Developing a Marketing Plan
In today’s consumer based marketplace, developing an effective marketing plan for your business involves understanding what the marketplace wants. It’s not a question of what should I grow or produce to make money, it’s what is the marketplace looking for that will result in profit for my business.
The psychology behind marketing is that human beings acquire and consume products and services. Therefore, marketing is about persuading minds as to what products and services to acquire and consume. Consumers have become cautious in their purchasing practices and try to avoid the following risks: monetary, financial, social and psychological. Thus the marketplace is no longer about products and services but about the customer.
A marketing plan is a vital component of your overall business plan and is often considered the most crucial, but often the most difficult to develop. A comprehensive marketing plan examines global and consumer trends; reviews the marketing mix of product, price, place and promotion; and provides details of how you will market your product or service over a certain period of time.