The marketing plan is really a key component in the completed business plan. The reader of your plan will scrutinize this section with a critical eye looking for flawed assumptions or unrealistic expectations. Market research is the study of the market segments that will be targeted. When you make claims within your marketing plan you should be able to back those claims with solid research and/or experience. If you can’t justify the logic to your market approach you will be tasked by the reader to offer explanations. Shortcomings in the marketing plan can often derail the best of intentions.
The Industry Analysis section is typically the same for all products or services offered by this firm. It is assumed that even if a number of very different goods and services are offered that they will most likely be within the same industry. If this is not really true, then you may want to duplicate this section and include again with different data for the additional products or services offered. Caution: it is important to provide specific and quality information. Don’t bog the reading down with a bunch of statistics that may not directly affect your target audience.
Marketing Plan for Product or Service
Replace the words “Product or Service” in the heading with the name of the product or service and repeat this whole section (heading and subheadings) as many times as needed.
If your business has several different products or services that go after different market segments, then you are best served by addressing the marketing for each separately. Group your products or services by market segment and then explain how you are going to reach each segment. Presumably you have done a different analysis on each group and have devised a unique strategy for each. Just as you described each general group in the Product / Service section you should probably treat each group separately in this section also.
You may be thinking that this is really going to make the business plan crazy long. You could be right – good judgment should prevail. Consider the readability of the plan; if you feel it’s getting way too long either condense and summarize or put some of the boring stuff in an appendix.