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(E Book)   Marketing Plan   Presentation

(E Book) Marketing Plan Presentation



marketing plan

marketing plan
Putting Together a Solid Marketing Plan



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(E Book)   Marketing Plan   Presentation (E Book) Marketing Plan Presentation Presentation Transcript

  • Music Marketing and Promotion Putting Together a Solid Marketing Plan
  • Learning Objectives
    • Understand the structure of a marketing plan.
    • Obtain a sense of how a marketing plan fits into an overall business plan.
    • Develop an appreciation for the critical success factors in a marketing plan.
    • Obtain the understanding needed to begin the marketing plan project.
    • Create a marketing plan good enough to implement and professional enough to submit to a potential employer
  • Preliminary Comments
    • The pathway to success in business is paved with creating and implementing sound business plans.
    • Professionals who can create and implement a powerful strategy are far more likely to be successful and get promoted.
    • Without these skills, careers are greatly limited.
    • There is as much of an art in creating good strategy and plans as there is an playing any instrument. Virtuosos are just as rare.
  • What is strategy and planning?
    • Every business organization must strategize and plan.
    • Generally, there are five strategies that the organization must develop:
      • Financial Strategy
      • Human Resource Strategy
      • Manufacturing Strategy
      • R&D Strategy
      • Marketing Strategy
    • Let’s discuss a little on each.
  • Financial Strategy
    • From where does the firm get money/resources?
      • Taking on Debt (borrowing money, selling bonds)
      • Selling equity (selling stock in the company)
    • How does the firm manage its cash flow. Many firms make as much money on cash flow as they do from operations.
  • Human Resource Strategy
    • What sort of people is the firm going to hire?
    • How much training will the firm provide?
    • For what time period will the firm hold employees?
    • What sort of culture will exist in the organization?
  • Manufacturing Strategy
    • How will the organization go about creating products?
    • Will they be produced by the organization or produced externally?
    • How much will the organization invest in its ability to produce products/services?
  • R&D Strategy
    • Every organization must produce new products and services.
    • How will the organization go about creating new products and services?
      • Create internally through a creative process?
      • Buy innovation from outside?
  • Marketing Strategy
    • To which customers is the organization going to target its efforts (market segmentation and target marketing)?
    • How do we mix the following elements to create a plan for success:
      • Product
      • Price
      • Promotion
      • P-distribution
    • We will spend the rest of the semester addressing each of these issues.
  • Business Plan and Marketing’s Role
    • How a business goes about setting its strategies and plans is largely a function of its strategic direction and the environment in which it operates.
    • That is, a firm will scan the environment and see the possibilities, in the context of its capabilities. Based on this assessment, it will create a strategy for moving forward. Plans will be created for implementing the strategy.
    • The firm will make general decisions on all five strategies and then dictate objectives to each area of the firm.
  • Marketing’s Role in the Business Plan
    • Marketing is generally given objectives that are non-negotiable, but most everything else is.
    • That is, marketing must meet some target (10% increase in revenues with a 5% increase in profits) but how to meet those targets is up to the marketing experts.
    • In many jobs in the music industry, you will be the one that is expected to make those expert decisions.
    • What we will discuss assumes that the decision on objectives has already been made.
  • The Steps in Creating a Marketing Plan
    • Conduct a SWOT analysis/current situation
    • Convert the SWOT into a TOWS analysis
    • Identify the organization’s aims, goals, and objectives.
    • Identify the customers/target markets.
    • Identify the customer requirements.
    • Articulate the objectives.
    • Create a strategy for accomplishing the objectives (4-Ps+).
    • Create action programs for carrying out the strategy.
    • Project profit/loss for at least two years.
    • Install controls for monitoring progress.
  • Conduct a SWOT Analysis
    • Look at 35,000 feet to assess the Strengths, Weaknesses, Opportunities and Threats.
    • Strengths and Weaknesses are internal.
    • Opportunities and Threats are external.
    • Successful examination of strengths and weaknesses requires an objective assessment of what the organization does well and what it does not do well.
    • Successful examination of opportunities and threats requires an accurate assessment of the industry and its competition.
  • Conducting a SWOT Analysis
    • There are tons of industry specific data available on the music industry.
    • The current dynamics in the music industry are particularly relevant to anyone creating a SWOT analysis. The web is a great source.
    • Other sources include periodicals ( Music Biz , Billboard , etc.) and research documents ( Mediamark and Lifestyle Planner ).
  • Conducting a TOWS Analysis
    • The broad trends unearthed in the SWOT analysis must be converted into relevant issues.
    • A TOWS analysis is one way of looking for patterns.
    O/T S/T Threats O/W S/O Opportunities Weaknesses Strengths
  • Output of SWOT and TOWS
    • After completing a SWOT and TOWS analysis the strategic background of the project should be addressed.
    • All the relevant dynamics in the marketplace, especially competitive ones, should have been addressed.
    • This background is critical for establishing the possibilities.
  • Identify the Organization’s Aim, Goals and Objectives
    • Most marketing plans are set inside an organizational context.
    • What organizational objectives must the project satisfy?
      • The project cannot violate the aim of the organization or its mission.
      • The project must contribute to the accomplishment of some organizational goal(s).
    • The organization can be an important “customer” of the project.
    • What constraints have been placed on the project?
  • Identify the Target Market
    • No project/product can satisfy every potential customer.
    • You must select a target market for your project that can be satisfied and has a demand for the product/service.
    • This identification must be very specific.
  • Identify Customer Requirements
    • The more that is known about the target market and its members’ needs, the more likely is success.
    • These needs are oftentimes not easily manifest and may not even be well-understood by customer.
    • You must have a concrete sense of what customer requirements are being satisfied.
  • Articulate the Objectives
    • What performance is necessary to satisfy customers and achieve the objectives?
    • This performance must be translated into measures that can be tracked.
    • When the objectives are fully reached, the project will be a success.
    • It is critical to define the objectives accurately. What gets measured gets done.
  • Develop a Strategy
    • There are literally thousands of methods that can be used to accomplish an objective.
    • Strategies are “grand designs” for achieving an objective.
    • For example, suppose an objective is to sell 20,000 CDs. The following would be strategies:
      • Try to get airplay and then distribute them through one-stops and moms & pops
      • Set up promotional events with sales in the back of the room
      • Get access to an internet portal for “teaser” downloading. Sell through your website.
  • Create Action Plans
    • Once a strategy is chosen, more detailed, concrete steps must be taken to ensure proper execution of the strategy.
    • These action plans must be sufficiently detailed to ensure success.
    • Methods for executing these action plans must be created.
    • Methods must be created for monitoring progress on them.
    • These are generally presented effectively on VENN diagrams.
  • More on Action Plans
    • Each action plan must contain:
      • The objective to be achieved in the action plan
      • The target market of the action plan
      • A comprehensive, detailed description of the action plan
      • Responsibility assignment for executing the plan
      • Timing horizons
      • Budget
      • Controls for monitoring implementation
  • A Budget
    • All the expenses incurred in the action plans must be rolled up into an overall budget.
    • Revenues must be estimated from sales for each time period.
    • These are subtracted to from a potential profit/loss statement.
  • Controls Document
    • All the controls in each action plan must be rolled up into a comprehensive control plan.
    • There will always be overlap in controls (i.e., some control devices will ensure the success of several action plans).
    • Generally, these are consolidated by people (who is responsible) or by action (e.g., survey, action report, etc.).