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Marketing Plan Brooklyn Business Library Marketing Plan Elements Marketing Objectives Target Market Market Analysis Competition SWOT Analysis (Optional) Marketing Mix Marketing Budget Marketing Objectives Communicates what you plan to do, by when and how Be very specific

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Marketing plan l.jpg
Marketing Plan

Brooklyn Business Library


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Marketing Plan

  • Elements

    • Marketing Objectives

    • Target Market

    • Market Analysis

    • Competition

    • SWOT Analysis (Optional)

    • Marketing Mix

    • Marketing Budget


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Marketing Objectives

  • Communicates what you plan to do, by when and how

  • Be very specific

  • Make sure your goals are realistic and measurable


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Marketing Objectives

  • Increase sales of gift baskets

    Vs

  • Increase sales of gift baskets by 40% within 1 year by attracting and maintaining corporate accounts.


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Marketing Objectives

GENERAL RESOURCES

  • Statistical Abstract of the United States

    www.census.gov/compendia/statab/

  • SBDC Information Clearinghouse

    Small Business Information Center

    www.sbdcnet.org


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Marketing Objectives

MARKETING/ADVERTISING RESOURCES

  • Advertising articles and expenditures

    www.adage.com/americandemographics

    www.Adage.com/datacenter/

  • Marketing

    www.sba.gov/smallbusinessplanner/index.html

    www.sbdcnet.org/SBIC/marketing.php


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Target Market

Know Your Customers

Who are they?

Where do they live?

What can they afford?

Why do they shop?

What are their shopping habits?


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Target Market

What market are you selling to: Business to Consumer, Business to Business, Business to Government

Business to Consumer:

Geographic Profile: geographic region, population density, climate.

Demographics: age, gender, family size, marital status, income, education, religion, ethnic group, home ownership.

Psychographics: is how they feel and why they buy.

What are the needs of your target audience?


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Demographics: Industry, years in business, company sales, number of employees, company ownership, etc.

Psychographics: technically advanced, industry leader, innovative, conservative/responsible, socially responsible, good to employees, environmentally conscious.

Target Market

Business to Business


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Target Market number of employees, company ownership, etc.

Market size

What is the current size of the target market?

What changes are occurring?

Consumer analysis and trends


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Target Market number of employees, company ownership, etc.

  • Primary research

    • Informal interviews

    • Focus groups

    • Questionnaires

    • Online surveys


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Target Market number of employees, company ownership, etc.

Primary Research: creating surveys

  • Constant Contact

    www.constantcontact.com/index.jsp

  • Poll Daddy

    www.polldaddy.com

  • Survey Monkey

    www.surveymonkey.com


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Target Market number of employees, company ownership, etc.

Secondary Research

American Factfinder for demographics

www.factfinder.census.gov

Bureau of Labor Statistics for consumer spending

www.bls.gov/bls/spending.htm


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Market Analysis number of employees, company ownership, etc.

  • Type of Business or Industry Trends

    • Size of the Industry

    • Seasonal Factors

    • Economic and Political Issues

    • Recent Developments


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Market Analysis number of employees, company ownership, etc.

INDUSTRY RESOURCES

  • U.S. Economic Census

    www.census.gov/econ/census02/

  • SBDC – Industry Research Center

    www.sbdcnet.org/

  • Business Library Industry Research

    www.biz.brooklynpubliclibrary.org


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Market Analysis number of employees, company ownership, etc.

Industry Resources

  • Brooklyn Public Library E-Resources

    www.biz.brooklynpubliclibrary.org

    - Business & Company Resource Center

    - Associations Unlimited

    - Business Source Premier

    - ABI INFORM

  • Standard & Poors Industry Surveys


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Competition number of employees, company ownership, etc.

  • Market research data – understand the who, how, what and where about your competition

  • Determine the demand for products or services

  • Provide an overview of your competitors and their strengths and weaknesses

  • Describe your competitive advantage – why would a customer want to buy from you, as opposed to from your competitor?

  • Include a Competitive Matrix


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Sample Competitive Matrix number of employees, company ownership, etc.


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Competition number of employees, company ownership, etc.

RESOURCES

  • Brooklyn Public Library E-Resources

    www.biz.brooklynpubliclibrary.org

  • Business & Company Resource Center

  • Plunketts

  • Reference USA

    International Directory of Company Histories


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SWOT Analysis (Optional) number of employees, company ownership, etc.

Internal environment analysis

  • Strengths and Weaknesses

    • Customer satisfaction

    • Quality of products and services

    • Customer awareness

    • Staff: knowledge, teamwork

    • Financial stability

    • Management

    • Capacity


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SWOT Analysis (Optional) number of employees, company ownership, etc.

