A Model Marketing Plan ppt

A Marketing Plan: Key Components and Plan Outline In order to get your marketing efforts off to the right start, you must first fully understand the strategic goals of your company or organization. All good marketing plans begin with a comprehensive and intimate understanding of the goals of the company. You will also be well served to review the vision and mission of the organization. All of your marketing efforts should fully support these goals and every marketing strategy and tactic should be designed with these goals kept firmly in mind. The first step in creating a marketing plan Marketing plans must be based upon the goals laid out in the business plan so a thorough review and understanding of the company's business plan is the first step in created a marketing plan. Once you understand the strategic goals of the company, as a successful marketer you will also fully understand the benefits of the products and services you offer. You will also understand who can benefit from those products and services and how you will sell and deliver those products and services to them profitably. You will also seek to uncover and explore strategic opportunities that will help your business grow and increase profitability through the delivery of superior products and services to an audience that will benefit from them. Once you have a strategy that describes your company's products or services and how your market will benefit from them, then you can create a marketing plan that will enable you to communicate with your market, sell your product or service, and reach your organization's strategic goals. You may choose to include tactics for uncovering new strategic opportunities that exist. The marketing plan is the foundation for all your marketing efforts. Communications strategy and measurement Critical to your marketing plan is an understanding of how people will benefit from a relationship with you so your plan must include a clear communication strategy to let people in your target market know how they will benefit from your products and services. You will also identify ways to quantify and measure your plan so you know not only if your plan is working but how well it is working. Traditionally, marketers have talked about and taught "The Four P's of Marketing". They were: Product, Place, Price, and Promotion. It is these things, it was felt, that must be addressed in order to succeed in marketing. In my opinion these "Four P's" were lacking a very important element and were too inward looking. What about the people we are trying to serve? The 5 P's of Marketing Your marketing plan should address the 5 P's of Marketing: People, Price, Product, Promotion, and Place. If you do not start by keeping people foremost in mind you are bound to fail. After all, when we talk about markets we are really talking about people and when we create marketing plans we are designing ways to effectively communicate with people. Of course, just to keep things interesting, some feel that the "P's of marketing" be there 4 or 5 is an outdated concept and that the P's should be replaced by C's. C's of marketing:  Customer solution  Customer cost  Convenience  Communication Source: Kotler, Philip and Armstrong, Gary, Principles of Marketing, 9th Editions, Prentice Hall, 2001. No matter what letters you choose, marketing involves addressing all of these key areas. Below is an outline of a marketing plan that addresses the essential points of concern along with a brief discussion of each component in the plan. Keep in mind that every marketing plan is different but each of the below components should be discussed in your plan. Marketing Plan Outline/Example Overview Your overview will be a brief description of your plan, what your goals are, the assumptions implicit in the plan, and the major actions you'll take to achieve your marketing goals. This will give the reader a short preview or synopsis so they at least have a general understanding of what your plan is trying to accomplish and why. Company Vision or Mission Statement This section will discuss the philosophy of your business, who you wish to serve, why you wish to serve them, and the manner in which you will conduct business. The Vision or Summary describes why you are in business in the first place. Objectives This section will discuss the major marketing objectives you will accomplish through your plan in quantifiable terms along with a discussion of your budget and the major actions or marketing initiatives you will undertake to accomplish those objectives. A Discussion of Your Market This section talks about the identified needs of identifiable groups of people and how your products and services meet those needs. The more you know about the people you hope to serve and the better your market research ("people research"), the better your plan will be. Market Segments, Market Segmentation Strategy, Discussion of Needs and Requirements This section will analyze your overall market and discuss the identified sub-groups of people within based upon their different needs and wants. You can probably never understand too much about the needs and requirements of your market and they are likely to be very diverse so the more you can segment your market and understand the unique needs and wants the better. Sales Goal An identified sales goal. It is impossible to create a successful plan if you do not know what the goal is. You should also set sales goals within each market segment and among each of your product lines. Product Definition A full discussion of each of your products and services and how each uniquely meets the needs and wants of your market. What are you selling? What is unique about it? Why would anyone buy it? Communications Strategy Thus far your plan has talked about what you need to do. Now your plan must