The Plan KNOW WHERE YOU ARE HEADED mission statement identifies the nature of the business and the reason it exists All tactics and strategies should be built around the mission statement. mass market a broad group of customers product portfolio all the products a company has available at any one time test marketing where the sales potential for a new product is tried in a small market prior to its final release The marketing plan is a detailed document that further provides a detailed description of how the tactics and strategies will be implemented.

The Plan Components of a Marketing Plan A marketing plan should be guided by the current and future needs of customers. Executive Summary a summary of the basics of the plan. The most important part of plan. The part that will get people to read more of the plan The Mission Statement The marketing plan must be in agreement with the mission statement. Marketing Information Information is gathered, analyzed, interpreted and used to make business decisions. The Tactic describes product or service differentiation should pinpoint a gap that is not be filled by another product or service Strategy describes the marketing mix

The Plan Product/Service the identified need is the basis for the development of the product or service The Distribution System describes how the product or service will be made available to customers Pricing The price must be set where revenues will be maximized to cover all costs and provide a profit. Promotional Strategies how the product will be positioned in the minds of customers advertising publicity sales promotion personal selling

The Plan Financing disclosure of all expected costs and revenues might indicate need for additional funding Risk Management outlines possible risks and strategies for minimizing the risks Implementation Timeline start with completion date and plan backwards specify event sequencing Assignments of Responsibility specify who is responsible for each component of the plan Selling defines how direct sales will be handled Review and Evaluation define mileposts for progress checks of the plan