What is a Marketing Plan?
Marketing is to do with matching the features and benefits that your products and services are able to provide with specific customers then telling those customers why they should buy them from you. Your merchandising plan details how to do this. A Marketing Plan is a document that supplements your business plan and brings together all your merchandising research so that you can work out exactly where your business is going and how it is going to get there.
Your plan should include:
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- Objectives.
- Details of the current market.
- A full analysis of your strengths, weaknesses, opportunities and threats. (SWOT Analysis.)
- Your plans for achieving your objectives.
The plan should be flexible and able to be modified to meet the ever-changing conditions in the market place.
Benefits of a Marketing Plan
Having a merchandising plan will help you to revolve around your target market and to find if there are any gaps in the market that will provide new opportunities for you. Your merchandising plan will also provide you with something that enables you to measure how you are progressing. This can then highlight strategies that are working for you and those that are not.
A good merchandising plan will also benefit you in that it provides your outside financiers confidently that you know your market and that you know how to accomplish your objectives.
A good merchandising plan will deal with the matter of sourcing new leads besides as creating new networking opportunities for your business. The bottom line means your plan will define your business besides as your customers and your future plans.
What is a Good Marketing Plan
A good merchandising plan is really a blueprint for the action that your business inevitably to take in order to accomplish certain goals. It will identify the most cost effective ways of acting certain functions and should show the best way to present your business to your target audience.
A good merchandising plan will save you money by excision unimportant expenses patc at the same time presenting you with new merchandising opportunities. A good plan will work for your business to make a point that what you do fits into your budget and that your merchandising drive reaches your target audience.
It will au fon keep all your activities and your budgets on track. If you don't have a good merchandising plan it is possible that you are not taking full advantage of all the ways to reach your target audience. This will result in shrivelled sales.
A Marketing Plan must Reach People
Your merchandising plan will provide you with a track upon which your business inevitably to run. It is similar to a flight plan for pilots. Their flight plan tells them the direction on which their plane is going to fly, where they are going from and the path they have to fancy get to their destination.
A sports coach will have a game plan that sets out how the team is going to play the game that particular day. The coach will work on strategies that will effectively frustrate and win out over the competition so they can come out on top.
Your merchandising plan should be designed in a similar fashion.
- It has to be built with an end result in mind.
- It should fit the specific markets you are aiming for besides as the people in those markets.
- It has to be flexible to meet the inevitably of the people in the markets because those inevitably are constantly ever-changing.
- It must revolve around people rather than on products.
Remember to always develop a merchandising plan that is specifically designed to reach people.
