Sales Prospecting

Key Marketing Objectives

Establishing your key marketing objectives is an essential area of the business plan because it shows just how you will identify with your potential customers, how you will promote to them, and more importantly how you will keep them coming back (and away from your competitors). Also your marketing objectives would help identify your strengths, weaknesses, opportunities and threats (the SWOT analysis).

Strengths and weaknesses are deemed to be within control of your business (the micro marketing environment), whilst opportunities and threats are beyond your control (the macro marketing environment).

You will need to put into place strategies that:

1) Build on your strengths (S).

2) Minimise your weaknesses (W).

3) Capitalise on your opportunities (O).

4) Counteract your threats (T).

If you find that you have more weaknesses and threats than you have strengths and opportunities this may present a problem.

You may want to re-visit some of these as some areas may be both opportunities and threats, the state of the economy (favourable or unfavourable) is a good example of this.

Marketing Plan Outline

1. Environmental trends:
This includes research and analysis of the general business environment identifying opportunities and challenges for the business over the next 3 years. These opportunities and challenges may also be transferred to the SWOT analysis under opportunities and threats.

See also Market Research

2. Industry conditions:
is the market cyclical? Is the industry in a growth or decline stage and how long is this expected to last? How will you manage the business through these periods? In other words describe the current state of the market.

See also Market Research

3. Products and services:
Outline specifically what products and/or services your are selling. In table format list the contribution of each product/service to annual sales turnover (revenue).

4. Competitors:
Research and list your competitors that compete with you directly. If there any many, research and list say 6, you should research them and identify the following;

a) Name of competitor.

b) Location.

c) How long have they been in business?

d) Personnel; staff structure and set up.

e) Their strengths; from yours and customers perspectives.

F) Their weaknesses; from both yours and your customer's perspectives.

Draw a simple matrix/table and compare what their strengths and weaknesses are compared with yours, this will give you something to work with in developing your competitive strategies.

5. Target Market:
You will need to describe 'those people that are most likely to purchase your products and/or services'. You may have several groups that fall into the category of your target market. more on target markets

6. Marketing strategies:
These should focus on satisfying the relevant wants and needs of the target markets, and your marketing objectives could be developed around these areas;

What strategies will be adopted in regards to the following;

a) Products and services.

b) Pricing.

c) Distribution.

d) Image.

e) Promotions.

f) Utilising your competitive advantage.

See also Viral Marketing, Market Research, Understanding Generations, Improving your Competitiveness and Improving your Image.

7. Marketing controls:
What methods will you put into place to monitor the effectiveness of you marketing activities? How will you know when they working?

These could be in the form of:

a) Sales analysis.

b) Customer retention and growth.

c) Profitability and % growth.

d) Measurement of new business to existing business.

e) Measurement of business coming through promotional activity.

f) Measurement on the number of referrals that result in sales.

g) Measurement of how much business is generated from your website.

Definition for Marketing

All company planning and operations should be customer-oriented, focusing on satisfying customers’ needs and wants. All the marketing activities in a business should be coordinated and consistent. Customer-oriented, coordinated marketing activities are seen as the means of achieving the business's own objectives.

Marketing can be further defined as creating a profitable environment in which to sell your products and services.

Sales Prospecting

Viral Marketing

Back to Growing your Business from Marketing Objectives

Back to What's in a Business Plan from Marketing Objectives

Products & Services
UMACS Biz Zone
Quick Site View
About us
Contact us