Page 98 - Business Plans that Work A Guide for Small Business

6 MARKETING PLAN:

REACHING THE

CUSTOMER

e have set the stage for your company’s potential to success-
fully enter and grow in a marketplace. Now we need to devise
Wthe strategy that will allow the company to reach its potential.
Figure 6.1 highlights the major sections of the marketing plan. Let’s look
at each of these subsections in turn.

Target Market

Every marketing plan needs some guiding principals. Based upon the
knowledge gleaned from the target market analysis, entrepreneurs need
to position their product accordingly. All product strategies reflect a belief
that customer purchases are on a continuum stretching from rational pur-
chases to emotional purchases. As an example, when one buys a new car,
the rational purchase might be a low-cost, reliable car such as the Ford
Fiesta. However, there is an emotional element as well. You want the car

Figure 6.1 Marketing Plan
• The target market strategy
• The product/service strategy
• Pricing strategy
• Distribution strategy
• Advertising and promotion
• Sales strategy
• Sales and marketing forecasts.
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