Building an Effective Marketing Plan

6928 Words Dec 26th, 2010 28 Pages

Building An effective MArketing plAn sent to all individuals in the organization who must implement the plan or who will be affected by it. If the plan is directed to an external audience, such as friends, banks, venture capitalists, or potential investors, for the purpose of raising capital, it has the additional function of being an important sales document. In this case, it contains elements such as the strategic plan/focus, organization, structure, and biographies of key personnel that would rarely appear in an internal marketing plan. Also, the financial information is far more detailed when the plan is used to raise outside capital. The elements of a marketing plan for each of these two audiences are compared in Figure A–1. The
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Executive summary 2. Description of company 3. Strategic plan/focus 4. Situation analysis 5. Market-product focus 6. Marketing program strategy and tactics 7. R&D and operations program 8. Financial projections 9. Organization structure 10. Implementation plan 11. Evaluation and control Appendix A: Biographies of key personnel Appendix B, etc.: Details on other topics Figure A–1 Elements in typical marketing and business plans targeted at different audiences

is probably 60 or 70 percent of the entire business plan. For businesses like a small restaurant or an auto repair shop, their marketing and business plans are virtually identical. The elements of a business plan typically targeted at internal and external audiences appear in the two right-hand columns in Figure A–1.

The Most-Asked Questions by Outside Audiences
Lenders and prospective investors reading a business or marketing plan that is used to seek new capital are probably the toughest audiences to satisfy. Their most-asked questions include the following: 1. Is the business or marketing idea valid? 2. Is there something unique or distinctive about the product or service that separates it from substitutes and competitors? 3. Is there a clear market for the product or service? 4. Are the
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