Some businesses don't require as many steps in product delivery while others have many stages and steps.
As you might suspect, the structure of the marketing section varies from business to business and from entrepreneur to entrepreneur.
In our discussion, however, we will introduce you to a format that is most often used by business plan writers. This is not to say that you can not deviate away from the suggested structure, because you can.
Below separately discusses each component; beginning with The Market Description. If there are any major barriers or obstacles that will effect your entry in to the industry, they too should be discussed.
If you have not yet identified, in your business plan, the industry's Key Success Factor's or Driving Forces, be sure to address them under your Market Description. Many business owners and aspiring entrepreneurs experience difficulty when searching for Industry information.
Much of the industry information can be found in trade publications, business magazines, from marketing firms, through the chamber of commerce, from the Small Business Administration, through Business Service Centers, over the Internet, from suppliers, and so on Knowing the characteristics, attributes, behaviors, and traits of your customers is extremely important to the success of your business.
Experts suggest that three segmentation variables may be used to help entrepreneurs define or predict who their customers will be, namely; Demographics, Geographics, and Phychographics.
Determine which variables relate to your business and potential customers. Geographic Segmentation is used to identify specific regions, city sizes, and densities. What regions will your customer live in?
What is the City Size of these regions and how many people are in your target market? Will you focus your marketing efforts only in urban areas, suburban areas or rural areas? Below depicts examples of Geographic Segmentation Variables? Demographic Segmentation Variables are most often used to develop a customer profile.
Demographic Segmentation divides the market into groups based upon variables such as age, sex, family size, income, education and so on. Below depicts examples of Demographic Segmentation Variables.
What groups are most likely to buy your product? What sex will more readily purchase your product? If sex a major issue? Is family size a major issue in the purchase of your product?
If so, what is the ideal family size? Does the family structure have an effect on whether your product is purchased? What Income level will most of your customers fall into?
Is income a major issue? What occupation will most of your customers hold? Is their occupation a major issue? What education level will most of your customers have? Is education an important factor? Does the religion of a customer determine whether or not they purchase your product?
Does the race of a customer determine whether or not they purchase your product? Does the nationality of a customer determine whether or not they purchase your product?
In Psychographic Segmentation, customers are divided into groups based on their social class, life style and personality. Below depicts examples of Psychographic Segmentation Variables. Does the social class of a customer determine whether or not they buy your product?
If so, What social class will most likely purchase your product? Does the life style of a consumer determine whether or not they purchase your product?For example, you can create a strategy to increase sales by modifying your distribution procedures.
Market Challenger strategies attack the industry leader, companies of . The easiest way to develop your marketing plan is to work through each of these sections, referring to the market research you completed when you were writing the previous sections of the business plan.
Download our marketing plan template to list your business goals and create a plan to achieve them. do you want your marketing plan to accomplish? Be specific.
Your objectives may be financial, with a goal to increase sales, or marketing focused to build your brand, and increase awareness of your product.
An effective strategy will help. Second, the business plan is a requirement if you are planning to seek loan funds.
It will provide A sample statement of purpose. List future services you plan to add to your business. Also, anticipate any potential problem areas and work out a plan for action. NxLeveL™ Entrepreneur Sample Business Plan MARMS Stock Photography—December —Page 3 SECTION I.
EXECUTIVE SUMMARY MARMS Stock Photography is . Business Plan XYZ Medical Device Company Establish strategy for territory coverage – high priority accounts to lower priority accounts.
Identify areas of growth as well as untapped business and develop a plan to exceed sales goals by capitalizing on these opportunities.