August 13, 2010, Newsletter Issue #141: Mentor The Marketing Plan

Tip of the Week

Your new franchisee will probably need your assistance in drafting their initial marketing plan. It is a critical internal document that provides direction for the company. It is also a crucial part of the business plan. If the franchisee is going to request financing, lenders will want to see a comprehensive marketing plan. You are going to have to approve the plan before the franchisee can proceed, so it makes sense to help develop the plan. You can either provide a format for the plan or a checklist of items to be covered.

Common elements of a marketing plan are:

The position of the product or service in the marketplace A pricing strategy based on the customer and the market A complete selling plan Defined distribution channelsA complete budget for advertising and promotion

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