discuss how you will do it. This section will also discuss how you plan to reach and communicate with each of your market segments and how you will treat each differently. Discuss how you will position your company based upon your Unique Selling Proposition. Your Unique Selling Proposition is what you do that is different than anyone else and the single most important reason you are different than any other company. Your Unique Selling Proposition is how you will differentiate yourself from your competition. Distribution Channels A full discussion and examination of how you will deliver your products and services to your customers. It would be a good idea to understand your customers' preferred delivery method and try to base your distribution on that model. Competitive Analysis A full and complete analysis and discussion of your competition. Who are they? What do they do? How do they do it? What are their strengths? What are their vulnerabilities? Who are their customers? Why do their customers buy from them? A Tactical Plan A detailed plan of all the communications channels you will use and all the marketing communications tools you will use. In other words, carefully consider how you will communicate with your market. Just some of the marketing tactics you might wish to include are: print advertising, Public Relations, publicity, direct marketing, direct mail, trade show exhibiting, Web and Internet marketing, outdoor advertising, and sponsorships. I'll talk some more about some of these tactics on the next few pages and show you examples from actual projects I've done. Expense Budget A delineation of marketing communications tactics you will use and budgets for each of them. You have to know how much money you have to carry out your plan so you can be realistic about the tools and tactics you'll use. Discussion of Sales & Marketing Resources Available Carefully consider the resources you have available to you as you prepare to execute your plan. Identify the financial and human resources you will need to translate your strategic plan into series of tactical successes. This is the place to fully discuss your sales and marketing infrastructures and make sure they can support your goals. Measurement/Evaluation A discussion of how you will measure each and every step of your plan. If you do not know how to measure your marketing initiatives you will have no understanding of how to improve your marketing. Build predefined evaluation periods into your plan at which point you will measure your results and adjust your plan accordingly. Keys to Success/Critical Issues A discussion of the few most important parts of your plan upon which your success will depend. What are the absolute essential things your plan must accomplish and why? Strategic Opportunities I like to include a discussion about strategic opportunities in the marketing plans I create. You probably will not know the specifics of opportunities that will present themselves in the future, but you should discuss how you will evaluate strategic opportunities when they arise. Ask yourself what other markets might present additional growth avenues for your business. How will you know if opportunities are right for your business? In my experience, it is best to at least talk about how you will evaluate strategic opportunities before they arise. A great way to accomplish this is to use your company's mission or vision as a guide as to what will define a strategic opportunity worthy of consideration. You might also discuss ways to actively seek and uncover strategic opportunities. Now that we have talked about creating the marketing plan and looked at a sample outline, let's explore the elements of the promotional mix that you will use to execute your marketing strategy. The marketing strategy section of your business plan builds upon the market analysis section. This section outlines where your business fits into the market and how you will price, promote and sell your product or service. Example of a Marketing Strategy Section of a Business Plan For an example of a marketing strategy section, see the Cambridge Strategy Group. What Does a Marketing Strategy Section of a Business Plan Include? There is a lot of marketing information provided in the marketing strategy section that not only gives potential vendors important information to review in their analysis of your business, but it can also be used as a blueprint for all of your marketing activities. Here is a look at how to break down the key information in the marketing strategy section of a business plan using the 4 Ps of marketing concept. Product: Product refers to either a physical product or services you plan on offering. Some of the product areas that should be included in this section are: • Brand name • Related products or services • Functionality • Packaging • Quality • Warranty Promotion: This section covers the various aspects of how you plan on marketing your product or service. The areas you will need to address include: • Advertising • Marketing budget • Promotional strategy • Publicity and public relations • Sales force • Sales promotion Price: The pricing section addresses the way you plan on pricing your product or service. The aspects of pricing you will need to address are: • Bundling (if you have related products/services) • Pricing flexibility • Pricing strategy • Retail price • Seasonal Price (if applicable) • Wholesale (volume) price Place: Also known as Distribution, this section is all about the delivery of your product or service to your customer. Here are the areas you will need to cover: • Distribution centers • Distribution channels • Inventory management • Logistics • Order processing • Transportation • Type of distribution • Warehousing • Your marketing strategy can be one of the most powerful parts of your business plan. Here are a few