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Marketing Plans Made Easy

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Presentation delivered to the Women of Whistler / Dazzle and Deliver Workshop May 8, 2008. Focus on providing an overview on the marketing planning process.

Presentation delivered to the Women of Whistler / Dazzle and Deliver Workshop May 8, 2008. Focus on providing an overview on the marketing planning process.

Published in: Business, News & Politics

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  • 1. MARKETING PLANS MADE EASY A roadmap to boosting your business Women of Whistler Dazzle and Deliver 2008 Workshop May 8, 2008 Prepared by: Betsy Linnell
  • 2. MARKETING PLAN BASICSMarketing plans help you to define and understand your market, product or service,customers and competition. A marketing plan outlines the implementation of yourmarketing strategy and becomes your road map to achieving your business goals.Closely related to a business plan, a marketing plan can either stand-alone or be asignificant component of a business plan.Business Plan vs. Marketing Plan Business Plan Marketing PlanMission / Vision / Core Values √ *Business Overview √ √Products and Services Overview √ √Marketing Plan √ √Sales Plan √ *Financial Plan / Budget √ √Operations Plan √Human Resource Plan √Why do a Marketing Plan? • Fundamental to your business – generate revenue • ROIMarketing Plan Outline 1. Situation Analysis a. Market Analysis b. Products and Services c. Competition d. Target Market e. SWOT 2. Goals 3. Objectives 4. Key Marketing Strategies 5. Tactics to be used 6. Budget 7. Executive Summary (written last but placed at the start of the document) Copyright © 2008, Betsy Linnell Marketing Management Page | 1
  • 3. STEP 1: ASSEMBLE YOUR RESOURCES • Industry information • Market trends and information • Economic forecasts • Financials • Competitive research • Market research • Customer research • Samples and results of previous marketing initiatives • Past marketing plansSources: • Whistler Chamber of Commerce • Tourism Whistler • Province of British Columbia • Government of Canada • Local library • Internet • Industry associations • Your customersNOTES: Copyright © 2008, Betsy Linnell Marketing Management Page | 2
  • 4. STEP 2: DIVING IN - SITUATION ANALYSISTake all the information you have gathered, combine with your knowledge and that of yourkey staff members and put it to use. A. Industry Analysis What is going on in your market and how is it affecting your business now and in the future. • Industry trends • Economic trends • Size of market • Factors for success B. Products and Services Full review and description of your products and services • Product lists, descriptions, prices (can include strengths / weaknesses for each) • New products planned • Product comparisons – including the competition C. Competition Full review and analysis of EACH of your key competitors • Products / services • Pricing • Key strategies • Marketing activities • Market D. Target Market Describe who your target customer is. Segment if possible into smaller groupings that make sense for your business (geographic, demographic, industry,). • Factual information • Current perceptions about your product or industry • Insights and motivations Note: Segmentation comes in handy later on in the plan. The better you understand your target market, the more likely you are to communicate to them in a way that they will understand and act on. Copyright © 2008, Betsy Linnell Marketing Management Page | 3
  • 5. E. SWOT The compilation of all the key information and insights you have gathered in a usable format that a helps define marketing strategy STRENGTHS WEAKNESSES Internal to your business Internal to your business Within your control Within your control OPPORTUNITIES THREATS External to your business External to your business Outside of your control Outside of your control Now what? • How are you going to maintain and take advantage of your strengths? • How are you going to minimize the risk associated with your weaknesses and strengthen them? • What opportunities should you take advantage of? • What threats do you need to be aware of and prepared for? 1. Develop an actionable list of strategies to address the issues 2. Prioritize the list (very important!) Prioritization Matrix Big Opportunity Big Opportunity Big Resources Small Resources Small Opportunity Small Opportunity Big Resources Small Resources Copyright © 2008, Betsy Linnell Marketing Management Page | 4
  • 6. STEP 3: THE MEAT – GOALS, OBJECTIVES AND STRATEGIESDefinitions (source: http://www.merriam-webster.com): Goal: The end toward which effort is directed Objective: A strategic position to be attained Strategy: A careful plan or methodGOALSStatement that is unique to your business or brand that describes your desired result. Canbe qualitative and / or anecdotal.Examples: • Increase brand awareness • Improve communication • Build word of mouthOBJECTIVESQuantifiable results that your plan will lead you to achieveR – RealisticU – UnderstandableM – MeasurableB – Beyond normalA – AchievableT – Time boundExamples: • Increase sales by 15% by December 31, 2008 • Increase market share by 20% by December 31, 2008 • Increase profitability by 5% by December 31, 2008 • Increase revenue from product or store XYZ by 10% by December 31, 2008KEY MARKETING STRATEGIESBroad direction to achieve the objectives stated above. Organize by market. Can addressareas such as product, price, place, and promotion.Examples: • Expand into new market • Increase marketing efforts to key market segments • Reduce costs • Implement new pricingNOTES: Copyright © 2008, Betsy Linnell Marketing Management Page | 5
  • 7. STEP 4: THE DETAIL – TACTICS AND BUDGETTACTICSActions to achieve the strategies listed. • Include all planned initiatives that will address your strategies • Be specific – the more detail you can provide now, the easier it will be to implement • Organize by strategy, market segment, product, date or type of initiative • Use a visual chart or tableIncludes: • Initiative • Media / distribution channel • Budget • TimingBUDGETDetail of how the “marketing” portion of your budget will be spent. Categorize expenses insuch a way that you can easily evaluate later.Sample:Advertising Print Radio TVAgency FeesCollateralDirect Marketing Mail – Printing Mail – Postage E-Mail Distribution FeesInternet Web hosting Website development and updates Search engine optimization Online advertisingPromotionsNOTES: Copyright © 2008, Betsy Linnell Marketing Management Page | 6
  • 8. FINAL THOUGHTS • Jump in – Don’t let the planning process overwhelm you • Do a few things really well • Keep an eye on your budget • Track your results • Listen to your customers and staff • Marketing is a discipline much like accounting – what is your time worth and how is it best spend?For more resources, please visit my website: www.betsylinnellmarketing.comThank you!NOTES: Copyright © 2008, Betsy Linnell Marketing Management Page | 7