THE MARKETING PLAN THE MARKETING PLAN Lindell Phillip ChewLindell Phillip Chew
[email protected]@umsl.edu DEVELOPING YOUR MARKETING PLAN DEVELOPING YOUR MARKETING PLAN
FOR YOUR RESPONSIBILITY AREAFOR YOUR RESPONSIBILITY AREA
DEVELOPING YOUR MARKETING PLAN
Planning a question and answer process. The market plan asks and
answers the question"HOW DO WE GET THERE
FROM HERE?" (Just like planning a family trip/vacation.)
REMEMBER HOW A AAA TRIP TIX WORKS FOR YOU ON A
VACATION.!!!!!
THE TRIPTHE TRIP WHERE are we new? WHEN are we leaving?
WHERE should we go? WHO will do the driving WHERE have we decided to go? WHY are we going? WHAT are the conditions which may affect us? HOW are
we going? HOW much will the trip cost? HOW will we meet our
progress WHAT is our plan for alternate routes? against our
schedule?(contingency plan)
An OPERATIONAL (ONE YEAR) MARKETING PLAN………..
identifies strategies and responsibilities for implementing
action programs to achieve desired results.
(FISCAL YEAR,CALENDAR YEAR, NEXT 12 MONTHS)
LENGTHLENGTH
MARKETING PLANS MAY ALSO BE INTERMEDIATE (1-5 YEARS) AND LONG RANGE (STRATEGIC - EXTENDED BEYOND FIVE YEARS)
LET’S BE PRACTICALLET’S BE PRACTICAL
AIM - Establishing ObjectivesthenAccomplishing Them.
ORGANIZATION ……. 1. Prepare marketing plan in a loose leaf notebook form. 2. Number all pages.3. Give date(s): when prepared, time period covered. 4. Identify author(s).5.Type double spaced with wide margins.6. Index: Use headings and subheadings liberally and divide with tabs.
Plan should be comprehensive but not complicated.
CONTENTS 1. Plan should be COMPREHENSIVE but NOT complicated. 2. Persons not involved in the authorship SHOULD be able to follow the planning logic and readily ascertain their responsibilities.
There are SIX steps in developing an operational marketing plan.
Six steps in developing an operational marketing plan.
There are six steps in developing an operational marketing plan.
1. PREPARE COMPREHENSIVE FACT BASE 2. LIST PROBLEMS AND OPPORTUNITIES 3. STATE SPECIFIC OBJECTIVES (FIRST STATE YOUR ASSUMPTIONS) 4. DEVELOP STRATEGY 5. ESTABLISH BUDGET 6. PROJECT SALES AND PROFIT
FACTBASE
*1ST.... GENERAL BUSINESS PURPOSE
WE ARE IN THE BUSINESS TO CREATE AND SERVICE OUR
CLIENTS……WE………………………THIS PLAN COVERS….
1.PREPARE COMPREHENSIVE FACT BASE
*1ST.... GENERAL BUSINESS PURPOSE SALES MARKETS TRENDS PRODUCTS, SERVICES COMPETITION DELIVERY INVENTORY DISTRIBUTION, SALES FORCE CUSTOMER AITITUDES CUSTOMER COMMUNICATIONS
1.PREPARE COMPREHENSIVE FACT BASE
COMPETITION The competitive landscapeThe competitive landscape
Provide an overview of product Provide an overview of product competitors, their strengths and competitors, their strengths and weaknessesweaknesses
Position each competitor’s product Position each competitor’s product against new productagainst new product
1.PREPARE COMPREHENSIVE FACT BASE
DELIVERY INVENTORY DISTRIBUTION, SALES FORCE CUSTOMER ATTITUDES CUSTOMER COMMUNICATIONS
2. LIST PROBLEMS AND OPPORTUNITIES
IDENTIFY PROBLEMS ….HURDLES
DEVIATIONS FROM ANTICIPATED DETERENTS TO THE SMOOTH OBSTACLES TO GOALS
ANALYZE 2. LIST PROBLEMS AND
OPPORTUNITIES (CONT.)
OPPORTUNITIES - EXPLOITABLES
WHAT IS ......
WHERE TO LOOK ………
3. STATE SPECIFICS OBJECTIVES – \
FIRST….STATE YOUR ASSUMPTIONS
3. STATE SPECIFIC OBJECTIVES Ğ FIRST STATE YOUR ASSUMPTIONS
Success MetricsSuccess Metrics
First year goalsFirst year goalsAdditional year goalsAdditional year goalsMeasures of Measures of success/failuresuccess/failure
Requirements for Requirements for successsuccess
4. DEVELOP STRATEGY
SPECIFIC ACTIVITIESSPECIFIC ACTIVITIES YOUR CALL TO ACTIONYOUR CALL TO ACTION
RESPONSIBITY ASSIGNMENTS DEADLINES PRIORITIES RESOURCES
Product PositioningProduct Positioning Positioning of product or Positioning of product or
serviceserviceStatement that distinctly Statement that distinctly defines the product in its defines the product in its market and against its market and against its competition over timecompetition over time
Consumer promiseConsumer promiseStatement summarizing the Statement summarizing the benefit of the product or benefit of the product or service to the consumerservice to the consumer
Product Packaging & Product Packaging & FulfillmentFulfillment
Product packagingProduct packagingDiscuss form-factor, pricing, Discuss form-factor, pricing, look, strategylook, strategy
Discuss fulfillment issues for Discuss fulfillment issues for items not shipped directly items not shipped directly with productwith product
COGs COGs Summarize Cost of Goods and Summarize Cost of Goods and high-level Bill of Materialshigh-level Bill of Materials
Promotional Promotional (Communication) (Communication)
StrategiesStrategiesMessaging by Messaging by audienceaudience
Target consumer Target consumer demographicsdemographics
Product Launch Product Launch StrategiesStrategies
Launch planLaunch planIf product is being announcedIf product is being announced
Promotion budgetPromotion budgetSupply back up material with Supply back up material with detailed budget information detailed budget information for reviewfor review
PHASES 1, 2, 3,4PHASES 1, 2, 3,4
Public RelationsPublic Relations
Strategy & executionStrategy & executionPR strategiesPR strategiesPR plan highlightsPR plan highlightsHave backup PR plan Have backup PR plan including editorial including editorial calendars, speaking calendars, speaking engagements, conference engagements, conference schedules, etc.schedules, etc.
