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Marketing

 
     Marketing is more than your collateral material, style of selling and cold-calling.  Marketing is what makes or breaks your business.

     There are several elements to marketing.  Each section of the Marketing Plan below will take time to develop and will require research, patience and  the ability to implement your strategy.  Through the research and writing of your business plan, you will begin to see how focused you will become.     

      You will want to monitor the results from your efforts once the plan is in place.  Have some date checkpoints in place to keep you on track, every quarter for example.  If you notice business is not growing, refer to your marketing plan, but don't be hasty in making changes. You will want to analyze your plan throughout the operation of your business, and as the needs and demands change you should modify your strategy. 

TIP:  You should not revamp your plan too quickly.  Marketing takes time, getting your name out takes time, results take time. 

TIP:  This is a crucial element that once completed will become part of your business plan.  It is important to have a hard copy of your plan for reference.  Note: Lending institutions may request a complete Business Plan.

Elements of a Marketing Plan

I.     Description of the Target Market

       -     age
       -     sex
       -     profession
       -     income level
       -     educational level
       -     residence

II.    Description of Competitors
       -     market research data
       -     demand for product or service
       -     nearest direct and indirect competitors
       -     strengths and weaknesses of competitors
       -     assessment of competitors businesses success
       -     description of the unique features of your product
             or service
       -     similarities and dissimilarities between your
             product or service and competitors

III.  Description of Product or Service
      -     describe your product or service
      -     emphasize special features, i.e., the selling points

IV.   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

V.    Impact of Your Business Location -
      -     description of the location
      -     advantages and disadvantages of location

VI.   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
      -     multiple pricing (for service businesses only)
            - service components
            - material costs
            - labor costs
            - overhead costs
 

You can get more information from our Business Library

 

Marketing Corner

 
 
Quote for the month:
 

"Sell what you know and know what you sell."

Co-Founder, VPMom.com

 
 
 
 
 
 
 
 
 
 
 
     
     
 

 

 
     
     
 

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