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Why Develop a Marketing Plan?

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WHY DEVELOP A MARKETING PLAN?
Your marketing plan is an essential part of your overall business. When you are starting a business or introducing new products or concepts, this plan can help you:
• Assess the needs of your customers, and develop a product or service to meet these needs.
• Communicate the attributes of the product or service to the customer.
• Establish distribution channels to get the products/services to the customer.
Developing your marketing plan will help you identify aspects of marketing that are easy to overlook. To produce a sound plan you will need to outline who your customers are, how they will buy your product or hire your services , and why. Your banker or lender will also want to see the marketing section of your business plan before considering lending you money.
Styles, markets, and goals change and so should your plan. Revisit your marketing plan on a regular basis to keep it current, and adjust it according to changes in your business activities or predictions of new trends.
BEFORE WRITING YOUR MARKETING PLAN
MARKET RESEARCH
Before you develop your marketing plan, research the potential market for your product or service. Use the numbers, facts and findings to back up statements in your marketing plan. You can also design a questionnaire, create an online survey, and search available databases and other resources to find the information you need to build your marketing plan.
• .
DESCRIBE THE PRODUCT OR SERVICE
Detail how your product or service is unique or why it is superior to other models on the market. If the product or service is not unique, maybe the location is ideal or a large market allows room for competition. It’s important to use facts and numbers to show how your business will be profitable.
IDENTIFY YOUR TARGET MARKET – WHO ARE YOUR CUSTOMERS?
Before you sell something, you need to know who you are selling

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