A marketing plan is essential when you are launching a new business or product, as it helps you outline your overall marketing goals. This plan guides your marketing activities, which can include building brand awareness, establishing your competitive advantage, growing your customer base and attracting new leads. Show
Marketing plans can be complex documents, because they provide a lot of detail about your overall marketing goals and supporting activities. That’s why it’s important to also write an executive summary for your marketing plan. What is an executive summary?As the name suggests, an executive summary provides a brief overview of your marketing plan. In one or two pages, it describes the key results of your marketing research and provides an overview of your brand objectives, marketing goals and related activities. Its purpose is to outline the most important information for your short-term and long-term marketing plans.  Importance of the executive summary in a marketing planA marketing plan has several benefits:
The marketing plan is your guide to marketing your business effectively. The executive summary highlights the most important goals, actions and research results of your marketing plan. It is designed to grab readers’ attention and ensure they quickly understand where your business is going and how it plans to get there. What to include in a marketing plan executive summaryThe executive summary should cover the main parts of your marketing plan, as well as information about your company and brand, your products or services, the market, and your overall direction. While the marketing plan is typically written in sections separated by subheadings, the executive summary is usually written as a series of paragraphs, with each paragraph focusing on one section of the marketing plan. In addition to your company’s name, location and contact information, include the following information in your executive summary: IntroductionYour executive summary should begin with an introduction that briefly explains what the reader can expect. It provides valuable context and will make the subsequent points easier to understand. Briefly explain the project, the purpose of your marketing plan and the key benefits to potential customers. Keep the introduction simple, short and direct. Example: This plan is presented for XYZ Company, which sells widgets for the IT industry. We’ve created a new widget for the healthcare industry, and our marketing plan will show that we have a unique opportunity to expand into a new market. Description of your company and teamBriefly describe your business, including its history, structure, customer base and sales figures. List the main people involved with the business, including their positions and responsibilities, their respective skills and experience, and their responsibilities with respect to achieving your marketing goals. Include relevant external service providers (e.g., accountants, marketing experts and suppliers). Example: XYZ Company has been around since 2010 and is based in Anaheim, California. We sell widgets for the IT industry, which are designed to increase energy efficiency and reduce operating costs. Description of market factors and trendsDescribe the marketplace and industry sectors in which you sell your products and services, and the main trends that affect them. List the factors that influence the market, the innovations that are taking place and the main drivers or players involved. Example: There are several large companies and a few smaller specialty companies that sell similar widgets to the IT industry. Innovations in this market can cause disruptions but only when they provide significant benefits in cost savings or efficiencies. Description of products or services being marketedDescribe your products or services, and explain their key features and benefits. Outline your products’ or services’ unique selling propositions to show how they differ from or are better than competitors’ offerings. Example: We’ve created a new widget for the healthcare industry, which is outside our current market. This new product provides healthcare companies with greater efficiencies and cost savings not currently offered by existing products. There are similar products designed for other industries, but there are currently no widgets designed specifically for the healthcare industry. Description of your customer base and related marketing activitiesDescribe the key aspects of your target audience, as well as how you identify those customers. Briefly explain where you find your target customers and how you will reach them. Outline your promotional strategy, including its main objectives and related timelines. Describe your key marketing priorities and how they relate to specific business activities (e.g., entering a new market, creating new products). Explain what methods you will use to distribute your products or services. Example: Our target market is large healthcare companies, including hospitals, clinics and manufacturers of healthcare devices. We plan to do a marketing campaign through direct sales and social media marketing. Summary of financial planning and projectionsClearly define key financial information related to short-term and long-term marketing activities. Provide line-by-line budget details for individual activities and related metrics to determine their success. Example: Our marketing budget for the year is $100,000, which will be spread over the following marketing activities. Summary of overall objectives and related strategiesBriefly describe the project’s goals and the strategies that will be involved in achieving those goals. Conclude with a couple of sentences that will encourage the reader to review your marketing plan. Example: We’ve developed a marketing plan that will help us to quickly reach key stakeholders in the healthcare industry and become the main provider of widgets to this market. We will use our experience in selling to the IT industry to showcase the benefits of our widget. Tips for writing an executive summaryThese tips should help you create an effective executive summary of your marketing plan: Write the executive summary last.The executive summary is a brief overview of your marketing plan. Write the complete marketing plan before providing a summary of that plan. Once you have all of the information for your marketing plan, you can decide what’s important enough to include in the executive summary. Tell your story. Whoever reads the executive summary should come away with a complete understanding of your marketing goals. Tell your story. Explain what your company does and why you chose to do what you do. Talk about what matters to you, the people who are helping you meet your goals and what you want to achieve with your marketing. Take notes.Make note of whatever stands out when you’re creating your marketing plan. This could include interesting statistics, memorable moments, key findings about your competitors, anecdotes from leadership, ideas to support promotion and newsworthy events. Check out what your favorite brands are doing, note anything interesting you’ve read in a blog or article, or recall an interesting tool or technology that you can apply to your business. These ideas can be inspiration for your executive summary. Do your research.Your executive summary must contain key data and findings, including an analysis of the market and your competition, and budgetary and financial considerations. Your marketing plan will provide more details, but the executive summary should contain important research data to get your reader interested in your marketing plan. Watch your language.An executive summary is a professional document, so you should write in a professional manner. However, it should also reflect who you are as a person and as a company. Your executive summary tells your story. What is your style? What is your audience’s style? The tone of this document should match the tone of your marketing material and your company. Avoid clichés and hyperbole, as they come off as inauthentic and can rub readers the wrong way. Clichés tend to not match the reality of your situation, as they can overpromise on what you can actually deliver. Is your company the best in its category among all competitors? What determines “best”? Ensure any claims you make are specific and measurable. Remember the marketing.The executive summary is a part of your marketing plan, so remember that its purpose is to market your business. Think about how you can position what you’ve written in the marketing plan in a concise way that will compel the reader to continue reading. Include a brief explanation of the most important and interesting information, as well as the key takeaways, that will matter to the reader. Keep it current.Your marketing plan should change over time, and so should your executive summary. Include any updates to your products, services or technologies, or any significant changes in your market and competition. For example, COVID-19 forced many companies to change their marketing strategies and business practices. Your executive summary should reflect the changes your company has made to its marketing plans to deal with the changes in the market. Marketing plan executive summary templatesThese templates will help get you started on drafting your marketing plan’s executive summary:
A marketing plan executive summary gives readers an overview of your company’s market opportunity and how you intend to pursue your target audience, in detail and with financial projections whenever possible. With these tips and templates, you can put together a detailed marketing plan executive summary that articulates the value proposition of your business and a clear plan to turn leads and prospects into customers. Which of the following is the purpose of a marketing plan?A marketing plan is the advertising strategy that a business will implement to sell its product or service. The marketing plan will help determine who the target market is, how best to reach them, at what price point the product or service should be sold, and how the company will measure its efforts.
Which of the following is the purpose of a marketing plan quizlet?What is the purpose of a marketing plan? It is a document used for advertising a business's marketing strategies to its competitors. It is a guiding document that dictates the business's marketing and business objectives over the next five years.
What is the purpose of marketing?The key purpose of marketing is to get people interested in the products or services of a company. This happens through market analysis, research, and contemplating the interest of a business's ideal customers and attracting them through messaging which would be educational and helpful to a business's target group.
When a firm focuses their efforts on a specific group of consumers what type of marketing tool has been created?Target marketing is a marketing strategy that breaks a market into segments and then concentrates your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.
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Marketing are the things marketing intends to accomplish in its marketing plan.
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