Elements of a
Marketing Plan
Marketing Plan
This outlines the business's short- and long-term marketing goals.
What are marketing objectives?
The item or service offered to satisfy a need or want.
What is a product?
The amount a customer pays for a product.
What is price?
The method by which a product is delivered to the customer.
What is distribution?
Any activity that raises awareness and encourages purchase.
What is promotion?
This section identifies the specific audience a company aims to serve.
What is the target market?
A name, term, or design that distinguishes a product.
What is branding?
A pricing strategy where a high price is set initially to recover costs.
What is price skimming?
A channel where a product is sold directly to the customer without intermediaries.
What is direct distribution?
Paid messages delivered through media to promote a product.
What is advertising?
A breakdown of the competitive environment and market trends.
What is a market analysis?
The lifecycle a product goes through from launch to decline.
What is the product lifestyle?
A low price strategy to attract customers and gain market share.
What is penetration pricing?
Physical or digital locations where products are sold.
What are points of sale?
Short-term incentives to encourage purchases.
What are sales promotions?
This lays out the specific tactics and messaging to attract customers.
What is the marketing strategy?
Improvements or features that make a product more appealing.
What is product differentiation?
Setting prices based on competitors' rates.
What is competitive pricing?
Businesses or agents that help move products from the producer to the consumer.
What are intermediaries?
Building relationships and a favorable public image.
What is public relations?
The part of the plan that details expenses and projected ROI.
What is the marketing audit?
A collection of related products sold under one brand.
What is a product line?
Adjusting prices based on customer demand or time.
What is dynamic pricing?
The strategy of make a product available in as many locations as possible.
What is intensive distribution?
Promoting products through partnerships with influencers or other brands.
What is sponsorship or influencer marketing?