Sections of a Marketing Plan Learn the Acronym “ESOMIE “

Executive Summary Summarizes the marketing plan and lists the highlights so an executive can tell if he wishes to look at the entire plan. Marketing plans are very long and as the saying goes “Ain’t nobody got time for that.” If an executive has several plans to look at, many times they judge the plans based on the summary that is provided. This is your chance to tell the boss why it is worth reading your marketing plan first!

SITUATIONAL ANALYSIS PART ONE INTERNAL Strengths Weaknesses EXTERNAL Opportunities Threats The INTERNAL strengths and weaknesses and EXTERNAL opportunities and threats that can effect the success of your company and its product.

Let’s Practice Product: iWatch INTERNAL Strengths Weaknesses EXTERNAL Opportunities Threats Offering biometric functionality, integration with the iPhone, iPad, and Mac, and a "fashionable appearance." As has been previously suggested, he predicts the device will come in two sizes, with a 1.3-inch and 1.5-inch flexible AMOLED display. It will also include a sapphire cover lens, biometric recognition, an NFC chip, wireless charging, a 200 to 250 mAh battery, and a slim and light design. Kuo also believes that Apple will offer the iWatch at multiple price points, with the most expensive version costing upwards of $1,000

SITUATIONAL ANALYSIS PART TWO Political Economic Society/Trends Technology Is there anything that can help or hurt your product or business in the areas of politics, the economy, socio-cultural demographics/trends, and technology?

OBJECTIVES Financial (How much will you spend and make by a certain date?) Marketing (Specific timeline for marketing events) Make your objectives SMART! Specific, measurable, attainable, realistic, and timely

Marketing Mix (4P’s+1) Product (Features, Benefits, USP) Promotion (How/Why?) Price (Justify your pricing strategy) Penetration, prestige, competitor pricing Placement (distribution – where will your products be sold? How will they get from the warehouse to your store?) People – How will your sales staff and employees act?

Don’t forget a feature/benefit table! Product: Ski Jacket Feature Benefit Thermal Interior Keeps you warm while skiing Lightweight Material Easy to move on the slopes Variety of colors Can match to multiple ski outfits Pocket for phone Can get lost in music as you ski to the beat of your favorite song. Find others on the slopes. Made by North Face Matches other North Face clothing. People are brand loyal to North Face.

Implementation WHO will do WHAT by WHEN?

Evaluation and Control What are your performance standards? How can you tell if your plan is a success? Control - If your plan doesn’t work, how will you control your losses (what will you do to fix the problem?)

Presentation Tips Introduce Yourself Eye Contact Visuals Tell a story Rehearse Know your partners role Have a wow factor Answer questions (ask for them) Thank audience for their time PPt is not your presentation ---YOU ARE!

Things to Consider Verbal: inflection, tone, clarity, volume, excitability factor Non verbal: gestures, eye contact, facial expressions Story telling abilities Proper intro and conclusion Discuss benefits!!! End with a call to action Use the visual effectively Knowledgeable? Use marketing terms correctly? All members understand the product?

Things to Consider ctd. Mention the 4P’s? Mention the target market? Segment it 3-5 ways. Justify EVERYTHING!

5 Question Quiz What are the sections of a Marketing Plan? What is an Environmental Scan What are the 4(5) P’s of Marketing? What is a performance standard and what section of the plan is it in? What is a SWOT analysis?