THE MARKETING PLAN

Definition:
The marketing plan establishes how an entrepreneur will effectively compete and operate in the marketplace. It should be an annual activity focusing on decisions related to the marketing mix variables. The marketing plan section should focus on strategies usually for the first three years of the venture.

The Process:

Information for developing the marketing plan may require some marketing research. Marketing research involves the gathering of data in order to determine such information as who will buy the product, what price should be charged, and what is the most effective promotion strategy. It can be conducted by the entrepreneur him/herself or by hiring a consultant. The whole process usually completed in six steps:

1. Defining the Purpose/Objective(s) of the plan
2. Gathering Data from different sources
3. Gathering Information from Primary Sources (usually entrepreneur's own research / internet)
4. Defining the focus groups (usually focused customers or informal/open discussion in public)
5. Analyzing and Interpreting the Results

Content of the Plan:

A marketing plan for usually includes the description of competitors, including the level of demand for the product or service and the SWOT analysis as well.
Usually the plan contains:

1. Description of the product or service, including special features
2. The whole budgeting of the marketing process
3. The description of business location, including advantages and disadvantages for marketing
4. Marketing Segmentation &
5. Pricing strategy