- Marketing objectives that are SMART.
- Methods of market research to be used to identify target markets.
- An assessment of the strengths and weaknesses of competitors in the market.
- Outline of the marketing mix.
- Details of the marketing budget.
- Outline of the anticipated difficulties and strategies to deal with these problems.
Frequently Asked Questions about Marketing Plan Elements
The element of a marketing plan that provides a synopsis is typically the Executive Summary. It offers a brief overview of the main points of the entire plan, allowing readers to grasp the core strategy quickly.
While specific structures vary, common elements of a marketing plan include an Executive Summary, Situation Analysis (like SWOT), Marketing Objectives, Target Market definition, Marketing Strategies (Product, Price, Place, Promotion - the 4 Ps), Marketing Programs or Tactics, Budgets, and Controls or Measurement methods.
Two essential elements of a marketing plan are defining the Target Market and outlining the Marketing Objectives. You need to know who you're trying to reach and what you're trying to achieve.
Key elements generally include the Executive Summary, Situation Analysis (understanding the market, competitors, and internal/external factors), identifying the Target Audience, setting clear Marketing Objectives, developing the Marketing Strategy (the core approach), detailing specific Marketing Tactics (actions), allocating a Budget, and establishing metrics for Control and Evaluation.
While models vary, often cited core elements might include: 1. Executive Summary, 2. Situation Analysis, 3. Objectives, 4. Target Market, 5. Strategy & Tactics (sometimes combined), and 6. Budget & Controls.
A common framework for 7 elements might expand on the core: 1. Executive Summary, 2. Situation Analysis, 3. Objectives, 4. Target Market, 5. Marketing Strategies, 6. Marketing Tactics/Programs, and 7. Evaluation & Control.
The most basic elements would cover understanding your current position (Situation Analysis), knowing who you're selling to (Target Market), defining what you want to achieve (Objectives), and outlining how you'll do it (Strategy & Tactics).
A strategic marketing plan includes elements focused on long-term direction: Mission and Vision, Situation Analysis (internal/external), Strategic Objectives, Identification of Strategic Options, Selection of Preferred Strategies, Resource Allocation, and Implementation & Control over a longer timeframe (e.g., 3-5 years).
There isn't one universally agreed "most important" element, as they are all interconnected. However, a strong Situation Analysis often forms the foundation, as a clear understanding of the market, customers, and competition is necessary to set realistic objectives and develop effective strategies.
The Budget section of a marketing plan is where the estimated costs associated with implementing the marketing strategies and tactics are outlined.
