Create an Action Plan and Financial Projections and Budgets or your company.
The next two sections of the marketing plan include Action Programs and Financial Projections and Budget. You will complete phase IV of your marketing plan in two parts. First, you will put together your action programs. Then, you will complete your financial projections and budget.
The Action Program
The Action Programs section of a marketing plan basically serves as a detailed promotions “to do” list. This section spells out specific programs that the company will participate in to promote their products. The Action Program will describe what will be done, when it will be done, who will accomplish the task, and how much it will cost. An example of an item that would appear in an Action Program would be a trade show. The Action Program would list the specific trade show and date. It would state the company’s objectives and reasons for attending it. It would also list who would attend the trade show, expected results, costs, etc.
- In 1-2 pages, provide summaries of the Action Programs that you will use during the first six months of launching your product in order to achieve your objectives.
Financial Projections and Budgets
The Financial Projections and Budgets section of the marketing plan include budget details of expected revenue, estimated expenses, and a break-even analysis
- Complete your Financial Projections and budget by providing 1-2 paragraphs about each of the following items:
- Sales Revenue Forecast: What is your projected sales volume by month for the first year?
- Expense Forecast: What is your total expected marketing costs? Break your costs down by each marketing, promotion, and action program strategy that you listed earlier in your plan.
- Break-Even Analysis: The break-even-analysis is the price at which total revenue equals total cost and profit is zero. This shows how many units must be sold monthly to offset the monthly fixed costs and average per-unit variable costs.
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