Marketing plan

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Marketing plan

  1. 1. Marketing Plan
  2. 2. Page  2 Marketing Plan Marketing plans typically include a description of: • Market conditions • Products • Buyers • Sales potential • Contract terms or pricing strategy • Promotion and distribution ideas • Resources
  3. 3. Page  3 Marketing Plan  All of these make up your marketing strategy.  What questions should you ask when developing your marketing plan?
  4. 4. Page  4 Marketing Plan  The questions you address will depend on whether your strategy targets: • New products • New buyers • Both
  5. 5. Page  5 Marketing Plan  FINPACK Business Plan software can be used to develop a marketing plan for: • Traditional, bulk commodities • Specialty commodities and value-added products
  6. 6. Page  6 Marketing Plan Business Planning Guide can be used for any commodity. However worksheets are geared toward : • Specialty commodities • Value-added products • Services • Alternative distribution
  7. 7. Page  7 Marketing Plan  Specialty commodities include: – Unique varieties – Non-traditional – Non-GMO – Organic – Agraceuticals
  8. 8. Page  8 Marketing Plan  Value-added product/services include: – Processed -- meat, dairy – IP grain drying and storage – B&B – Hunting preserve – Educational classes
  9. 9. Page  9 Marketing Plan Alternative distribution channels include: – Processors – Wholesale – Retail – Direct where buyers include individuals, restaurants, and institutions
  10. 10. Page  10 Marketing Strategy  Easier strategy questions to answer: – How to price product – How to promote product – How to store and transport product
  11. 11. Page  11 Marketing Strategy  Harder strategy questions to answer: – How much buyers will purchase – How your competition will respond – How prices may change in long-run – How regulations may change
  12. 12. Page  12 Marketing Plan  Characteristics of Specialty Commodity Markets – Not fluid – Immature markets; volatility – Lack of transparency and resources
  13. 13. Page  13 Marketing Strategy  Marketing strategies typically fall apart when: – Sales don’t materialize – New competition enters market – Buyer preferences change – Insufficient quality, volume – Unrealistic from start
  14. 14. Page  14 Marketing Plan – What can you do to develop a realistic marketing strategy: • Contact potential buyers • Ask questions • Review contracts • Be realistic, honest about sales potential • Observe and learn about competitors • Get outside opinions
  15. 15. Page  15 Marketing Plan  Most importantly, if your strategy involves specialty or value-added products and alternative distribution channels: Research and document your assumptions!
  16. 16. Page  16 Marketing Plan FINPACK Business Plan software asks questions and offers tips about: • Current markets • Potential new markets • Pricing strategy • Promotion and distribution strategy • Storage and quality control • Resources – suppliers, contractors, competitors
  17. 17. Page  17 Marketing Plan  If marketing traditional commodities, software such as Marketeer can help with forward contracting strategies.  Marketeer can be imported into the Business Plan Software.
  18. 18. Page  18 Marketing Plan Business Planning Guide asks questions about: – Current markets (Worksheet 2.2) – Buyer preferences (Worksheet 4.1) – Projected sales volume (Worksheet 4.2) – Product uniqueness (Worksheet 4.3) – Competition (Worksheet 4.4)
  19. 19. Page  19 Marketing Plan  More Guide questions about: – Distribution (Worksheet 4.5) – Pricing (Worksheet 4.6) – Promotion (Worksheet 4.7) – Inventory and storage (Worksheet 4.8)

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