The definition of a marketing plan

The definition of a marketing plan is a map of your marketing ideas. Entrepreneurs make the mistake of not planning this most important part of a business.

Marketing defines so much more then just placing an ad in the local paper or hoping for the telephone to ring. Ineffective marketing is expensive and if not done right, it can lose valuable time and dollars.

There are three main components to a marketing plan that are essential to target and that is:

• Current & future markets
• Product knowledge and
• Competition

Researching is key to an effective marketing campaign. If time is taken to research the competition, the demographic, the products, etc., then the business will be off to a great start.

I’ve written an article on Building on a solid marketing plan that talk about the importance of building upon this important business element.

Remember to define goals with strategies about who to target. Planning, budgeting, and monitoring results is important. Encompass current and future projections and monitor the marketing plan with where it’s going at all times. Another great article I’ve written on What does marketing mean? lists other important tips on marketing.

Creating a mission statement which can list beliefs and goals is also helpful. Listing the reasons to be in business in the first place, is a form of goal setting and can help anyone stay focused on their business commitment.

A marketing plan is serious business and a successful business is too!

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