A marketing plan is an important aspect of small business. Developing a marketing plan for small business provides a clear vision about what businesses want to achieve. Moreover, the marketing plan directly related to the objective of small business and helps them to achieve their objectives. In Contrast, marketing plan provides detail information about what …
A marketing plan is an important aspect of small business. Developing a marketing plan for small business provides a clear vision about what businesses want to achieve.
Moreover, the marketing plan directly related to the objective of small business and helps them to achieve their objectives. In Contrast, marketing plan provides detail information about what to do and how to do it.
Moreover, the main purpose of the marketing plan is to create a better connection between customers and small business.
Meaning of Marketing Plan
Marketing plan starts with the identification of customer needs and then small business make efforts to satisfy the needs of the customer. A marketing plan is a written document that describes the marketing activities of business for the coming year — these activities related to the goal of the business.
In fact, a marketing plan provides relevant information about the market position of the business, the target customer, and the detail of the marketing mix.
Designing a Marketing Plan for Small Business
The first step to implement a marketing plan for a small business is to research similar businesses. This provides information on shopping patterns of target customers.
Moreover, this research helps the business to analyze the marketing strategies of competitors and use it effectively to improve its market share.
The success of any business depends on the marketing mix. And in the case of small business, marketing mix of competitors can be very useful. A proper marketing mix is important for small business to increase its sales.
Product Life Cycle
It is important for a business to focus on growth stage and stay away from the declining stage. Once the business arrives at maturity phase, an extension approach should be in place.
At this stage the business may use some approaches such as re-launching, pricing strategy should be flexible, and more focus on advertising.
Promotion techniques are a major aspect of every business. It takes huge expenses to promote the business. Therefore it becomes crucial to have the promotional expenses as low as possible.
In fact, Digital marketing is one of the most inexpensive promotional techniques.
The channel of Distribution
Selecting an appropriate channel of distribution is also a relevant factor because reduce promotional expenses and overall expenses of the small business unit.
Steps for Creating a Marketing Plan
Define Marketing Objectives
In the first step define the objectives of the marketing plan. In Contrast, the objective of the marketing plan may be increased in sales, increase in revenue, and increase the number of customers.
Identifying the Demographics of Target Market
Determine the demographics of customers means write a description of target audiences. Description of the target audience by their age, education level, income level, and profession.
Next step is to focus on customers who are willing to purchase products of the business.
The Third step is to identify the competition of the business. Competition means that provide similar goods or services to customers. In this step analyze strengths and weakness, marketing strategies, and pricing strategies of competitors.
Describe Business Products
In this step describe the goods or service offered by the business to their customers. What special features in products, benefits of products, and how it is different from competitors’ product?
Define Distribution Strategy
Distribution strategy means to provide goods or service of the business to the target audience by its supply chain. It is necessary for the business to provide products to maximum potential customers at minimal costs of distribution.
Develop A Promotion Strategy
Promotion means not only inform about the products to customers but also induce them to purchase it. It helps business about how to communicate with the target audience.
Create a Marketing Budget
In this step determine how much money and time business want to allocate to marketing.
Importance of Marketing Plan
Reducing Future Uncertainties
The business makes marketing strategies and programs for the future by current conditions to minimize the future uncertainties of the business. Proper future planning not only helps to reduce uncertainties but also to achieve its objective ineffective manner.
Clarification of Goals
Appropriate marketing planning helps the business to determine its objective. The clear objective helps the business to be helpful in performing managerial functions such as organizing, directing, and controlling.
It facilitates the business in improving managerial efficiency. Moreover, It is also used to ensure proper distribution and utilization of resources. In fact, it evaluates the outcomes with the predefined standards to improve the performance of the business.
Thus, it manages and controls the managerial actions of the business. In Addition, it also helps in defining the power, responsibilities, and authorities of all employees of the business.
Marketing planning is important for the business to understand the needs and wants of the customers and makes efforts to provide customer satisfaction.
In fact, customer satisfaction helps in increasing profits and necessary for long-term survival of the business. It also helps in increasing market share and revenue of the business.
Higher performance Standard
A marketing plan helps in developing higher performance standards — it facilities easier and faster decision making, which helps in solving many problems faster.
The marketing plan helps the business in coordinating all the managerial functions. It not only coordinating the work of its department but also coordinating the managerial activities of all the other departments to get the overall goals of the business.
Helpful in Controlling Function
It helps in fixing standards for the business, and these standards compare with the actual performance of different departments of the business. If any negative variances occur than efforts are made to remove them and variances are positive than efforts are made to maintain them.
Let’s Wrapping Up
Marketing plan plays a major role in the success of the small business. Therefore it is quite important to follow this instruction to make an Effective plan for small business. If you are still facing some difficulties to create the plan comment below your problems – we will answer your comments. Otherwise, you can get in touch with us the best digital marketing company in India.