Marketing and the Business Plan
The marketing section of a business plan depicts how the new enterprise will announce itself to its potential customers, gain sales from them and build up a steady flow of income.
The marketing plan must be both realistic but yet convey a strong sense that the proposed venture has a significant role to play in the intended marketplace.
It must be achieve a balance between being impressive as well as containing well grounded beliefs appropriate within the constraints of the current industry’s behaviour.
Marketing Initiatives and Campaigns
Marketing initiatives usually take the form of campaigns which are targeted to segments of the population through specific media outlets.
A thoughtful, researched and adequately funded marketing campaign can launch and transform a start-up business in to a significant player in a desired industry.
Conversely, an ill-conceived and poorly executed effort can drain a new enterprise of its scare resources (predominantly cash) and fail to make even a marginal impact on its intended audience.
There is no magic formula formulating a marketing plan. It is far more likely that knowledge of the market, its customers and their influencing media will prove to be invaluable in attracting business. Marketing guides such as the the 4 P’s might be employed to formulate a plan in this area.