Marketing Planing

University of Hargeisa
Marketing planning of shoes

What is a marketing plan?
A marketing plan is a document that outlines a brand’s plan to attract and retain
customers and promote its brand, products, and services.
. It includes research, information, and past marketing performance history, and it

outlines a plan for creating future marketing and advertising strategies.
Marketing plans are often a section of a larger business plan. But they can also stand
on their own.
Why do you need a marketing plan?

A marketing plan helps you put all of your research, ideas and plans in one place. When
you go through the process, you can:
 Define your core messaging and positioning to create a cohesive brand voice, vision,
and style.
 Set a budget that matches your goals and agenda.
 Deliver a stronger return on investment as you will create tracking processes to
measure and optimize campaigns.
 Develop better future plans as you can clearly see what’s working and what’s not.
 Organize and centralize your marketing plans so your entire team is on the same
page.
page.
Without an official marketing plan, it’s likely that your business will have a lot of ideas,
opinions and plans floating around without much cohesion.
A marketing plan helps you get focused and organized so you can be more coordinated,
productive and successful
page.
Without an official marketing plan, it’s likely that your business will have a lot of ideas,
opinions and plans floating around without much cohesion.
When’s the best time to make a

marketing plan?
There’s no bad time to create a marketing plan. But the best time to make a marketing
plan is:
 At the beginning/end of the year so you can plan out plans for the year ahead.
 When launching a new business so you have a new business marketing plan to
help you grow and scale your business.
 When launching a new product, service or category in your business so you
know how to capture a new market.
 The moment you realize you don’t have one because it’s never too late to start to
reap the benefits of having an existing or new business marketing plan.
If your business fits into any of these scenarios, it’s time to create a marketing
plan
. Before you begin

If you have an established business, but this is the first time you’re creating a marketing
plan, start by reviewing your history.
You’ve probably had marketing plans in the past even if they weren’t laid out in a formal
document. Reflect back on those campaigns and strategies to help create your new
plan.
Open up a spreadsheet to start recording an inventory of everything you’ve tried so far

to market your business. Note any action you’ve taken (cost, time investment, dates,
duration), and categorize everything.
Think about each of these efforts.
How to create a marketing plan

It can be easy to feel overwhelmed as you start to think about creating your marketing
plan. But, all you really need to do is follow a simple outline and go through the following
marketing plan steps.
1. Define your offerings.
2. Define your brand mission.
3. Define your target audience.
4. Conduct a market analysis.
5. Conduct a competitor analysis.
6. Define your brand positioning.
7. Outline your goals.
8. Outline your marketing strategy.
9. Set a budget.
10. Outline offers and marketing tactics.
11. Define metrics and KPIs.
Define your offerings

Before you can create a marketing plan, you need to be clear about what it is that you’re
selling.
Create a list of your products and services and outline:
 The features of each offer/product

 How each feature benefits customers
 What makes each offering different from other similar offerings
 The price for each offering
Define your brand mission

that you know exactly what you’re selling, it’s time to explain why you’re selling it.
Outline your brand mission by answering questions like:
 What is it that you would like your brand to accomplish?

 Why do you want to help your customers?
 Why are your products or services important?
 Why should customers look to do business with you instead of your competitors?
Stages of Market Planning
The first stage of market planning involves sales projections and evaluations of past
promotional activities to assess their effectiveness. The process of analyzing a product
enables a company to identify which areas of the plan should carry a heavier focus or
which areas should be adjusted. The analysis not only involves evaluating the company’s
competitive position in its respective market but also considering how to implement
new strategies for its business goals.
The second stage is to organize marketing objectives and strategies. It is crucial here to
establish the relationships between the proposed activities so the plan can be carried
out efficiently
Market Segmentation and Target

