A Marketing Plan is a Communication Document

A marketing plan is the basic document that embodies marketing invention. Its primary purpose is to communicate the strategy to all stakeholders.

A plan that is too long is not a communication document; it is a monument that no one will read.

The Essential Components of a Marketing Plan:

A good plan should be short and concise, summarized in perhaps twenty or so slides. It must clearly articulate:

1. The Target Market Segment: Its size, customer population, and why it is an important and defensible segment.
2. Barriers to Entry: An estimate of the costs of crossing the barriers for both the company and its competitors.
3. Key Competitors: An analysis of the competitors that count, focusing on their strengths and weaknesses within the target segment.
4. Market Share Goals: A commitment to attaining a commanding position.
5. The "Product" Invention: How the product will be differentiated, positioned, promoted, distributed, priced, supported, and serviced.
6. Schedules and Budgets: The necessary spreadsheets and timelines.

The best plans are not epic-length tomes. They are short, clear documents that provide direction and facilitate communication.