(E Book) Marketing Plan Presentation


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Putting Together a Solid Marketing Plan

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(E Book) Marketing Plan Presentation

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