How to Create a Marketing Plan

A marketing plan can be viewed as a roadmap in which an organization navigates through a sequence of steps in order to promote a service, goods, or program (Thomas, 2015) (May, Apr 12, 2012). Therefore, in order to initiate the occurrence of any marketing activity, it is vital to have a marketing plan to follow in the event to create awareness, attract customers, and to gain business (Thomas, 2015). In having a marketing plan, the organization must delineate their marketing initiative through a sequence of designated steps by strategically organizing, marketing activities while defining who will be their targeted potential customers (Buttell, Jan/Feb 2009). In meeting the strategic objectives of a marketing plan, it should

Before proceeding with the next section (objectives), it is recommended that you complete the Marketing Plan Worksheet. Ask the academic mentor in the learning community for this if you do not have it.

Ensure that you have clearly stated what your Marketing Plan is designed to do, e.g., measurable goals by which you will increase units sold, dollars of revenue made, etc. What do you want to accomplish?

Niche Markets: Reach people in a space where they’re already comfortable and spending their time. By choosing the right platforms and groups, you can invest your time in developing relationships with exactly the right markets, such as Facebook groups who all like American cuisine or something similar.

The first condition for a niche market is ideal is if the market is large enough to be profitable for businesses. The fact that the niche market 's size is too small to offset the cost to the business. In this case the "exploring" a niche market have no meaning for business anymore. Secondly, niche markets have to grow potentially. Once businesses have chosen a niche market, the growth of niche markets synonymous with the growth of the company. In fact if holding a niche businesses can not afford to expand business will bring a lot of risks, no assurance market segment that will not shrink. The third reason is niche market is not ideal anymore to exist due to too many competitors. Even though the opponent is not too strong a threat to enterprises - pie will become less tasty if it is divided for too many people. Once you have identified a niche market to satisfy all three conditions, then on the 4th reason, it now needs to do is to determine their ability to meet that segment or not. If the potential of the small businesses that require large customer, the exploit that niche will become meaningless. The last thing. whether the company has the ability to protect themselves against the attacks of the main competitors or not? This is an important factor to ensure the company can stand on its

2) What are the key components of a marketing plan? List and describe each component briefly.

In The Marketing Plan Handbook, Chernev gives a simplified approach to writing marketing plans. It outlines the basic principles of writing a marketing plan and it puts emphasis on marketing as a value-management process. It incorporates the relevant aspects of the business, such as the financial, operational, technological and organizational aspects. Chernev states that marketing plans do not have to be lengthy but should contain need-to-know information and not so much nice-to-know information which is not directly related to the decision at hand and is rarely actionable. He breaks down the marketing plan in eight parts: executive summary, situation analysis, goal, strategy,

Every company and/or organization starts and operates to achieve a single major goal, which is normally included in the company’s mission statement. Setting a goal, however, does not translate into success on its own; it is only the fist step. Understanding market segmentation is the second most important aspect of doing business. “Sellers and advertisers want to be able to determine what the potential market is for their product or service, as well as the best ways to reach potential consumers” (Terrell, 2013). Once a goal is set, an organization first must decide if it wants to operate locally, regionally, nationally, and/or internationally, as the size of the geographic coverage has a large

Ferrell & Hartline defines niche marketing as a narrowed concentration approach and focused marketing efforts on one small, well-defined market segment or niche that has a unique, particular necessity (2014, p.132). In the case of the IndyCar fan bas demographic, the niche they chose to focus on was men ages 18-34; the targeted age category is described as abandoning the idea of middle aged Midwestern men, while building a brand that was young and hip (2014, p.442).

In simple terms, niche (marketing) can be defined as fulfilling the needs of a tightly-defined market segment (Kotler and Keller 2006).

This process helps a firm or organisation in focusing its marketing effort towards a specific segment or a group of segments. Depending on the product, organisational goals, the size of the firm and the marketing resources available a firm may target only one ‘niche’ segment or alternatively focus on several related segments. Another method can be to start with one segment and add more when business grows successfully. Large companies often target all market segments and try to serve them by offering a large variety of products to suit all their needs, wants and demands.

The marketing plan is essential to keep the sales of a product continually growing. Just how essential is a marketing plan? Let 's take a look at a plan gone wrong.

A good marketing plan is nothing but the blueprint for marketing products and services, and step-by-step guidance to deliver marketing strategies for the business (Brassington et al, 2012). This is a true, detailed document that sets perfect, true and measurable functions.

Niche markets are an attractive opportunity available to small businesses that are forced to compete against the scale economies that larger competitors are able to achieve (Kotler, 2012). The choice to pursue a niche marketing strategy will not guarantee success, and, similar to any business decision, requires critical assessment. Fenix entrepreneurs had a bold vision of where they wanted the company to go. Utilizing local market, external resources and knowledge gained from working in the manufacturing and retailing industries the company was able to be successful.

Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p