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Crafting a marketing plan
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September 29, 2000: 12:33 p.m. ET
A strong plan will help your business thrive when you address strategic issues
By Jane Applegate
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NEW YORK (CNNfn) - Dear Jane: I read your column about how to write a business plan and I'm still confused about what the marketing plan should include.
The marketing section of your business plan should address the following issues:
A detailed analysis of your competition:
a. What are your competitors doing right and wrong?
b. What are they doing right to attract customers?
c. Why are your products or services better than theirs?
d. What is the size of the overall market you are trying to penetrate?
Your specific marketing strategy:
a. How will you promote your products or services?
b. What advertising or marketing vehicles do you plan to use to get the word out?
c. How much money do you plan to spend every month? Quarter? Year?
d. Who will you hire to help you implement the marketing plan?
You may want to hire a veteran marketing consultant to help you develop this plan and update it frequently. Without a clearly defined marketing strategy, your business will fail.
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