A Good Marketing Plan
Your marketing plan will also enable you to measure how your company is progressing and determine strategies that are working for you and those that are not. Your marketing plan should be reassessed annually, revising your situation analysis, analyzing and updating your goals and objectives, incorporating new advertising strategies and eliminating those proved unsuccessful.
The plan contains four principle sections: situation analysis, marketing objectives, marketing strategies and tactics. The situation analysis presents all relevant facts about the company’s history, growth, products and services, sales volume, share of market, competitive status, markets served, distribution system, past advertising programs, results of marketing research studies, company capabilities, strengths and weaknesses. A company’s marketing objectives should be logical deductions from an analysis of its current situation and its prediction of future trends. To develop the marketing strategy, the target market must be selected, the product’s positioning determined and a cost-effective marketing mix for each target market must be constructed. The tactics, or short-term actions to be taken, are then established.