External environment analysis

  • Opportunities and Threats

    • Demographics

    • Technology

    • Economy

    • Politics

    • Social-cultural issues

    • Competitors

    • Suppliers

    • Distributors


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Marketing Mix number of employees, company ownership, etc.

  • Products/Services

  • Pricing Strategy

  • Promotion

  • Place

  • People


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Marketing Mix number of employees, company ownership, etc.

  • Products/Services

    • Be specific when describing your products and/or services

    • Emphasize special features and highlight benefits

      What makes your product/service unique?

    • Packaging – protects product, provides tool information to customer, acts as a promotional


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Positioning and USP number of employees, company ownership, etc.

  • Your Company’s Image and Brand

  • Your Unique Selling Proposition (USP) communicates the chosen positioning concept.

    Your USP describes who you are, what you do and why you are different. This needs to be honest, authentic, easy to understand, and in the voice of the customer. It includes the benefits of your products/services.


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Marketing Mix number of employees, company ownership, etc.

  • Pricing strategy

    • Overall pricing strategy goals

    • Price in line with market positioning

    • Profits = revenue – costs

    • Pricing techniques

      • Markup on cost - markup %

      • Manufacturer’s suggested price

      • Competitive pricing

      • Loss-leader pricing


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Marketing Mix number of employees, company ownership, etc.

  • Promotion: How to get your message across

    Tips to promoting your product or service to the customers

    • Be consistent with your image

    • Focus on needs and wants of your target market


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Marketing Mix number of employees, company ownership, etc.

Promotion – The channels you choose depend on objectives, budget and capacity.

Even if you have the budget to pursue all channels - before starting a marketing campaign, make sure you will be able to fulfill the orders you receive.


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Marketing Mix number of employees, company ownership, etc.

Promotional Channels

Signs, Banners, Posters

Specialty Items (pens, magnets)

Catalogs and Brochures

Corporate ID: business cards, stationary

Giving free samples

Referrals

Networking

Social Media: Podcasting, Blogs, Social Networks

Press releases and PR

Event sponsorship


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Marketing Mix number of employees, company ownership, etc.

Advertising strategies

Billboards

Internet website and advertising

Flyers

Magazines and trade journal

Radio and Television

Classified ads in the local paper

Direct Marketing

Telemarketing

Yellow pages


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Marketing Mix - PR number of employees, company ownership, etc.

  • Write and send press releases and media alerts and follow up with phone calls.

  • Examples of what you can write about:

  • Announce the opening of your business, new locations, new staff members, involvement in community projects, promotional campaigns.

  • Hold grand openings when new locations are opened or projects completed, invite media, elected officials, and community leaders, send photos and a release about event to local press.

  • Explain how your business is part of a trend in society or your industry.

  • Tell a newsworthy story


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Marketing Mix – Media List number of employees, company ownership, etc.

  • Develop a media database of reporters and editors using the Bacon’s New York Publicity Outlets at the Brooklyn Business Library.

  • Establish a relationship with reporters

  • Identify type of publication or television and radio programs you wish to contact:

    • General interest

    • Trade (real estate, architecture, lighting design, banking, business, etc.)

    • Community

    • Ethnic


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Marketing Mix number of employees, company ownership, etc.

  • Place/distribution

    • How is your product/service getting to your customers?

    • Location and sales channels

      • Storefront, trade shows, online, downloads, mail, distributors, delivery, etc.

    • Show plan of what percent share of distribution will be contributed by each channel


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Marketing Mix number of employees, company ownership, etc.

  • People

    • Train your staff – your team must know features and benefits of each product and service, company’s mission and customer service strategies.

    • Encourage cross selling to increase revenue per sale


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Marketing Budget number of employees, company ownership, etc.

  • First, look at what your competitors are doing and what they are spending. Then, the question is: if you can’t outspend them, how do you outsmart them?

  • Write down all the marketing channels we discussed and think about your customers. If you had to choose only three things to focus on what would they be?

  • Look at the projected revenue in your business plan: how much can you afford to spend on marketing?

  • Once you have that number: look at the tactics and channels that make sense and develop a budget line for each one.

  • Metrics: 10-15% of revenue is considered a healthy marketing spend. Giants who own their industry or category often spend 20%. During product launches, companies can spend much more than that.


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Marketing number of employees, company ownership, etc.

  • Be creative

  • Be innovative

  • And remember to WOW your customers!


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Contact Information number of employees, company ownership, etc.

Contact:

Elisa Balabram

Brooklyn Enterprise Center/LDC of East New York

80 Jamaica Ave. Brooklyn, NY 11207

718-385-6700 ext. 24

[email protected]


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