For college management studies, especially those focusing on marketing, creating a marketing plan as a requirement for their marketing course is common. A marketing plan is a part of the business plan which covers a list of undertakings a business should do to be on the consumers' good side and to win against the competitors.
- Research the market of your product. Information of how the market works will be your guide in writing a good marketing plan. Know the target market, the competition, how your product fairs compared to others, the budget, pricing and promotional strategies.
- Position your business. With this, your guide will be the mission statement of the business. Since the mission statement describes the goal of the business, the marketing plan should be in line with it.
- Set the marketing objectives. Usually, your objectives should be based on the 8P's: price, product, promotion, placement, people, physical environment, process and packaging. Play on these concepts, and write a marketing plan that will have a balance among the 8 aspects. It is also best to quantify your objects; that is to set a certain value or number of the predicted outcome of the different activities so that the performance of the marketing plan can be monitored.
- Start writing. In writing your college marketing plan, it is important that you use clear, concise and simple language. Try not to use highfaluting and jargon words, but ensure that the words you use are descriptive enough so as to trigger the concept that you are trying to say and persuasive enough so as to convince your reader that your plan will actually work. Your marketing plan should include both your creativity and your extraordinary knowledge about the market.
- Follow the proper format. There is a standardized format in writing a marketing plan and it usually consists of the following: title page, executive summary, situational analysis (includes the macroenvironment, market analysis, consumer analysis, internal and a summary), opportunities and issue analysis (SWOT analysis), objectives, strategy, action program, financial forecast and controls.
- Follow the 80:20 rule. In order to ensure a maximum impact of the marketing plan, study the 20 percent of services, products and customers as this will account for 80 percent of the volume and profit.
- Set a time table. You will need to list down the things you need to do, and when you need to have them done. Note down also the required meetings and appointments for status updates.
- Re-read and double-check your marketing plan. Since your plan should have a professional and business acumen, it is necessary that your plan is free of typographical and grammatical errors. Have your classmates proof-read your plan as well before you submit it to your professor.
Now that you are done with your marketing plan, the next step is to put your plan into action. While writing it is considered difficult, the actual execution of the plan can be 10 times harder. Be sure to follow your plan, especially the time table, by the book so as to ensure a maximized positive outcome.