How would I go about preparing a Marketing Plan for selling Natural Health Supplements? The plan must include a summary, a market analysis (including SWOT Analysis), environmental analysis (macro...
How would I go about preparing a Marketing Plan for selling Natural Health Supplements? The plan must include a summary, a market analysis (including SWOT Analysis), environmental analysis (macro and micro environmental factors), marketing goals and strategies (financial and marketing mix) and monitor control (implementation and contingency plan).
For a marketing plan, the four P's of marketing must be considered. The four P's are Product, Place, Price and Promotion. The consumer is at the center of the Four P’s. Bold faced words in the below discussion should serve as section headers.
In this case, the first P, Product, is natural health supplements. The initial summary statement includes a description of the product. The market analysis section should discuss other natural health supplements in the marketplace. The market analysis section should contain information regarding competitors in the marketplace, how well those competitors' products are selling, the methods of promotion competitors are using, the price and placement of their products. The market analysis section should further identify how the natural health supplements discussed in the marketing plan will either be competitive with the existing products or be able to differentiate itself from existing products. A SWOT analysis should be conducted to demonstrate this point. SWOT analysis demonstrates the strengths, weakness, opportunities and threats of a product in the marketplace.
The environmental analysis identifies the place the natural health supplements will take in the marketplace and how they will be sold. The macro environment analysis should consider how the supplements will provide a healthier lifestyle or health benefits to customers. Furthermore, methods of distributing the products should be reviewed. The marketing plan should include if the supplements will be sold via direct sale method, internet, retail locations or specialty stores. This micro environment analysis should predict how the environment to the introduction of a new form of nutritional health supplements.
Marketing goals and strategies should discuss the promotion and price of the nutritional health supplements. A competitive price should be set for the nutritional health supplements. The financial mix should determine the price by evaluating cost of production, expected sales and desired revenue. Pricing should be competitive with other nutritional health supplements already in the market. Pricing can also be determined and analyzed by using a supply and demand curve. In the marketing mix, advertising methods and techniques are used for product promotion. Nutritional health supplements may be advertised via internet, store fliers, television commercials, radio spots, or promotional offers. Advertising expenses should be deducted from total expected revenue.