7 steps of a marketing plan

1. Market position
The current market position is a summary of the existing situation that the business finds itself in.
2. Current market
an analysis of the external factors that will impact on the business.
these factors include:
– physical
– economical
– sociocultural
– technological
3. Competitor analysis
a table showing each product, comparing each one with the competitiors products. The aim is to summarise the strengths and weaknesses
4. Target market analysis
The business needs to identify the segment of the market that the product or service is aimed at.
5. Marketing goals
The business needs to identify the goals it wants to achieve as a result of the marketing campaign. the goals should be in relation to the product and market
6. Marketing strategy
This is probably the most important part of a marketing plan. This section involves the 7 P’s
7. Costing
This section of the marketing plan will list each product that will be sold by the business and decide on the percentage of total sales that it may supply. Then the business can calculate the profit from this.