You can be on Entrepreneur’s cover!

Part X--Summary

entrepreneur daily

The first thing you should do when forming a marketing plan isdefine the structure in which it will be presented. The structureof the plan should allow the presentation of strategic informationin a logical and progressive manner. This structure should beprepared in a written outline detailing the progression of topicsand how they will appear in the marketing plan.

The structure of a marketing plan will usually vary according tothe business, its product or service, and the objectives of themarketing plan. Generally, however, each marketing plan willinclude the following information:

Executive summary

Product description

Market analysis

Competitive analysis

Product development

Operations

Goals & objectives

Marketing tactics

Financial projections

Summary

Summary

The summary concludes your marketing plan; therefore, it shouldhighlight those points in your plan that are significant for thereader to know. This includes items such as the advantages yourproduct has over your competitors' products, cost structure,and profits. Strongly emphasize the differential advantage of yourproduct. This is something your product or service has that yourcompetitors' don't. It is the key to your marketingplan's success.

The summary doesn't have to be long. A few paragraphs shouldallow you to encapsulate all the major points within your marketingplan so they are readily available for the reader should theybypass the body of the plan and go straight to the summary.Don't skimp on this section of the marketing plan. Just becauseyou're at the end doesn't mean you should be lazy.

Your summary statement should start off with an explanation ofthe purpose behind the marketing plan. Since most are formed forthe purpose of raising capital, you should include the amount ofthe investment you will need in order to accomplish your goals.Next, provide the reasons why this investment is justified such asyour differential advantage and any other main elements that willcontribute to your success. To assure yourself that you haveincluded all the necessary information, you may want to write downall the major points you've discussed in the marketingplan.

You should also include an implementation schedule in thesummary providing an outline of all the major tasks and when theywill be executed. You can base your schedule on weekly, monthly, orquarterly periods. If your project is a lengthy one withprojections up to five years, we recommend basing your schedule onquarterly periods. If it ranges between a year and three years,implement a monthly schedule. If it is a year or less, you may wantto consider a weekly schedule.

Sample Summary

This marketing plan has presented the introduction ofBio-Diapers -- the first disposable diaper that is completelybiodegradable. Because it is such a unique concept within thedisposable-diaper industry, we strongly believe that an initialinvestment of $80.6 million dollars to cover start-up inventorycosts would provide Softie Baby Care Incorporated with theadditional strength needed to strongly enter the market.

Given this capital and the successful execution of thismarketing plan, a market share of 25 percent over a three-yearperiod is more than possible.

Business Notes

Associations

Association of Small Business Development Centers, 1050 17th St.NW, Suite 810, Washington, DC 20036; (202) 887-5599

Center for Entrepreneurial Management, Inc., 180 Varick Street,17th Floor, New York, NY 10014; (212) 633-0060

National Small Business United, 1155 15th Street NW, Suite 710,Washington, DC 20005; (202) 293-8830

Small Business Network, 10451 Mill Run Circle, Owings Mills, MD21117; (410) 581-1373

Small Business Service Bureau, 554 Main Street, P.O. Box 15014,Worcester, MA 01615-0014; (508) 756-3513

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

Mark Zuckerberg Told Meta Engineers to 'Figure Out' Snapchat's Privacy Protections: 'We Have No Analytics on Them'

Recently unsealed court documents detail "Project Ghostbusters," Meta's project to work around Snapchat's end-to-end encryption to intercept data.

Business News

Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

Southern District of New York Judge Lewis Kaplan said that the loss amount to the victims of Bankman-Fried's crimes surpassed $550 million.

Growing a Business

The Brand Whiz Behind Sun Bum Is Famous For Making Boring Products Fun. Then, This One Stumped Him.

Everything Tom Rinks touched turned to gold until he took on a brand launch at Target that fizzled. Then, he found a creepy doll on Ebay, and he saw a way forward.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.