Every new small business is in need of a marketing plan by which its products and services are described. The plan as well identifies the customers and a certain strategy applied in the market. The writer of the marketing plan should take into consideration the budget of the small new business and study each detail related to the business so that the plan matches its needs. The plan usually covers a year and could be amended with time.
First, when setting the market plan of a certain new small business, the writer must study the industry i.e. know the competitors of the business and their weaknesses, strengths, threats etc…. By doing so, the writer will get thorough information about them.
Second, it is of major importance to identify the target market of the business; the marketing plan must be able to identify its potential customers; for example, if the business produces toys, its customers are for sure children and not adults.
Third, the marketing plan should be based on several factors. The first factor is the product that might be tangible or intangible. It must study as well the cost of production of the product, compare it to similar products in the market and then set the price of its products. When doing so it avoids loss. It must know how the product will be distributed to the customers i.e. the place. Last, advertisement, new methods of publicity and all what is related to promotion form a major factor that should be taken into consideration.
Fourth, set a marketing strategy that will identify clearly how the product will be marketed like the name of the magazine, the price, age of customers, publicities… It must be thorough so that it would be given to an agency.
Finally, specify the marketing budget that includes direct or indirect expenses as well as methods of measurement and timelines like for example stating that within two weeks of this ad, the business would sell this certain amount of this product. This process is not easy at all but can be studied in an accurate way.