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Mkt Plan
 

Mkt Plan

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    Mkt Plan Mkt Plan Presentation Transcript

    • What is a Marketing Plan?
      • A written report for the marketing strategy
      • Varies widely in scope and detail
      • All plans need to be based on analyses of
        • Product-market and segments
        • Industry and competitive structure
        • Organization’s value proposition
      IpKin Anthony Wong, Ph.D. Macau University of Science and Technology
    • The Goal
      • To sell your idea for expansion to a marketing manager, senior executive manager, investor, bank, venture capitalist, small business administrator, etc.
      • To demonstrate that your idea will generate profitability.
    • Planning Relationships and Frequency
      • Marketing plans are developed, implemented, evaluated, and adjusted to keep the strategy on target
      • 3 to 5 years
      • A series of annual plans (or in shorter terms e.g., 6-month)
      • Annual plan To manage marketing activities during the year
        • Budgets for marketing activities
        • Marketing mix tactics (product, distribution, price, and promotion)
    • Planning Considerations
      • Include:
        • Expected results (objectives)
        • Market targets
        • Actions
        • Responsibilities
        • Schedules and dates
      • The plan should indicate
        • Details and deadlines
        • Product/service plans
        • Market introduction program
        • Advertising and sales promotion actions
        • Employee training
        • Others
      • Answer questions of:
        • What, when where, who, how and why for each action targeted for completion during the planning period
    • MARKETING PLAN OUTLINE
    • I. Strategic Situation Summary (or Executive Summary)
      • Summarize the key points from your situation analysis (market analysis, segments, industry/competition) in order to recount the major events and provide information to better understand the strategies outlined in the marketing plan.
      • In 4 to 5 paragraphs tell the reader the overview of your plan.
      • Prove why the idea will work.
      • Sell your idea, keep the reader engaged.
      • You are wetting the appetite to read.
      • You have 30 seconds to sell your idea.
    • II. Company Overview
      • What is your company?
      • Company history and background
      • Mission and Vision
        • Establish the goals of your operation
        • Specify, how you will earn revenue
      • Product and services
      • Current marketing mix strategy
      • Financial Situation (SEC filing e.g., 10-K (annual filing) and 10-Q (quarter filing))
      • Structure
        • Functional, regional, matrix
      • Resource
        • $$, land, HR, relationship, IT?
      • Management style
    • Tools
      • Check out “Useful Links” on the class website
        • Demonstrate that you know your competition
        • Demonstrate competency
        • Substantiate your proposition
    • What do consumers need?
      • You need to discuss your competitive advantage vis-à-vis the competition here.
        • What needs do customers have that aren’t currently be satisfied.
        • Folks, this is the key to marketing. Identify unfulfilled needs and satisfy them.
      • Ask yourself, what societal forces drive customers to buy your products or services?
      • From a B2B point of view—what do business (organization) customers need.
    • THE DEMOGRAPHIC TRAP
      • We are obsessed with thinking strictly of money.
        • Aim for the needs and income becomes secondary
        • People will pay for what they need or think they need
        • The higher income family doesn’t necessarily have disposable income
    • III. Current Market Situation for the Market-Targets
      • Analysis of the current situation of the company, product, market, environment, and competition
        • Market overview
          • Market demographics and needs
          • Market trends and target market growth, and potential
        • Competitive and industry analysis (This part can be discussed as Porter’s 5 forces here or in the Environmental Analysis section)
        • Product/service overview
        • Keys to success and critical issues
    • III. Current Market Situation for the Market-Targets
      • The market target may be defined demographically (key characteristics only), geographically, or in social/economic terms.
      • Each market target should have needs and wants that differ to some degree from other targets.
      • These differences may be with respect to types of products purchased, use situation, frequency of purchase, and other variations that indicate a need to alter the positioning strategy to fit the needs and wants of each target.
    • IV. Environmental Analysis
      • Macro-Environmental Trends, Impacts, and implication
        • STEPP analysis (impacts from 5 environmental dimensions)
          • Social
          • Technological
          • Economical
          • Political
          • Physical
      • Micro-Environment
        • Porter’s five competitive forces (This part can be discussed in competitive and industry analysis section)
          • Barriers to new entry
          • Degree of rivalry (competitor)
          • Power of supplier
          • Power of buyer
          • Threat of substitutes
        • SWOT analysis
          • Strengths (relative to your competitors)
          • Weaknesses (relative to your competitors)
          • Opportunities
          • Threats
      • Competitive strategy
        • How will the firm compete?
        • What are the managerial implications of these environmental factors
    • V. Marketing Objectives and Strategy
      • Mission
      • Marketing objectives
        • Target market, position, customer satisfaction, mkt share, and others
      • Financial objectives
      • Target market(s)
      • Positioning Strategy:
        • Write statements that describe how you want each market target to perceive each product relative to competition.
        • State the core concept used to position the product (brand) in the eyes and mind of the targeted buyer.
