Components of your Marketing Plan
When it comes to marketing, I’ve noticed that some business owners, don’t have a clue on what marketing is exactly. According to a book I often refer to, “Basic Marketing; A Marketing Strategy Planning Approach” by Perreault, Cannon, and McCarthy, marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
Now, I know that this definition is a broad summary of marketing, but simply said marketing is the use of activities such as social media, networking, public relations, and special events to reach your target market of consumers to consume or use your product and services.
There are a variety of activities you can use to reach your target market. Before you decide on what activities to engage on you must figure out what your target market is through research and develop a plan to reach your target market. Understanding the components of a marketing plan is essential and a marketing campaign can become very expensive if your marketing plan does not consist of these components below:
- Executive summary
- Situation analysis
- Marketing Plan objectives
- Differentiation and Positioning
- Marketing Strategy
- Implementation and control
These 6 components have sub-components that are very essential in developing a flawless marketing plan. Those sub-components help develop a specific strategy that will help capitalize on the outcome that you desire and it also make you aware of pitfalls you may encounter in executing your marketing plan. I will touch on those components in my next post.