Understanding the planning process

- There are five steps to writing a marketing plan.…Step one is to analyze the market.…This is where you explore important issues about…market conditions, your potential customers,…and the competition.…This part of your plan is called the situation analysis.…Once you’ve analyze the market;…you need to describe your strategy for achieving success.…Here, you lay out your approach to segmenting the market,…targeting specific customers,…and how you will position your products and services…in the marketplace.…

Next, is the tactical section,…which includes your product or service programs,…your pricing approach, your promotion and marketing…communications programs, and your channel design.…These are often called the four P's of your marketing plan.…A good marketing plan explains how you will implement…the various tactics described in the last step.…It’s here where you describe what steps you need to take,…when those steps will happen,…and who’s responsible for getting the job done.…

And finally, is the financial section of your plan.…