tips to keep in mind as you write your marketing strategy section so you can make it as effective and relevant as possible. • Make It Unique • The foundation of your marketing strategy should be your unique selling proposition (USP), or the statement that outlines what differentiates you from everyone else in the market. Create your USP first, and then build upon it by relating it to each of the 4 Ps. The common thread through each part of your marketing strategy should be how your business solves a problem or meets a need better than anyone else. • Know Your Customers/Clients • The information you include in your marketing strategy should incorporate all of the research you conducted in your market analysis. Make sure you have a clear idea of who your ideal customers or clients are, what they like, what they need and what they expect. This will make your marketing strategy more accurate and applicable to your target audience. • Be Flexible • While the 4 Ps of marketing work well for physical products, they need to be tweaked a bit for services. For example, for the place section, you may consider adding your website versus a physical location. In addition, your website should also be a part of your promotion section as well as any social media that you participate in. • Do Your Research • When you’re determining your pricing, you should have plenty of data to back up your decision. Include industry reports, competitor ads, and comparisons that show the research you conducted and how to came to the conclusion that you are pricing your product or service correctly. • Use Visuals • Just as you should in other sections of your business plan, using charts, graphs and images to illustrate your facts can make it easier to absorb for your audience. Is your pricing right at the median in the industry? Are you planning to use a four-step distribution process? Use visual aids to drive your point home. • Remember Your Budget • You will outline the financial analysis of your company in another section of your business plan, but keep those numbers in mind as you write your marketing strategy. Your marketing process may look good by itself, but unless you tie it directly to your financial status, you will have a difficult time meeting your goals. • Include Your Collateral • If you're going to talk about your marketing collateral in your marketing section, you should include samples as exhibits to your plan. Examples of marketing collateral include business cards, brochures and fact sheets. Marketing Plan Outline I. Executive Summary A high-level summary of the marketing plan. II. The Challenge Brief description of product to be marketed and associated goals, such as sales figures and strategic goals. III. Situation Analysis Company Analysis • Goals • Focus • Culture • Strengths • Weaknesses • Market share Customer Analysis • Number • Type • Value drivers • Decision process • Concentration of customer base for particular products Competitor Analysis • Market position • Strengths • Weaknesses • Market shares Collaborators • Subsidiaries, joint ventures, and distributors, etc. Climate Macro-environmental PEST analysis : • Political and legal environment • Economic environment • Social and cultural environment • Technological environment SWOT Analysis A SWOT analysis of the business environment can be performed by organizing the environmental factors as follows: • The firm's internal attributes can be classed as strengths and weaknesses. • The external environment presents opportunities and threats. IV. Market Segmentation Present a description of the market segmentation as follows: Segment 1 • Description • Percent of sales • What they want • How they use product • Support requirements • How to reach them • Price sensitivity Segment 2 . . . V. Alternative Marketing Strategies List and discuss the alternatives that were considered before arriving at the recommended strategy. Alternatives might include discontinuing a product, re-branding, positioning as a premium or value product, etc. VI. Selected Marketing Strategy Discuss why the strategy was selected, then the marketing mix decisions (4 P's) of product, price, place (distribution), and promotion. Product The product decisions should consider the product's advantages and how they will be leveraged. Product decisions should include: • Brand name • Quality • Scope of product line • Warranty • Packaging Price Discuss pricing strategy, expected volume, and decisions for the following pricing variables: • List price • Discounts • Bundling • Payment terms and financing options • Leasing options Distribution (Place) Decision variables include: • Distribution channels, such as direct, retail, distributors & intermediates • Motivating the channel - for example, distributor margins • Criteria for evaluating distributors • Locations • Logistics, including transportation, warehousing, and order fulfilment Promotion • Advertising, including how much and which media. • Public relations • Promotional programs • Budget; determine break-even point for any additional spending • Projected results of the promotional programs VII. Short & Long-Term Projections The selected strategy's immediate effects, expected long-term results, and any special actions required to achieve them. This section may include forecasts of revenues and expenses as well as the results of a break-even analysis. VIII. Conclusion Summarize all of the above. Marketing Plan example for a retail clothing store: Statement of Marketing Goal [Store Name] aims to provide first-class service to our customers. We envision our products to be something that gives them the prestige when walking through other well-known brands. By simply meeting the needs of our clientele, we make them face the world with confidence. Marketing Objectives Build stronger brand nam. Supply products precisely for our