What are the 10 elements of marketing?

Marketing Plan Basics Market Research. Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. ... Target Market. ... Product. ... Competition. ... Mission Statement. ... Market Strategies. ... Pricing, Positioning, and Branding. ... Budget. More items... •

zenbusiness.com - 10 Components You Should Include in Your Marketing Plan - ZenBusiness

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A marketing plan is the first step in creating a successful marketing program for your new business. Fortunately, it doesn’t have to be complicated in order to work. Here are the ten basic components of a marketing plan. You started a company and now you’re thinking about developing a marketing program. You need to begin with a marketing plan. Having been in marketing for more than a decade, I’ve seen my share of marketing plans. Some are short and to the point, while others are hundreds of pages thick and cost thousands of dollars to produce. The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. The simple plans, if researched and implemented effectively, have the greatest impact. Regardless of the scope of your marketing plan, you must keep in mind that it’s a fluid document. Every business needs to begin with a well-structured plan that’s based in thorough research, competitive positioning, and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what proves successful.

Marketing Plan Basics

1. Market Research

Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:

Market dynamics and patterns, including seasonality

Customers: demographics, market segment, target markets, needs, and buying decisions

Product: what’s out there now and what the competition’s offering

Current sales in the industry

Benchmarks in the industry

Suppliers: vendors that you’ll need to rely on

2. Target Market

Find niche or target markets for your product and describe them.

3. Product

Describe your product. How does your product relate to the market? What does your market need, what do they currently use, and what do they need above and beyond current use?

4. Competition

Describe your competition. Develop your “unique selling proposition.” What makes you stand apart from your competition? What is your competition doing about branding?

5. Mission Statement

Write a few sentences that state:

“Key market” – who you’re selling to

“Contribution” – what you’re selling

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“Distinction” – your unique selling proposition

RELATED: Review Your Business Progress

6. Market Strategies

Write down the marketing and promotion strategies that you want to use or at least consider using. Strategies to consider:

Networking – Go where your market is.

Direct marketing – sales letters, brochures, and flyers

Training programs – to increase awareness

Write articles, give advice, become known as an expert.

Direct/personal selling

Publicity/press releases

Trade shows

Business website

7. Pricing, Positioning, and Branding

From the information you’ve collected, establish strategies for determining the price of your product, where your product will be positioned in the market, and how you will achieve brand awareness.

8. Budget

Budget your dollars. What strategies can you afford? What can you do in-house, what do you need to outsource?

9. Marketing Goals

Establish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer satisfaction.

10. Monitor Your Results

Test and analyze. Identify the strategies that are working.

Survey customers

Track sales, leads, visitors to your web site, and percentage of sales to impressions By researching your markets and your competition and determining your unique positioning, you’re in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results. As mentioned earlier in this article, be sure to use your plan as a living document. Successful marketers continually review the status of their campaigns against their set objectives. This helps ensure ongoing improvements to your marketing initiatives and helps with future planning. Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

zenbusiness.com - 10 Components You Should Include in Your Marketing Plan - ZenBusiness

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