AdvertisingAdvertising
Strategy & executionStrategy & executionOverview of strategyOverview of strategyOverview of media & Overview of media & timingtiming
Overview of ad Overview of ad spendingspending
Other PromotionOther Promotion Direct marketingDirect marketing
Overview of strategy, vehicles Overview of strategy, vehicles & timing& timing
Overview of response targets, Overview of response targets, goals & budgetgoals & budget
Third-party marketingThird-party marketingCo-marketing arrangements Co-marketing arrangements with other companieswith other companies
Marketing programsMarketing programsOther promotional programsOther promotional programs
PricingPricing
PricingPricingSummarize specific pricing Summarize specific pricing or pricing strategiesor pricing strategies
Compare to similar Compare to similar productsproducts
PoliciesPoliciesSummarize policy relevant Summarize policy relevant to understanding key to understanding key pricing issuespricing issues
Place-DistributionPlace-Distribution Distribution strategyDistribution strategy Channels of distributionChannels of distribution
Summarize channels of Summarize channels of distributiondistribution
Distribution by channelDistribution by channelShow plan of what percent Show plan of what percent share of distribution will be share of distribution will be contributed by each channel contributed by each channel -- a pie chart might be -- a pie chart might be helpfulhelpful
Vertical Vertical Markets/SegmentsMarkets/Segments
Vertical market opportunitiesVertical market opportunitiesDiscuss specific market Discuss specific market segment opportunitiessegment opportunities
Address distribution strategies Address distribution strategies for those markets or segmentsfor those markets or segments
Address use of third-party Address use of third-party partner role in distribution to partner role in distribution to vertical marketsvertical markets
InternationalInternational
International distributionInternational distribution Address distribution strategiesAddress distribution strategies Discuss issues specific to Discuss issues specific to
international distributioninternational distribution International pricing strategyInternational pricing strategy Localization issuesLocalization issues
Highlight requirements for Highlight requirements for local product variationslocal product variations
Product ScheduleProduct Schedule
12-month schedule 12-month schedule highlightshighlights
TimingTimingIsolate timing Isolate timing dependencies critical dependencies critical to successto success
STRATEGY ANALYSIS AND EVALUATION
1. INTERNAL COMPATIBILITY2. EXTERNAL COMPATIBILITY3. RESOURCE AVAILABILITY
4. RISK FACTOR
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
$$$$$$$YOU FIRST AIM AT
ESTABLISHING YOUR OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!
STRATEGY (CONT)STRATEGY (CONT)
THREE MUSTS
* MEET DEADLINES * CONTROL PERFORMANCE *ALLOCATE RESOURCES
STRATEGY MUST CALL FOR IMMEDIATE ACTION.
OTHERWISE IT IS ONLY A STATEMENT OF INTENT.
*DEVELOP ALTERNATIVE STRATEGIES FUNCTIONAL
INTERDEPENDENCE
5. ESTABLISH BUDGET
BUDGET FOLLOWS STRATEGY
$$$$$$$$$$$$,RESOURCES & $$$$$$$$$$$$,RESOURCES & TIME!!!!!!!!TIME!!!!!!!!
BUDGET FOLLOWS STRATEGY MARKETING COSTS
order getting, filing ESTABLISH mechanical,
task & objective,cooperative
BUDGET (CONT)BUDGET (CONT)
DECISIONS,,, MONEY$$$$$$$$$???????
ORGANIZE by MARKETING FUNCTION
VERSATILITY and CONTROL
EXERCISING CONTROL IS MANAGING
IMPLEMENT IMPLEMENT IMMEDIATELYIMMEDIATELY
REVIEW YOUR MARKETING PLAN REVIEW YOUR MARKETING PLAN AT LEAST MONTHLY!!!! $$$$$$$$AT LEAST MONTHLY!!!! $$$$$$$$$$$$$$$$$$$$$$
OPPORTUNITYISNOWHEOPPORTUNITYISNOWHERE!!!!!!!!!!!!!!!!RE!!!!!!!!!!!!!!!!
GO FOR ITGO FOR IT THIS CONCLUDES MY THIS CONCLUDES MY
PRESENTATIONPRESENTATION
THE MARKETING PLAN THE MARKETING PLAN Lindell Phillip ChewLindell Phillip Chew
[email protected]@umsl.edu
YOU FIRST AIM AT ESTABLISHING YOUR OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!
1. PREPARE COMPREHENSIVE FACT BASE2. LIST PROBLEMS AND OPPORTUNITIES3. STATE SPECIFIC OBJECTIVES (FIRST STATE YOUR ASSUMPTIONS)4. DEVELOP STRATEGY5. ESTABLISH BUDGET6. PROJECT SALES AND PROFIT