There is an old saying: 'people don't plan to fail, they just fail to plan.' These words are useful guide for people who intend to own and operate their own business, offering both warning and some valuable advice. Comprehensive planning and preparation, a feature of all successful businesses, should be undertaking long before your business ventures is established.
Writing a business plan and a marketing plan will help to develop your understanding of many factors that have an influence on the success or failure of a business, including awareness of the market, your required finances, ways to remain competitive and building your skills and resources. Being able to identify and exploit opportunities in your marketplace will increase your chances of future expansion into new areas and give you an advantage over your competitors.
The following sections will help you to research and recognize opportunities within your market and industry and plan ways to take advantage of these.
The business plan.
It details the importance of a business plan and how it is structured. It also includes a guide to researching and writing a business plan and a sample plan to use as a reference.
The marketing plan.
It outlines the aims, structure, function and use of a marketing plan. It also includes a sample plan to use as a reference.
When setting up your business, be sure to find out which legislation, license and codes of practice will affect your enterprise.
As you work through the plan, conduct the appropriate research and planning for your business to ensure your plan results in effective marketing.
Current Market Position:
It's important to understand the current position of your business before deciding on how to market it further. Marketing analysis and research (done in later sections of your plan) form the basis for identifying your current position.
External and internal business factors need to be considered and planned for.
Product:
Although it seems obvious, it's important to identify your products and services in the plan. You need to consider each product or service in terms of existing competition and for how the market perceives it. You will need to market new products differently to those well established in the market.
Place:
To sell products and run a business, you need to have premises of some sort. It may be a home office, a mobile service, a business center office or shop, an online office (website), but it needs to be considered from the customers' point of view. Consider whether those premises and its location appeal to customers.
Compare your premises with your competitors' premises. Think about how your premises can work to your marketing advantage.
Price:
Every business needs to set price for products and services. A pricing strategy outlines how prices will be set and how much flexibility there will be for individual prices. It includes details such as discounts, specials, package deals and moving old stock. Check competitors' prices and policies to ensure you are being realistic with your policies.
Promotion:
Consider how you currently promote and market your business and what is and isn't working. Look at what your competitors do for promotion, noting what does and doesn't work for them as well.
Processes:
By writing down procedures for business activities, your business can be run more efficiently and consistently. Procedures can be for activities such as dealing with complaints, preparing quotes, serving customers, answering phone calls, e-mails and equipment use.
Market Overview:
Your business is affected by factors beyond your control, and these need to be taken into account before making any plans. This part of the marketing plan is an overview of your key markets that will impact on your business success.
Essentially you need to consider what opportunities and threats may arise out of the changes you expect in the next 6 to 12 months or longer.
When you have made the appropriate researches and have come up with a unique plan, do well to stick to your plan because breaking your own plans will definitely disrupt your focus. Plan well, follow your plan and succeed. | | Author Info: Thomas Fidoro is dedicated to guiding people who intend to own and operate their own business, offering both warning and some valuable advice. See more at http://tkglobal.blogspot.com/2008/06/tips-for-effective-marketing-plan.html |
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