Small business marketing plan

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How to Write a Marketing Plan

To write a marketing plan, follow the procedure given below.

1. Prepare a mission statement.

The mission statement distinctly and briefly describes the nature of the business, the services offered, and the markets served—usually in a few sentences. Sometimes, it is combined with a vision statement that can be two to three paragraphs long for larger companies.

2. List and describe the target or niche markets.

In this section, list and describe possible groups of users or customers. After making a list, identify the different segments of the market. Segments can have distinct types of people in the company by role: chief executive officer, chief financial officer, or marketing director.

3. Describe your services.

As mentioned above, it is essential to conduct market research to understand your market and identify the services they require. At the same time, list the services you currently provide and identify the new services you want to provide. Finally, determine what it will take to provide these services regarding staff, expertise and costs.

Marketing plan and its importance

A marketing plan gives a well-organized guide to what and when you are burning through cash. A good marketing plan can help you ensure that you use your resources most effectively. An effective marketing plan should be based on the following:

Situation analysis

It tells you about your product's marketplace and what your target market will be. It also provides you with the current trends of your product in the market and competitors and how you will be different from them.

Marketing strategy

Marketing strategy manages the 4 P's of marketing price, product, promotion and location. Basically, what is your product and how is it separate, how will you price it, promote it, and where will you sell it.

Objectives and Strategy

Once you have identified your methodology, you need to understand how to execute it. Then, you can set goals to accomplish and differentiate the strategies you use to accomplish those goals.

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