target market. Earn ROT by the year 2015 Target Market Segment Teens (12-19) who loves to look good, mostly in middle to upper classes. Adults/ Young professional (20-29) who are employed and are working in the urban areas with a salary of almost 6,000 pesos a week. Fashionistas Celebrities Marketing Strategies (Main) • Mall Fashion Shows • Event sponsorships • Fundraising events • Advertisements Marketing Strategies (Strategy Development by Target Group) Pre-teens • Endorsements Teens • Sponsorships of school events • Advertisements Adults and Young Professionals • Fashion shows • Advertisements Promotional Tools Print Ads • Teen and Fashion Magazines • Newspapers Event Marketing • Sponsorships • Concerts • Fundraisings E-marketing • Internet Banners • Company Website • Social Networking sites Broadcast Media • TV Commercials Here are some of the common mistakes business owners make when completing their marketing plans: • Mistake #1: Not targeting the right customers. Although many businesses "think" they know their customers, in many instances this is not the case. Not everyone wants your products, so it's a waste of time and money to attempt to target them all. [...]... Marketing strategy and tactics Our marketing strategy and tactics are as follows Marketing strategy Our marketing strategy is to create awareness of the Fisher Fly and associated sales in Cairns by using a combination of direct mail and newspaper advertisements to solicit responses from leads We also plan to initiate a secure online payment mechanism on our website as consumer research has shown that our... are comparable with your written plan • Mistake #6: An inability to sell your plan Having a consultant prepare your plan may save you a headache, but it is you who needs to explain to your sponsors every question they have about your plan You need to understand everything that is written in your plan How to develop and use a marketing plan Step 3: Marketing strategy and tactics Once you´ve drawn together... We have found direct mail to be an inexpensive and efficient way to source leads Our existing client base resides primarily in Mackay and its surrounding areas We have an exemplary staff, consisting of the owners (Larry and Samantha Fisher, a husband and wife team) as well as three casual staff who all enjoy fishing and who are currently studying marine science, animal behaviour and web design The unique... is a marketing plan for a fictitious small business, Didn´t Get Away, a fly fishing manufacturer based in Mackay The products (and species) contained within it are fictional as well Any similarities with existing businesses are unintentional Summary of our market and consumer research results Description of target market Our target market for the Fisher Fly consists of men and women who: • range in age... Marketing tactics Once you´ve developed your overall marketing strategy, you´re in a position to develop your marketing tactics, your tactical marketing mix It´s usually described in terms of the 5 Ps of marketing: Price, Product, Place, Promotion and People These tactics implement your marketing strategy 5PsOverviewQuestions to ask d shop assistants can support the marketing plan and its strategies and tactics... make purchasing decisions online, in newspaper advertisements and via word of mouth • existing clients would like to be able to order products online Marketing goals and measures of achievement Marketing goals Our marketing goals are as follows: • By the end of the second quarter, create awareness of products such as the Fisher Fly in the Cairns market and obtain responses from at least 100 new leads... advertisement a Hold a staff training session to train staff in the new online ordering facility Hold a staff refresher course in client service Write a press release on the Fisher Fly Marketing budget Based on our action plan and its associated costs, we´ve allocated $3200 for our marketing activities The table below specifies these actions, costs and the total amount Action Write and design an advertisement... prefer to shop online We have selected this strategy because our consumer research indicated that our target market segment reads The Cairns Post and that our existing clients prefer to shop online We also have evaluated past marketing campaigns and found that direct mail is an inexpensive and effective way to source leads Marketing tactics Pricing • Price the Fisher Fly at $30 per fly, with 10% discounts... relating to your market research and your consumer research and you´ve identified the objectives of your marketing, you´re well positioned to develop strategies and tactics to achieve those objectives Marketing strategy Your marketing strategy is your broad plan for achieving your marketing objectives Your consumer research should indicate which marketing activities are likely to yield best results Marketing. .. Post and to appear on a direct mail-out Run weekly advertisements in The Cairns Post Send a direct-mail out once per month in the Cairns market Create an online payment facility on website Write and send an email notifying existing clients about the online payment facility Hold a team briefing meeting to let staff members know about the contents of the marketing plan, including the advertisement a Hold . leads in Cairns and increased overall sales of the Fisher Fly by 5%). Marketing strategy and tactics Our marketing strategy and tactics are as follows. Marketing strategy Our marketing strategy. strategies and tactics, everyone associated in any way with your business, including sales staff, administrative staff and shop assistants can support the marketing plan and its strategies and. step in creating a marketing plan Marketing plans must be based upon the goals laid out in the business plan so a thorough review and understanding of the company's business plan is the