Here Are 10 Basic Components to Include in a Marketing Plan

Here are 10 basic components to include in a Marketing Plan:
1. Product/Service Definition Describe your product or service in simple and easy-to-understand terms. Consider this message to be a written version of your 30 to 60-second "elevator speech" that clearly describes your company's mission and raison d'ĂȘtre. Include your point of difference and communicate the intrinsic benefit/value your customer will receive.
2. Target Audience In conjunction with your company's product/service definition, take the time to clearly describe your target audience. Be specific as to the demographics and psychographics of your ideal buyer. Focus your company's resources and marketing tactics on these groups.
3. Goals & Objectives Set the bar as to what you want to achieve. Establish both short term and long term objectives for your company. Make your goals meaningful, specific, and measurable. Concrete goals such as revenue and new customers will help you keep an eye on the ball at all times.
4. Identify the Competition Is your competition a series of small local vendors, or is it a group of large national companies with ample resources? Or, is your product/service so unique that the resistance is really a lack of awareness? Either way, learn about and understand the competitive landscape. It will enable you to better position and target your message.
5. Pricing A guidepost for setting price involves estimating the monetary value your customer will receive, and understanding your financial goals and objectives. Also remember to price your product/service at a rate higher than your fixed and variable cost (don't forget -- you are in this to make a profit).
6. Establish a Marketing Budget Marketing expenses can add up quickly, so set aside a specific dollar amount per month or per quarter. Evaluate your marketing decisions such as advertising in the yellow pages or hiring sales representatives based on the amount of business that a particular initiative generates. Track...