What Are The Steps to Create A Marketing Plan? From Marketing Expert Carmelo Cerrelli

According to marketing expert Carmelo Cerrelli, a marketing plan is a part of an overall business plan.

Here are some important steps you must follow from marketing expert Carmelo Cerrelli, that will help you in developing your marketing plans:

• The Executive Summary

The executive summary is a high-level summary of the marketing plan as a whole.

• The Challenge

The Challenge provides a brief description of the products or product lines that your company offers. With each product description, include goals that you want to set for each product or product line.

• Situation Analysis

Situation analysis contains a snapshot of your company, including your customer base, and your market position. Situation analysis should be divided into six sub-sections:

ü  Company Analysis

Long and Short-Term Company-wide goals

The focus of your company (comes under your mission and vision statements)

Culture of your company

Strengths of your company

Weaknesses of your company

Your company’s estimated market share

ü  Customer Analysis

Estimate size of your customer base

Key Demographics (age, social class, gender) of your customer base Value drivers

ü  Competitor Analysis

Market Position

Strengths

Weaknesses

Market shares

ü  Collaborators

Joint ventures, suppliers, subsidiaries, distributors, , etc.

ü  Climate: “PEST” Analysis

Political and legal environment

Economic environment.

Social and cultural environment.

Technological environment

ü  SWOT Analysis

Internal strengths of your company

Internal weaknesses of your company

External opportunities you can avail for your company

External threats to your company from competitors

• Market Segmentation

Each market has its own different segments. You should have the understanding of all the relevant segments for your products in your market, as they will allow you to adjust your marketing mix that is the Four P’s, to better adapt to the different needs of each segment.

• Alternative Marketing Strategies

Alternative marketing strategies is about the details of any alternatives that you and your team considered before arriving at your current strategy. These should include: changing the price of a product or product line or eliminating a particular product or product line etc.

• Selected Marketing Strategy

In selected marketing strategy you have to explain the strategy that you and your team have developed and have mutually agreed upon. Explain why did you choose this strategy? Also why do you feel that it’s the best possible strategy for the near future? Once that’s done,now put your Four P’s down for each product. Each product should have its own Four P’syou can follow the format below:

ü  Product

ü  Price

ü  Place (Distribution)

ü  Promotion

• Short and Long-Term Projections

Short and long-term projections is about forecasts of revenues and expenses, also your break-even analysis as well as any changes or adjustments that you predict you will need to make in the future.

Conclusion

According to marketing expert Carmelo Cerrelli, a marketing plan without a sound strategic foundation is of little use. So always remember a solid marketing strategy is the foundation of a well-written marketing plan.