Task 7 Marketing Plan. By the end of this presentation you should have:  Understood what is meant by a marketing plan  Read and understood your secondary.

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Presentation transcript:

Task 7 Marketing Plan

By the end of this presentation you should have:  Understood what is meant by a marketing plan  Read and understood your secondary and primary research.  Devised and explained a marketing plan for your business.

WHAT IS THE MARKETING MIX OF THE FOLLOWING PRODUCT? Target Customer Competitors Product Price Promotion Place

Middle/High Income Professionals Students Corporate Thinness Faster Larger capacity Longer battery life GPS Improved camera Worldwide Stores Online Reputable retailers/mobile phone stores Premium pricing Promoted as versatile & convenient Advertising Point of sale promotions Nokia RIM HTC Samsung

You now have to use your market research to make some decisions about the marketing of your idea. Your decisions must follow logically from your research and you cannot include anything you haven’t asked about. You only need to analyse the information you already have in your appendices. You do not need to copy and paste graphs, charts etc. Try to support your decisions with research from more than source. The marketing plan includes descriptions of:  The size of the market  Customers  Competitors  Product  Price  Promotion  Place  At the end of a section/paragraph state which appendix your decisions are based on. E.g. See appendix 2

What does this graph tell you about the Smartphone market?

In this section you should :  State the size of the market  Describe trends in the market over a period of time.  Explain how this will effect your business idea.

Customer Profile  Male  Mid 30’s  Family (Partner, 2 kids under 8 years old)  Professional  Vegetarian  Enjoys Music, Sport (taking part and watching) What products/brands does he buy?

 Describe the type of customers for your product. You should try to segment by:  Gender  Age  Geography  Social Class  Why They Buy?  How often they Buy?  Lifestyles

How many competitors of Costa Coffee can you name? Your Target: 7- Primo 9- Medio 11- Massimo Now look on the next page to see the most significant sectors and brands.

Describe the main competitors. Try to include:-  A general summary of the overall nature of the competition – direct & indirect.  Market share  Number of stores  Main products/product features and how they differentiate.  Target markets  Effects on your business idea.

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 Describe the key features of your product/service?  State the decision you have made.  Support it with precise evidence from your market research.  Cross reference to any other research you have completed.  Explain why this is important for your business. Do you have any research to help explain the advantages?

StarbucksCosta CoffeeIndependent Espresso£1.45-£1.75£1.15-£1.80£1.50-£1.70 Latte£2.15-£2.75£2.15-£2.65£1.55-£2.45 Americano£1.90-£2.30£1.85-£2.30£1.65-£2.30 Cappuccino£2.15-£2.75£2.15-£2.65£2.00-£2.45 Tea£1.65-£1.95£1.70£1.30-£1.65 What pricing strategies can you at work in the coffee shop market?

 Describe the price you have set for your product?  State the decision you have made.  Support it with precise evidence from your market research.  Cross reference to any other research you have completed.  E.g. start by referring to your primary research and then cross reference to your secondary research on your competitors prices.  Identify which pricing strategy you have used and explain why this is important for your business. You only need to explain the advantages to justify your strategy. Do you have any research to help explain the advantages?

 How many different “places” can you think of that sell Costa Coffee? Your Target: 3- Primo 5- Medio 7- Massimo Now look on the next page to see the 13methods they use.

 Describe where and how you will sell your product (Place)?  For place this may include where you locate a store and/or the different channels you could use e.g. The Internet or Direct Selling  State the decision you have made.  Support it with precise evidence from your market research.  Cross reference to any other research you have completed.  Explain the advantages of each method to justify your strategy. Do you have any research to help explain the advantages?

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 Describe how you will promote your product?  This refers to advertising; sales promotions and public relations.  State the decision you have made.  Support it with precise evidence from your market research.  Cross reference to any other research you have completed.  Explain the advantages of each method to justify your strategy, so that it is clear why it is important to your business. Do you have any research to help explain the advantages?