        • The positioning statement should describe:
          • (1) What criteria or benefits the customer considers when buying a product along with the level of importance,
          • (2) What we offer that differentiates our product from competition, and
          • (3) The limitations of competitive products.
      • Strategy Summary
    • Matching Location With…
      • Demographics—
        • Your product or service caters to young families. Your zip code has young families.
      • Geographics—
        • Your product/service helps consumers in warm climates or those in nursing homes. Your location has these.
      • Lifestyle—
        • Your product/service is targeted to surfers, your location is near the beach.
      • Behavioral Variables—
        • African Americans, Hispanic, Gay, Ethnic consumers have needs for specific products or services. You fill these needs.
    • State your objectives
      • What do you plan to offer investors?
      • What are your goals as a business?
      • Two types of objectives: marketing and financial. No marketing—No financial.
      • Customer satisfaction, retention, market share, order fulfillments, acquisition.
        • Sales volume, profitability, return on investment, break-even.
    • IMPORTANT
      • Are your objectives feasible?
        • Do you have an idea of the market size?
        • How much market share do you need to obtain to break even?
        • What are your fixed costs going to be? How many units do you have to sell to break even? Is it feasible?
    • VI. Marketing Research
      • Describe the market research problem and the kind of information needed. Include a statement which addresses why this information is needed.
      • Steps:
        • Research objective
        • Procedure
        • Data Analysis and Result
        • Managerial implication
      • A. Product Strategy
      • Identify how each product fits the market target.
      • Other issues that may be addressed would be new product suggestions, adjustments in the mix of existing products, and product deletion candidates.
      • B. Price Strategy
      • The overall pricing strategy (I.e., competitive, premium-priced, etc.) should be identified along with a cost/benefit analysis if applicable.
      • Identify what role you want price to play, i.e., increase share, maintenance, etc.
      VII. Market Mix Strategy for Each Market Target
      • C. Distribution Strategy
      • Describe specific distribution strategies for each market target.
      • Issues to be addressed are intensity of distribution (market coverage)
      • How distribution will be accomplished
      • Assistance provided to distributors.
      • The role of the sales force in distribution strategy should also be considered.
      • D. Promotion Strategy
      • Promotion strategy is used to initiate and maintain a flow of communication between the company and the market target.
      • To assist in developing the communications program, the attributes or benefits of our product should be identified for each market target.
      • How our product differs from competition (competitive advantage) should be listed.
      • The sales force’s responsibilities in fulfilling the market plan must be integrated into the promotion strategy.
      • Strategies should be listed for (1) personal selling, (2) advertising, (3) sales promotion, and (4) public relations.
    • The Why’s of Feasibility
      • You are going to specify your marketing mix.
        • Specific products/services
        • Prices
        • Place
        • Promotion
      • Be specific here. The product/service, the need it fills, the value it offers customers.
    • The Price
        • How are your products/serviced priced vis-à-vis the competition?
        • Do they offer customers value?
        • Do they encourage repeat purchase?
      • Conduct a formal break even analysis.
        • How many units do you need to sell to break even?
        • Fixed Costs/(Selling Price-Contribution Margin)
    • The Promotional Campaign
      • Allocate funds for promotion:
        • Advertising
        • Sales Incentives
        • Public Relations
        • Direct Marketing
        • Sales Force, Meeting, etc.
    • VIII. Financial Forecasts and Budgets
      • Including budget details of expected revenue, expenses, and profits from marketing programs—by month, by product, by territory, by manager, etc.
        • Sales/revenue forecast(s)
        • Marketing expense budget(s)
        • Break-even analysis
        • Profit and loss analysis
    • The Budget
      • You will need to create a 3-5 year budget—essentially a pro-forma statement.
      • Sales
      • Cost of Goods Sold
      • Gross Profit
      • Selling and General Administration Expenses
      • Operating Profit or Loss
    • IX. Controls and Contingency Plan
      • Showing how plan will be put into action, performance measured, and adjustments made when necessary
        • Implementation
          • Actions to be taken, responsibilities, time schedules, and other implementation information
          • Coordination with other business functions
            • Indicate other departments/functions that have responsibilities for implementing the marketing plan.
        • Performance measure and evaluation
          • E.g., market share, customer satisfaction and retention, profit margin
        • Contingency planning
          • Indicate how your plans should be modified if events should occur that are different from those assumed in the plan
    • Controlling the Plan
      • How will you monitor whether or not you are meeting your financial goals.
        • Do you have plans in place to set up a retrenchment?
        • Do you have plans in place to exploit a fast growth?
        • Who is going to perform a marketing audit– a detailed analysis of marketing capabilities and performance.
          • How often will your company perform an audit? Or, how often will it perform elements of the audit?
    • X. The Conclusion
      • A brief summary (1-2 paragraphs) of reiterating why your plan will be successful and beneficial to investors or to your company.
    • INTERNATIONAL PLANNING PROCESS Source: Philip R Cateora, International Marketing, Irwin, 1996.