What is a Marketing Plan?

A marketing plan or sometime referred to as a product plan should cover virtually all aspects of bringing your product or service to market. Typically, a marketing plan is used in product oriented business, but it is important to any service provider business as well. A well planned marketing should have to be revised at least once a year in order to step up with the market trend.

A good marketing plan should include the analysis of the potential targeted market include the customer’s behavior, the competitors and the strength and weakness of the business compare to the competitors. A marketing plan is not as simple as just a list of advertising or promotional activities. The conclusion to a marketing plan is to predict competitive reaction and a brief consideration of possible longer product term options.

Creating a serious and well planned marketing study take into consideration of each individual product or service group will definately create analysis overlaps between other product or company-wide strategies. It is strongly advised that each product line or service are look into detail separately. Doing a research for each product may reveal the individual product characteristic that may not be considered by other businesses.