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This
is the first (and I would say, most important) step
in the marketing and business development life-cycle.
It is where a formal definition is created about your
product and your customer, in simple non-technical terms.
A marketing plan or business idea, with requirements
definition, can be summarized in a short document along with
a few diagrams that describe the product, the customer, competitors and the process interactions, entity relationships,
dependencies and current/expected outcomes. A financial statement
is usually included with the plan, stating expected
profits, expenses and the impacts, pricing and revenue
sources. One of the most wonderful things about
a Marketing Plan is that it offers an opportunity to
reflect on the present and past and set a course forward
toward maximum profitability -- and it helps define
what that profit really can be. Details
about "how to build a product or business " are
not included in this step.
Many
people believe that any kind of formal planning takes
too much time and effort; and admittedly some less important
things in life do not require a formal written plan.
But a Marketing Plan is one thing that does require just
a bit of thinking and writing time because it can very
well impact your ability to sell your product and the
ultimate profitability of your efforts - or even the
continued existence of your business for any period of
time. And the plan is not exclusively about profits -
it is mainly about knowing. You can set your own goals
and indeed sometimes you may choose an avenue that yields
less financial profits and more spiritual value - and
that is fine. The aim is to know what your options are.
To
summarize, the focus of the Marketing Plan is to help
you sell your product for a fair and full market
price by finding customers and identifying ways to
effectively communicating to them such that they are
compelled to buy. The plan does not need
to be complicated, while it can offer benefits to you
immediately by enforcing a structured thinking process
and thereby reveal new truths about what you are doing
and what needs to be done in order to succeed - whatever
success means to you. The ideas can be easily
reviewed, modified and shared with other members of your
team and this is a living document that is meant to be
revised and tweaked as things change or as you learn
new things about your product, customers or market place.
Most importantly, the Plan becomes a tool for
measurement and guidance of your success.
Contact me for more information
about our planning services.
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