Marketing Plan vs Business Plan
"Marketing Plan"
The Marketing Plan as stated in
our text book, is the road map to a successful business venture. The
anatomy of the marketing plan is the essential output of the venture
planning process. The purpose is to produce a concrete plan of action
that will achieve the ventures' objectives. Putting your ideas on paper and having a vision for your venture is key to being to being successful. Also, knowing the difference between the Ventures' Business Plan and the Marketing Plan. The marketing plan has several sections and analysis points. The Competition Analysis section, is the most
intriguing, fun, and challenging. This analysis involves research of
your competitors, understanding their strengths, weaknesses, and
strategies. Also outlining the competitive advantages of each
competitor, the customers they target, the market share they hold, and
their financial power. Understanding the key competitive plays of your
competitor and how your strategy will be different from the competition
and how you will beat the competition. Which in turn will help you to
reach your desired target market. Understanding what makes your
customers happy and why they would buy from you or demand your services.
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