Issue link: https://docs.hic.us/i/403552
C C H H A A P P T T E E R R 4 4 – – T T h h e e M M a a r r k k e e t t i i n n g g P P l l a a n n NOTE: Much of the information in this chapter was provided courtesy of the Small Business Administration and used with their permission. Portions have been modified as needed for the purposes being discussed. The original information is available at www.sba.gov. The Marketing Plan is actually a separate entity from the Business Plan. However, the two work hand-in-hand in governing the operation of the Business. Thus, the Marketing Plan is an integral part of the Business Plan, which is the overall governing document. As such, the Marketing Plan should be attached to the Business Plan, whenever the Business Plan is submitted for formal review, such as when applying for financing. Marketing plays a vital role in successful business ventures. How well the plan you develop markets your business, along with the management and financial plans, will ultimately determine your degree of success or failure. The key elements of a successful marketing plan are to: 1) know your customers - their likes, dislikes and expectations , 2) know your competitors - their strengths and weaknesses. By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill customers needs, better understand competitors and identify changes in the marketplace that can affect your bottom line. The purpose of the marketing plan is to define your market, i.e., identify your customers and competitors, to outline a strategy for attracting and keeping customers and to identify and anticipate change. Your business will not succeed simply because you want it to succeed. It takes careful planning and a thorough understanding of the marketplace to develop a strategy that will ensure success. Understanding the Marketplace Generally, the first and most important step in understanding the market is to study it through market research. In the case of a franchise, the franchisor has developed a marketing program, so you will need to review the program he or she has provided. Look over the plan to determine what product/service you will offer and write a description of it. Even though a franchisor has described your product or service, it is a good idea to develop and write your own description because this process helps you to know your product or service- a key variable in any successful marketing plan. When describing your product or service outline what you feel are its unique aspects, and explain how or why these aspects will appeal to customers. Emphasize the special features that you feel are its selling www.hsi.us care@hsi.us 45