What is a Professional Marketing Plan? Many business leaders find themselves plagued with the challenge of not only coming up with one but also essentially defining what it entails. A Professional Marketing Plan may be defined as the general outline or blue print of how a company or business intends to approach its marketing strategy in order to achieve its marketing goals. In a majority of companies, a Professional Marketing Plan would be tailored to the overall company strategy as a whole. Companies in different sectors of business would generally use a different Marketing Plan but the overall structure of a Professional Marketing Plan would more or less look the same. It would at the very least include one or more of the following elements of a Marketing Plan:
Market research may be defined as a detailed analysis of the needs and trends prevalent in the market with the aim of understanding the consumer. This basically means that the company’s marketing strategy should be borne out of information obtained on the needs of the consumer. A keen and thorough look at makes the consumers tick currently. The purpose of the market research is to find out what the market demands in order to come up with a market mix that responds to these needs.
Positioning in the Market
The idea of market positioning was first developed by Jack Trout in 1969 in a paper published by the Industrial Marketing Magazine. Positioning within the market can be defined as coming up with strategies that focus on appearing or giving the impression of oneself as being the better choice as compared to other competitors. These strategies would involve three basic aspects: brand positioning, price positioning, and product positioning. Analysts contend that the consumer is perpetually inundated by the thousands of marketing messages that come through various channels. With the advent of the internet age, consumers are now more than ever exposed to an almost continuous flow of information much of which is made up of commercials. Advertising is now ubiquitous on all internet platforms. A company must still find a suitable way of penetrating a marketing that is seemingly saturated with adverts with weary and jaded consumers. The market positioning strategy must involve unique and subtle ways of reaching the consumer and clearly standing out ahead of the pack.
Marketing Plan Budget
A budget involves a plan on how resources would be aligned towards the realization of marketing goals. Ultimately, this depends on the resources available from the company. A long term marketing strategy versus a short term marketing strategy would also impact the level and type of financial plan. The financial resources available especially for a short term Marketing Plan would be largely determined by the company’s income. The income in this case refers to the total revenue less the costs involved. Ideally this means that funds available can only be determined after other costs are considered. This is referred to as reliable income. The Marketing Plan budget must also consider which advertising channel is most reliable. The estimated cost of running adverts in a particular should be compared with the effectiveness of this channel. Of course the chosen means of advertising should be in line with the company’s goals. The marketing budget should put into consideration the likelihood of a sudden change of plans along the way. It would be imprudent to go along with a Marketing Plan that is expensive but does not promise rewards that high enough.
A Marketing Mix
The marketing mix is the marketing formula to be used. It has been known to include the four Ps of marketing: Product, Price, Promotion and Place. A number of other concepts have sprung up along the way such as Lauterborn’s four Cs of marketing: Consumer, Cost, Communication and Convenience. The type of industry (for example professional services) determines how the elements of a marketing mix shall be approached in order to beat the competition. In fact competition itself should be an important consideration when coming up with a marketing mix.
Monitoring and Implementation
Lastly, the Marketing Plan has to be monitored in order to avoid inefficiencies. In case company targets are not being achieved it always prudent to go back to the drawing board.
Here is our collection of 33 Free Professional Marketing Plan Templates,