality, this is a potential threat that you need to be aware of and prepared to deal with.

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