Marketing Plan Elements - 1007 Words

* Defining your ideal customer (target market) – Think about the characteristics of your ideal customer – what is it you like about working with them and why? * Understanding the competition and what makes you better (differentiation) – There are a lot of people who do what you do so what do you offer that others do not? What do your clients appreciate about what you do? Figure out what it is and lead with that difference in all of your marketing efforts. * Knowing what you want to achieve with marketing (marketing goals) – Write down your marketing goals and make them specific. Pick one or two that are critical and make them the focus of your marketing efforts. According to statistics, if you write them down, you are 95% more†¦show more content†¦Product * The product must also have some features and components in it that are its differentiating factors. That is, it must be different from the products already available in the market. The company must research to find out what exactly the customers desire and provide a similar commodity for them. Various specs of the product, such as size, color and packaging, must be appealing to the consumer. Price * To draw the maximum numbers of customers to the product, it must be correctly priced. The customers attach a value for the money they are paying for the product. Therefore, the price of the product must be appropriate. This way, the company would be able to entice the maximum customers. The company must first analyze the price sensitivity of the customers. This establishes that by a small change in price whether the customers would remain loyal to the company or would shift brands and preferences. Place * The markets where the product is going to be served needed to be elaborately planned. The company decides on all the retail outlets and web portals where the product is going to be available. The company also defines its distribution channels and networks. The dealer commissions are negotiated and fixed. The dealers are made aware of the specifications and features of the product. Promotion * The customers need to be made aware of the existence of theShow MoreRelatedSocial Media Marketing Plan Needs 5 Key Elements Essay865 Words   |  4 PagesMedia Marketing Plan Needs 5 Key Elements By Lori A Manns | Submitted On December 28, 2013 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Lori A Manns As with any business strategy, you need a plan for successRead MoreImplement Marketing Strategies998 Words   |  4 PagesBSBMKG514A Implement and monitor marketing activities [ Revision Number: 1 ] BSBMKG514A Implement and monitor marketing activities Modification History Not applicable. 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