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Creating A Marketing Plan Template
The process of developing your marketing plan can help your company allocate resources, organize operations, prioritize activities, evaluate different marketing activities, think creatively about problems, and identify new business opportunities.
III PRODUCT STRATEGY
Describe your product thoroughly enough so that your reader can understand “who, what, where, when, and why” a customer would benefit from purchasing your product.
1. Define your product.
Include a complete product specification that describes the benefits of your product.
2. Describe how your product works.
Include a detailed description of how your product works. Focus on the specific factors that differentiate your product from competitive products in terms of performance and design, Describe modifications or additions that are planned or that that could be implemented in the future to improve or differentiate your product.
3. Describe how your product is different from other products.
Include a competitive analysis to help your reader understand how your product compares to and is positioned against competitive products. Explain why you think your product strategy will be successful in your competition.
4. Describe any innovations that enable your product to help your customers increase profit, decrease expenses, or enter new markets.
If this information is confidential, explain how and when this information can or will be revealed, e.g., at a product launch or when a prospective customer has executed a nondisclosure agreement.
5. Describe the product strategies your company will employ to establish and maintain market leadership.
Describe your product strategy. When will new products be released? How will these products help your company increase its market share and profits? Will any of your business partners be able to help your company develop innovative products?
6. If your product is “revolutionary” and has no competition at this time, describe new technologies that may spawn competition in the future.
Include reports and research from market research firms, trade publications, and other objective information sources.
