Company Overview Introduction (1 paragraph) Name, location, organization Slogan Mission Statement History and Current Status (1 paragraph) Markets and Products Objectives Length: about 1 page
Slogan Pithy 4 to 10 word statement ofcompany purpose Use in business plan, advertising,descriptions of business, businesscards, …
Mission StatementSemiconductor Equipment[Semiconductor Equipment] willbecome a world leader in supplyinglithography automation andproductivity enhancement productsfor the semi-conductor industrythrough innovative design andunique customer insights.
Mission StatementWebsite Management CoThe mission of [WebsiteManagement Technologies] is tohelp businesses engaging in e-commerce achieve their sales andcustomer service objectives byenabling a better understanding ofWeb site visitors’ behavior.
Mission StatementTech Support Company[Tech Support Company] exists to provide outstandingtechnical support service and technical training to itscustomers. The Company’s target customers aredevelopers of computer applications, companies with highdemands for technical service and support, and retailconsumers of computer products. We are committed tobecoming the premier provider of technical help desksolutions and professional training for IT personnel.Towards this end, our management has affirmed that itwill adhere to the qualities of integrity, challenge,innovation, enjoyment, shared leadership and customersatisfaction.
Mission Statements What is a mission statement? What makes a good missionstatement?
Mission StatementsFast Food IndustryTo make, distribute and sell the finest qualityall-natural ice cream and related products ina wide variety of innovative flavors made fromVermont dairy products.Ben & Jerry„sTo satisfy the worlds appetite for good food,well served, at a price people can afford.McDonald‟s
Mission StatementLL BeanSell good merchandise at areasonable price;Treat your customers as you wouldyour friends.Leon Bean, 1911Collins and Lazier, Managing the Small to Mid-sized Company
Mission StatementGeneral ElectricBecome #1 or #2 in every market weserve and revolutionize this companyto have the agility of a smallenterprise.Jack Welch, 1983Collins and Lazier, Managing the Small to Mid-sized Company
Mission StatementShipbuildingWe will always build good ships.At a profit if we can,At a loss if we must,But always good ships.Bath Ship Works
Mission StatementGreat Britain – WWIIOur whole people and empire have vowedthemselves to the single task of cleansingEurope of the Nazi pestilence and savingthe world from the new dark ages. Weseek to beat the life and soul of Hitler andHitlerism. That alone. That all the time.That to the end.Winston Churchill, 1941Collins and Lazier, Managing the Small to Mid-sized Company
Mission StatementsWhat makes a good mission statement? Compelling Inspiring Clear, measurable objectives Concise
Marketing Plan Objectives Most important piece of your plan Build on industry and marketplace analysis –define your niche Identify your customers Demonstrate how you will solve problems forcustomers Describe how you will reach customers –advertising sales Convince reader that there is an eager marketfor your product or service
Marketing Plan Outline Introduction Target Market Product/Service Strategy Pricing Strategy Distribution Strategy Advertising and Promotion Sales Strategy Sales and Marketing Forecasts
Introduction Seven sentence introduction1. The first sentence tells the purpose of the marketingstrategy.2. The second tells how you‟ll achieve thispurpose, focusing upon your benefits.3. The third tells your target market – or markets.4. The fourth, the longest sentence, tells the marketingweapons you‟ll employ.5. The fifth tells your niche.6. The sixth tells your identity.7. The seventh tells your budget, expressed as apercentage of your projected gross revenues.
Introduction – ExampleThe purpose of Prosper Press is to sell the maximum number ofbooks at the lowest possible selling cost per book. This will beaccomplished by positioning the books as being so valuable to free-lancers that they are guaranteed to be worth more to the readerthan their selling price. The target market will be people who canor do engage in free-lance earning activities. Marketing tools to beutilized will be a combination of classified advertising in magazinesand newspapers, direct mail, sales at seminars, publicity innewspapers and on radio and television, direct sales calls tobookstores, and mail-order display ads in magazines. The niche tobe occupied is one that stands valuable information that helps free-lancers succeed, the ultimate authority for free-lancers. Ouridentity will be one of expertise, readability, and quick response tocustomer requests. Thirty percent of sales will be allocated tomarketing.
Target Market Strategy Identify the market niche you willserve Be as specific as possible Better to be too specific Benefits to target market What problems do you solve? What needs do you fulfill?
Two Types of Benefits Emotional Hope, fear, love guilt, greed,convenience Financial Increased profit, value pricing, savemoney, payback period
Talk to Your Customers Imperative that you talk with customers! Casual conversations Interviews Surveys Focus groups Identify needs Listen! NOTE: see “The New Market Research”(online INC article)
Target Market Questions What buy now? How get service? Would you be interested in …? Demographics Newspapers, magazines, TV Would you buy? Where would you expect us to advertise? Who do you consider our competition? Other comments?Levinson, “Guerrilla Marketing” 3rd edition
Creating New Market SpaceHBR, Kim & MauborgneNewMarketSpaceWhat factors might beeliminated that theindustry has taken forgranted?EliminateWhat factors might becreated that theindustry has neveroffered?CreateWhat factors might be raised well beyond industry standards?RaiseWhat factors might be reduced well below industry standards?Reduce
Product/Service Strategy Describe how the design of your product/servicefulfills unmet marketplace needs Differentiate your product/service from thecompetition Explain why and how customers will switch toyour product or service Describe how you will defend your product orservice from competition
Pricing Strategy Describe and justify your pricingstrategy Provide evidence that your targetmarket will accept your price Position your strategy relative tocurrent and potential competition NOTE: Low price often (usually) is NOTa good strategy for a startup!
Advertising/Promotion Describe how you will communicate withcurrent and potential customers Advertising Public relations Personal selling Printed materials Other means of promotion Explain why this be strategy is most effectivein reaching your target market Note: See Guerrilla Marketing
Distribution Strategy Explain how you will deliver your productor service to your customers How will your customers acquire your productor service Describe and justify the distributionchannels you will use Describe how you will gain access to yourplanned distribution channels
Sales Strategy Describe to whom you must sell yourproduct or service (not always obvious) Explain how you will “sell” An internal sales force Manufacturers representatives Telephone solicitors Describe how you will support your saleseffort internal staff service operations
Goals for Marketing Plan Compelling “story” that there is a need inthe market Need flows logically from industryanalysis Product/service designed to fulfill marketneeds Advertising, price, distribution, and salesall flow logically, convincingly fromcharacteristics of the market “WOW! What a great idea! I wish I hadthought of that…”