If you have multiple products or services, you should create a separate, detailed marketing plan for each. Your annual business plan, on the other hand, should provide a summary of all anticipated combined marketing expenditures and a general overview of your marketing strategy. However, don’t include individual marketing plans within the annual business plan.

?When should a single-product business create multiple plans?
Even if your business has only one product or service, you should consider doing a detailed marketing plan each time you plan a significant change in your marketing approach or in the nature of your product or service. For example, a retailer may want to do a detailed marketing plan before launching a major off-price sale or for a seasonal promotional strategy. A service business may consider doing a detailed marketing plan before substantially changing prices or offering discounts.

?Should a new marketing plan be created for each product or service?
If you produce multiple products or offer multiple services, you should prepare a separate marketing plan for each related product line, if not for each individual new product offering. If you are doing your analysis carefully, you might uncover some very important marketing differences between even closely related products. For example, competitive and marketplace studies may reveal that the low-end version of one of your products is similar to those made by several other firms. You may find that launching an expensive ad campaign for this product would be ineffective because there are no unique features or benefits to play up and the profit margins for the product can’t support extensive promotional activities. On the other hand, careful analysis of the higher-end version of the same product may uncover a combination of insignificant competition and strong product features and benefits that fully warrant an all-out advertising campaign.

Yes, you might very well be creating marketing plans forever! But they are an essential competitive tool. They allow you to gain ground on your competitors and help you to channel the energies of your business in the right direction.

In our book publishing business, for example, we make a separate plan for not only every single book that we publish, but also for many we consider publishing but either decide not to or lose out to a competing publisher’s offer. As a company we create about five to ten marketing plans every single week!

?How often should marketing plans be updated or changed?
This depends upon the type of business you are in, as well as many other factors. However, most small businesses don’t reevaluate their marketing plans as often as they should—or need to. Although a very small business offering a single service that is promoted through a limited advertising budget may continue to operate at or beyond expectation by subjecting its marketing plan to scrutiny on an annual basis, most businesses should plan a review at least quarterly, if not monthly.

If you aren’t happy with the results of your marketing or think you have the potential to perform better, keep reevaluating. Subject your marketing plan to a review as often as is necessary to develop and maintain the business results you want.

If you can shift your marketing resources between different products and services, and the sales of your product or services are volatile, it might not be excessive to reevaluate your marketing plan weekly. Sometimes, especially if your product is trend setting or timely, it is imperative to review marketing plans daily as new information on consumer preferences, sales projections, and/or distribution opportunities are brought to your attention.

At our book publishing company we review and often change several marketing plans every week. Sometimes, especially when we are launching a major new book, we will review and change marketing plans as often as every single day, after we receive new information on sales.

?Who should be involved in creating marketing plans?
Unlike the annual business plan, one person should be assigned primary responsibility for developing a marketing plan for a particular product or service line. The most obvious choice for this task is the product manager or marketing manager for that product or service line. In smaller businesses, the owner or CEO will usually take on this role.

While one person is assigned primary responsibility for developing the marketing plan, he or she should seek input from everyone within the company as well as outsiders. Feedback from independent sales representatives and existing or potential customers can prove invaluable.

?How do I determine prices?
Many small business people charge too little for their products or services and their profit margins suffer. Especially if you are selling a product that is at least a little different than other products, or selling just about any service, try not to sell on price points alone. As a rule of thumb, I would charge as much as the market will bear, raise prices aggressively each year, and make sure you make a healthy profit on each sale.

* Source Streetwise Small Business Start-Up