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ONE IDEA CHANGES EVERYTHING! MARKETING PLAN DECEMBER 07, 2013. Marketing plan Overall O bjectives Market Analysis Customer needs, market size Distribution Pricing strategy Sales/promotion strategy Sales projections, 3 scenarios. marketing plaN : CONTENTS.

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one idea changes everything marketing plan december 07 2013
ONE IDEA CHANGES EVERYTHING!

MARKETING PLAN

DECEMBER 07, 2013

marketing plan contents

Marketing plan

    • Overall Objectives
    • Market Analysis
      • Customer needs, market size
    • Distribution
    • Pricing strategy
    • Sales/promotion strategy
    • Sales projections, 3 scenarios
marketing plaN: CONTENTS
marketing plan what does it mean

Marketing means communication of actions during

    • Design
    • Manufacturing
    • Promoting
    • Selling
    • Delivering
    • Servicing
marketing plaN: What Does it mean
marketing plan market analysis

Questions that should be answered

    • How big is your target market?
    • What are major segments of you market?
    • Who are your customers?
    • What are their needs?
    • What are their preferences?
    • Where do they buy?
    • Why do they buy?
    • How do they pay?
    • Is your market shrinking or expanding, or stable?
    • Who are your competitors?
      • Their location?
      • What are their strengths and weaknesses
      • Do they share the same opportunities and threats as you?
      • Product, Pricing
marketing plaN: market Analysis
marketing plan market analysis1

Who are your competitors?

    • Their location?
    • What are their relative strengths and weaknesses
    • Unique opportunities and threats
    • Product
      • How are they unique?
    • Pricing
      • What is their pricing structure?
      • How are they positioned?
    • Promotion
      • How do they promote?
      • Do they have a brand identity?
      • What is their advertising message?
    • Placement
      • Where are they located? Advantage or disadvantage?
      • How do distribution channels differ?
marketing plaN: market Analysis
marketing plan objectives strategies and tactics

Objectives (SMART)

    • Create a timetable
    • Establish performance goals and standards
    • Create budgets
    • Evaluate your strategies
  • Business goal examples
    • Market share 20% in the next six months
    • Increase sales by 20% in the next six months
marketing plaN: Objectives, Strategies, and tactics
marketing plan objectives strategies and tactics1

Strategies

    • Your plans for achieving your objectives
  • Segmentation strategies - Targeting customers
    • Demographic – age, gender, income level
    • Psychographic – interests, activities, beliefs
    • Behavioral – observations of consumer shopping pattern and placement based on those patterns
    • Geographic – location (neighborhood, rural, suburb)
marketing plaN: Objectives, Strategies, and tactics
marketing plan objectives strategies and tactics2

Competitive advantages

    • Proprietary technology
    • Specialized niche
    • Product advantage due to better sourcing, location,or processes
    • Unique brand identity
  • Positioning
    • How products are positioned in the market to key in on competitive advantages or segmentation strategy
marketing plaN: Objectives, Strategies, and tactics
marketing plan objectives strategies and tactics3

Product position should:

    • Benefit target audience
    • Separate yourself from competitors
    • Be unique difficult to copy
  • Tactics
    • The specific actions businesses take to produce, price, place, and promote their products
    • Should be unique
      • Use creativity, insight, and innovation
      • 2-1 promotions
      • Selling through specialty boutiques
marketing plaN: Objectives, Strategies, and tactics
marketing plan product

What do you plan to offer?

    • Product lines
    • Product mix
  • Brand your product/service
    • Brand identity – how you choose to present your product
    • Brand image – association that your brand evokes in consumers’ mind
    • Branding strategy – telling thestory of your business and products in an enticing way
  • CREATE YOUR BRAND
    • Choose a logo
  • Build & manage your brand
marketing plaN:Product
marketing plan price

Basic Concepts

    • Cost – What you spend to produce your product
    • Price – What you will charge for your product
    • Value – What does your consumer believe your product is worth
    • Demand – amount of your product that customers are willing and able to buy at a specific price
  • Pricing Objectives
    • Maximizing profits (skimming strategy) – high short-term profits
    • Maximizing sales volume (penetration strategy) – sacrifice $ to gain market share
    • ROI – Achieve target return on investment
    • Meeting or beating the competition – Matches competitors’ prices
    • Quality leadership – Price implies quality (Rolex)
marketing plaN:Price
marketing plan price1

COSTS

    • Variable
    • Fixed
    • Total costs
  • Break-even analysis
    • TR = P*Q
    • TC=TFC + (AVC per unit *Q)
    • Break-even point = TR = TC
    • Break-eve quantity = TFC/(Price-AVC)
marketing plaN:PRice
marketing plan price2

Strategies

    • Cost-plus
    • Premium pricing – pricing above market price
    • Skimming – Maximizing profit margin setting price high in the short-term (Unique or innovative products)
    • Penetration pricing – setting price low to enter the market
  • Pricing strategy should align with
    • Product strategy
    • Distribution strategy
    • Promotional strategy
marketing plaN:Price
marketing plan promotion

Promotional Mix

    • Advertising
      • Potentially expensive and flashy way to communicate your product information to a consumer to persuade them to purchase
    • Sales promotion
      • Consumer
      • Trade
    • Publicity
      • PR relations
  • Strategies
    • Pull – target an end consumer (consumer will “pull” the product through distribution channel
    • Push – target wholesale and retailers (They will “push” product to consumer)
marketing plaN:PRoMoTion
marketing plan promotion1

Strategies

    • Pull – target an end consumer (consumer will “pull” the product through distribution channel
    • Push – target wholesale and retailers (They will “push” product to consumer)
  • Manage Promotions
    • Set a budget
    • Create a calendar
    • Evaluate effectiveness
  • Sale Projections
  • Forecast 3 scenarios (realistic). Based on (estimated market size) x (price).
marketing plaN:PRoMoTion
marketing plan placement

Placement/Distribution

    • Activities involved in moving good from producer to consumer
  • Identify partners
    • Retailers
    • Wholesalers
    • Distributors
  • Creative Placement Strategies
    • “Piggybacking” (Free X with the purchase of Y)
marketing plaN:Placement
marketing plan importance

As a small business owner you may have some of additional burdens compared to larger businesses

    • Loan payments
    • Additional job
    • Familial responsibilities
  • Good marketing plans help
    • Organize thought / focus efforts
      • Prevents duplication of efforts
      • Avoids wasting precious resources
marketing plaN: Importance
marketing plan importance1

Investor/lenders

    • Potential of the business
    • Target audience- Who are you selling to?
    • How will you position yourself in the market?
    • How well do you know the customer and the market?
    • How realistic are your goals?
    • What make your product unique?
marketing plaN: Importance