A quote that I use on a regular basis is "If you fail to plan, you are planning to fail" by Benjamin Franklin. In business, the most important plans to have are a business plan and a marketing plan. Today we will discuss the marketing plan. The marketing plan shows the direction of all marketing and advertising efforts. Remember, marketing is the total efforts of getting together buyers and sellers, whereas advertising is the types of communication used in marketing. Advertising includes TV, radio, online, print, and other mediums. Let's go over some important parts of the marketing plan that will help your business succeed.
Pricing _ I once said in my Marketing Plan Breakthrough S6PEC that, "Price is the key determinants of your profits". I stand firm to keep it that way. In your marketing plan, you will address pricing plan for your distributors, customers, multiple segments (some business charge differently _ price discrimination) and cost price i.e. your raw materials and things like that. Not many address price correctly and bear in my mind that we need to standby few pricing plan to respond to the market. Take for example during festive season, if everyone is lowering price and slashed their price or even ignited a price war, what do you do about that? Follow suit or wait? If you want to follow, how far? If you want to wait, how long? You capture all this in pricing plan.