Markets
Knowing who makes up the market the product or service plays in is crucial, yet the
importance of this aspect is often overlooked. Market segmentation involves assessing
the whole population that could be potential customers of your product and then
segmenting them based on varying criteria. Some examples of aspects to filter for
are purchase behavior, psychographics, age, and average income.
After the market has been segmented, the company must choose the group that it
believes its product can best serve and is within the budget to advertise to. This
segment then forms your target market. It is generally recommended for
businesses to have one target mark The main reason why market segmentation
and targeting is important is that a company should always be focusing its
resources on the most profitable group of customers, so knowing which gro
Budget
Budgeting may be the most important term in marketing planning when it comes
to execution. Often, in order to secure funds from top management or banks,
sufficient proof of your advertising plan’s success is needed. It requires accurate
forecasting of returns generated by individual advertising expenditures. It is
important that returns are not overestimated to avoid spending too much and
running out of money early on.
Marketing Mix
The marketing mix is a combination of elements that influence customers to purchase a

product. The marketing mix includes four main factors – Product, Price, Place, and
Promotion. Product refers to either the tangible good that your business offers or the
intangible good, referring to services. Key decisions made under this umbrella are
branding, product design, package and labeling details, warranties, and more.
Price can quite simply be the quantitative price the company’s customers must pay to
acquire its product. However, thorough marketing plans will also consider other
sacrifices a customer must make, such as travel time, shipping costs, or research time
before they find the product. Customer perceived value is also a key consideration when
it comes to price. Key decisions under this umbrella include price-setting, pricing
strategies, discounts, accepted payment methods, and more.
Place refers to where customers can contact the business and purchase its products.
Providing convenience and access to the company’s customers is the goal. Key decisions
under this umbrella include distribution, channels, partnerships, locations,
transportation, and logistics.
Promotion covers all the marketing communications the company undertakes to make
its product known and shape the customers’ image of its product. Key decisions here
involve promotional mix, message content, message frequency, media strategies, and
more.
Purpose of Marketing Planning

All firms create a marketing plan, but the sad reality is, they are kept aside and
forgotten which can prove to be catastrophic for the company. All businesses
that are successful in the fields of marketing invariably starts with marketing
planning. The plans for a large corporation includes hundreds to thousands of
pages while the small company can get it done with mere half-dozen sheets.
Having an extensive, thorough marketing plan on its own is suggested. If
making a mini-plan as part of your business plan doesn’t interest you then you
can attach your complete marketing plan to the company plan .

What is included in the Marketing
Plan?
A lot of things are covered in a small business program, which includes the
description of the competitors, strength, and weakness of both the competitors
and yours, from the viewpoint of the market and the demand for the product or
service in the market. Just like the business plan, marketing planning can prove
to be tricky and complicated. The magic of creating the plan is that it helps you
to reach your preferred market and profit goals
Who is your target market?

What part of the population will be your likely buyers of your product and services.
The truth is, be more realistic and never say that whole community will be your
expected customer. Because let’s face it, friends, the entire community can never be
you’re your targeted consumer. To help you define your market, figure out the
people who need that kind of solution for determining how your product and
services helps the people.
You might come across the term Market segmentation (or, specializing in
particular niche market or groups), during your analysis. Market segmentation is the
several groups within your targeted market. For example, if your company makes a
product that helps in weight loss, different groups could be new moms wishing to
lose baby boomers or baby weights wanting to recuperate their health and get their
familiar figure.
4. What marketing tactics will you opt?

Make your target market your guide. Where does your market lie? How can you coax
the population, for them to check out your business?
These tactics help to attract the population in purchasing the products and services of
the firm, increasing the overall profit ratio of the company.

Marketing Planing

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University of Hargeisa

Marketing planning of shoes

. It includes research, information, and past marketing performance history, and it

Why do you need a marketing plan?

When’s the best time to make a

. Before you begin

Open up a spreadsheet to start recording an inventory of everything you’ve tried so far

Think about each of these efforts.

How to create a marketing plan

Define your offerings

Create a list of your products and services and outline:

 The features of each offer/product

Define your brand mission

Outline your brand mission by answering questions like:

 What is it that you would like your brand to accomplish?

Market Segmentation and Target

The marketing mix is a combination of elements that influence customers to purchase a

Purpose of Marketing Planning

can attach your complete marketing plan to the company plan .

Who is your target market?

services helps the people.

You might come across the term Market segmentation (or, specializing in

particular niche market or groups), during your analysis. Market segmentation is the

4. What marketing tactics will you opt?

the population, for them to check out your business?

the firm, increasing the overall profit ratio of the company.

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