by Amarendra Bhushan
The five components of a marketing strategy but counsels against their use alone without their inclusion in a logical planning framework.
• Market Positioning - the target market for the Directorate
• Product (Service ) Positioning – based on the segment of the market chosen i.e. those customers/consumers with the greatest influence
• Marketing Mix – the range of services best offered
• Market Entry – through re-establishment, tender or negotiation
• Timing – when the service is best placed to engage in the change However these are merely part of a three-tier strategy consisting of:-
Level 1 - Vision & Mission
Level 2 - Organisational Strategy
Level 3 - The five Marketing Strategy Components
The programme of action, linked to these four important areas will form the basis of the plan.
This is your game plan for achieving your marketing objectives. It is, essentially, the heart of your marketing plan and covers the 4 Ps of marketing.
Product: Describe your product or service in detail. Include product features and benefits.
Price: Describe your pricing strategy and payment policies.
Promotion: Describe the promotional tools or tactics (a promotion plan) you'll use to accomplish your marketing objectives.
Place: Describe how and where you will place your product so customers have access to it and how you'll make the sale.
Marketing Plan Components.
The one hard-and-fast rule about marketing plan components is that there are no hard-and-fast rules! Marketing plans vary by industry, by size of company and by stage of growth. The form isn't as important as the process of preparing it–it's a process that makes you think about your business goals and what your marketing strategy will be to achieve those goals.
So, what's presented here is an outline of a typical marketing plan. Your marketing plan may contain all or just some of these components, depending on your company type, stage of growth, and goals.
If you're an experienced businesswoman, this might be the quick review you need.
If you're new to the business world or have never developed a marketing plan, you might use this as a place to start, and to generate ideas. By clicking the links, you'll have access to more detailed information about that section.
I.
Executive Summary - Introduce your company and explain the major points of your plan "in a nutshell." Introduce your company by briefly describing the nature of your business and the products or services you offer. State your founding philosophy (or mission statement) and company objectives. List your management team (especially your marketing team) and describe the structure of your organization. Include a summary of the marketing objectives and recommended strategies contained in the plan.
II.
Current Situation - Provide information about your location, target market and competitive environment. Also, identify key issues your company faces. Describe your current or planned business location. Describe you target market. Include a brief competitor and issues analysis.
III.
Competitor and Issues Analysis - Now go into detail: Include information about other individuals or companies (competitors) who offer similar products and services as you. List key business issues that are potential challenges, such as new legislation or the impact of an impending technological advance in your industry.
III.
Marketing Objectives - State your marketing objectives, such as increasing the awareness of your product among your target audience. Also include the time frame for achieving your marketing objectives. IV.
Marketing Strategy - This is your game plan for achieving your marketing objectives. It is, essentially, the heart of your marketing plan and covers the 4 Ps of marketing.
Product: Describe your product or service in detail. Include product features and benefits.
Price: Describe your pricing strategy and payment policies. Promotion: Describe the promotional tools or tactics (a promotion plan) you'll use to accomplish your marketing objectives. Place: Describe how and where you will place your product so customers have access to it and how you'll make the sale–your sales and distribution methods.
V.
Action Programs - This section will be your marketing "to do" list. Describe what will be done, when it will begin or be completed, and who will accomplish the tasks.
VI.
Budget - List the cost of the marketing activities you are describing in the marketing plan.
VII.
Measurements - Describe numerical targets that will measure the results of implementing your marketing plan. Include time limits for achieving your goals. For example, "increase sales by 10 percent in 12 months."
VIII.
Supporting Documents - Include any supporting documents referenced in other plan sections here, such as resumes of key management resumes, spreadsheets, market research results, etc.
Meet Amarendra Bhushan, A leading Strategic Human Resource Consultent, MBA from American university of athens, greece, also editing The European journal of NRI finance magazine (The TRIBUNE).As one of the leading article writer, and corporate hotel professional. Advisor to various organizations and hotels. He is an elected member of south Indian hotel and restaurant federation. Now staying at ancient city of Athens Greece.PH-0030-6947667507 abdhiraj@mail.gr