The most important part of business plan is market analysis section. It contains information about your target market, products or services, competitors, pricing strategy, sales/distribution plan and advertising and promotional plan. This part also determines whether the market is sufficient enough to support the business or not.
It is necessary to review your market analysis section at least every year. Thorough research is very important before writing a professional business plan. You must be well-aware about every part or every question you are including in your marketing analysis section.
Products and/or services:
This part of marketing analysis contains the information about your product and services: How unique is your product from your competitors, how your product and services will give benefit to your customers and also the pricing strategy of your product.
Sales and distribution plan:
The basic goal of the marketing plan is to encourage people to buy your product and for this it is necessary to make your sales and distribution plan strong. Sales and distribution plan is future divided into: Online distribution methods, summary of transaction process between your business and your customers. If it's related to your business, outline your sales strategy.
Advertising and promotional plan:
It contains information about advertising and promotional strategy.
Advertising: Advertising is a best approach which primarily decides about the media to access maximum target audiences while it helps in thinking of media, it also assesses the expenditure or annual budget of advertising.
This part contains the information about how much you are willing to spend in advertising on media; such as, Internet, radio, newspaper, television, direct mail, billboards, magazines, etc.
Sales promotion: This includes: marketing material, publicity, your business website and other promotional activities.