4.3.7 Define a Marketing Plan

Your marketing strategies are immediately influenced by your target customer. With an emphasis on how well your concepts match the needs of your ideal client, your marketing plan should outline your current options and your anticipated course of action.

For instance, if you’re going to invest a lot of money in Instagram marketing, you might want to think about if Instagram is the most popular platform for your intended audience. If it isn’t, you might want to think twice about your marketing plan.

The bulk of marketing strategies offer information on four crucial subjects. How much information you offer on each depends on your business and the target audience for your plan.

Price. What are the prices of your products, and why did you choose those prices?

Product. What do you sell, and how do you set it out from the competition?

Promotion. How will you reach your ideal customer with your products?

Place. Where will your products be sold?

The majority of your strategy may focus on promotions since you can more easily go into practical specifics, but each of the other three areas is a crucial strategic component of your marketing mix and should be discussed at least briefly.