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Week 4 - MBA 6101 - A Marketing Plan: The Cornerstone of Your Success



According to Guerilla Marketing by Jay Conrad Levinson, a good marketing plan can be the difference between success and failure for a business. He suggests that an entrepreneur put together their market plan before ever selling their first product or providing service for the first time. A marketing plan should be simple and straightforward, it will help define the identity of a business and how the company will interact with customers. The first step is to answer the below seven questions to develop a marketing plan to guide your business strategy.

  1. What is the purpose of marketing your product or service?
  2. Why should customers choose your product or services?
  3. Who is your target audience?
  4. What marketing tools will you use to meet your purpose?
  5. Where do you fit in within the market?
  6. How do you want customers to see or identify your company?
  7. How much are you willing to invest in your marketing plan?



For instance, if you were looking to start consulting for a pharmaceutical company the below would be a good example of what your marketing plan may look like

"Lecuyer Consulting will engage pharmaceutical companies with the development of safety analytics tools by sending direct messages to employees of companies leading them to company materials, such as the website, engaging in industry conferences, and weekly postings on LinkedIn highlighting the services provided. We fill a need in the market for pharmaceutical companies, large and small, through experience in cutting edge technology tool development for safety management and oversight of clinical trials. Our identity is one of compassion for patients, expertise in tool development, and confidence in meeting regulatory agency expectations. Five percent of gross sales will be invested in our marketing strategy."

 


One of the most important things to note with a market strategy is that it works in coordination with the business plan. Projecting an image with marketing that does not align with the substance of the company will only lead to failure. If your products or services do not align with the identify of the business, your customers will know. This can breed doubt and lead to failure faster than any other misstep in your business plan. Quality is the first step in any successful company.




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