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Inventors THE SAMPLE MARKETING PLAN

Print out and use the following template along with the instructions and information included in The Marketing Plan for Independent Inventors or The Business Plan for Independent Inventors

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This is the marketing plan of_____________________________________

I.   MARKET ANALYSIS

A. Target Market - Who are the customers?

1. We will be selling primarily to (check all that apply):
 
Market Segment Total Percent of Business
a. Private sector              %
b. Wholesalers               %
c. Retailers               %
d. Government               %
e. Other               %

2. We will be targeting customers by:

a. Product line
We will target specific lines    _________________

b. Geographic area? Which areas?    _________________

c. Sales? We will target sales of   _________________

d. Industry? Our target industry is _________________

e. Other?                           _________________
 

3. How much will our selected market spend on our type of product or service this coming year?  $_______________
 

B. Business Competition

1. Who are our business competitors?

           NAME             _____________________________________

           ADDRESS          _____________________________________

                            _____________________________________

           Years in business        ___________________

           Market share             ___________________

           Price/Strategy           ___________________

           Product/Service
             Features               ___________________
 

           NAME             ______________________________________

           ADDRESS          ______________________________________

                            ______________________________________

           Years in business        ___________________

           Market share             ___________________

           Price/Strategy           ___________________

           Product/Service
             Features               ___________________

2. How competitive is the market?

           High Competitive Market                   ____________________

           Medium Competitive Market                 ____________________

           Low Competitive Market                    ____________________
 

3. List below your strengths and weaknesses compared to your business competition (consider such areas as location, size of resources, reputation, services, personnel, etc.):

                   Strengths                    Weaknesses

           1.________________________   1._______________________

           2.________________________   2._______________________

           3.________________________   3._______________________

           4.________________________   4._______________________
 

C. Market Environment

1. The following are some important economic factors that will affect our product (such as country growth, industry health, economic trends, taxes, rising energy prices, etc.):

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

2. The following are some important legal factors that will affect our market:

            _____________________________________________________

            _____________________________________________________

            _____________________________________________________
 

3. The following are some important government factors:

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

4. The following are other environmental factors that will affect our market, but over which we have no control:

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

II. PRODUCT OR SERVICE ANALYSIS

A. Description

1. Describe here what the product/service is and what it does:

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

B. Comparison

1. What advantages does our product/service have over those of the competition (consider such things as unique features, patents, expertise, special training, etc.)?

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

2. What disadvantages does it have?

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

C. Some Considerations

1. Where will you get your materials and supplies?

           ______________________________________________________
 

2. List other considerations:

           ______________________________________________________

           ______________________________________________________
 

III. MARKETING STRATEGIES - MARKET MIX

A. Image

1. First, what kind of image do we want to have (such as cheap but good, or exclusiveness, or customer-oriented, or highest quality, or convenience, or speed, or ...)?

           ______________________________________________________
 

B. Features

1. List the features we will emphasize:

           a.___________________________________________________

           b.___________________________________________________

           c.___________________________________________________
 

C. Pricing

1. We will be using the following pricing strategy:

           a. Markup on cost        ____    What % markup? ______

           b. Suggested price       ____

           c. Competitive           ____

           d. Below competition     ____

           e. Premium price         ____

           f. Other                 ____
 

2. Are our prices in line with our image?

             YES___         NO___

3. Do our prices cover costs and leave a margin of profit?

             YES___         NO___
 

D. Customer Services

1. List the customer services we provide:

           a. ____________________________________________

           b. ____________________________________________

           c. ____________________________________________
 

2. These are our sales/credit terms:

           a. _____________________________________________

           b. _____________________________________________

           c. _____________________________________________
 

3. The competition offers the following services:

           a. ______________________________________________

           b. ______________________________________________

           c. ______________________________________________
 

E. Advertising/Promotion

1. These are the things we wish to say about the business:

           ______________________________________________________

           ______________________________________________________

           ______________________________________________________
 

2. We will use the following advertising/promotion sources:

           1. Television               ________
           2. Radio                      ________
           3. Direct mail               ________
           4. Personal contacts      ________
           5. Trade associations     ________
           6. Newspaper                ________
           7. Magazines                 ________
           8. Yellow Pages             ________
           9. Billboard                   ________
          10. Other___________       ________
 

3. The following are the reasons why we consider the media we have chosen to be the most effective:

           _______________________________________________________

           _______________________________________________________

           _______________________________________________________
 

From Mary Bellis,
Your Guide to Inventors.
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