FFA Marketing Plan Workshop Alicia FFA Marketing Plan Workshop

Who are we? Alicia

Overview of Competition State Convention competition ONLY 3 FFA participants per team Team Scored Event – professional marketing judges Written Plan: Must select a local product/service Three-year plan Should not exceed 8 single-sided, 8.5” x 11” pages Presentation: Prelim Round – 5 minute presentation Semifinal Round – 10 minute presentation Final Round – 12 minute presentation Alicia

Overview of Marketing Plan Market Analysis Industry Trends, Market Potential, Target Market, Customer Profile Competitive Analysis Identify Competitors, SWOT Analysis Business Proposition Strategy Statement, Key Planning Assumptions, Marketing Objectives Action Plan 4 P’s. Marketing & Promotional Tactics Financials Monitoring & Measuring Evaluating business performance thru metrics Alicia

MyMato: Dwarf cherry tomato plant that can be grown inside, all year round. It can produce hundreds of tomatoes from one plant. Alicia

Market Analysis Section Market Trends & Potentials Market Potential Target Market Customer Profile Ellie

What is Market Research? Why is it important? Ellie

Answers questions like…. Market Research Study of market conditions and trends to determine whether a product has potential and the proper market for the product. Answers questions like…. Ellie Who should I market to? What competition is in the market? Industry trends that would influence my business/product success? How much should I charge? Where should I market the product? When should I launch the product? How should I communicate to my customers? What’s my market potential?

Market Research Two forms of Market Research: Primary You collect the research Secondary Someone else collected the information first What are some forms of each?? Primary: focus groups, interviews, observations, surveys, etc Secondary: USDA, journals, periodicals, research papers, web Ellie

Market Trends What is going on in the market that would constitute a need for this product? QUANTIFY your trends Explain RELEVANCE Ellie

MyMato: - What is happening (trending) in the fresh produce industry today? Consumption of fresh market tomatoes has increased Healthier eating (vegetable intense diets) Preferring sweeter tasting tomatoes Food origin is a growing concern for consumers Ellie

Market: Who is it?? Target Customer Target Market Market Potential Ellie

Market Potential Determines how big the market is in terms of: Dollar value Customer numbers Stage of development the market is currently in- Immature? Mature? Ellie

Target Market WHO are you targeting? Segment or narrow your market Geographic, Demographic, Psychographic, Behavioral Are there any secondary targets? Perhaps key influencers Leads into Customer Profile Ellie

Customer Profile Who are they? Age Education Priorities/Values Where do they get their product information? Often helps to give your target customer an identity. Ellie

MyMato: Target Market – who would you target? Ellie

MyMato Customer Profile – who is the customer? Ellie

Competitor Analysis Competitor Analysis SWOT Alicia

Competitor Analysis To start: Identify your product’s benefits to the customer What is YOUR competitive advantage Research similar/competing products in the market Product Price % Market Share Strengths Weaknesses Alicia

MyMato: Alicia

SWOT Analysis Strengths- things the company/product does well Weaknesses- things the company/product doesn’t do well Opportunities- conditions in the external environment that favor strengths Threats- conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses Alicia Strengths Weaknesses Opportunities Threats Internal External

MyMato: Alicia

Business Proposition Section Key Planning Assumptions Marketing Goals Business Strategy Statement Alicia

Key Planning Assumptions 4-6 Business Assumptions about the marketplace and customers Information should be taken from the research conducted in the Market Analysis section Alicia Examples from MyMato: Northern Naturals holds exclusive rights to the patented indoor dwarf cherry tomato plant, MyMato The demand for nutritious, convenient, locally grown produce will continue to grow. Northern Naturals will have access to an adequate supply of seed and production greenhouse space to satisfy the forecasted demand.

Marketing Goals/Objectives 3-5 Business Metrics/Objectives should be set Sales (Units, $), Customers, Satisfaction, Profit Margin Need to be reasonable (within reach) and measurable Examples from MyMato: By Year 3: Gross sales of $14 million 65% brand awareness among our target market Capture 5% of the market in selected grocery stores in targeted area Alicia

Strategy Statement 1-Sentence Statement, says: Who we are What we do Who we do it for Example from MyMato: “MyMato will reward consumers with a desirable sweeter tasting cherry tomato, grown on nothing more than a sunny window-sill, while keeping health and convenience a top priority. My Life, My Health, MyMato.” Alicia

Action Plan The plan to: Make your customers aware of your product/service Get your customers to buy your product/service Darrin / Andy

The 4 P’s of Marketing (Marketing Mix) Product Positioning Physical features or intangible aspects of the product Price Pricing Strategy, Sell Low/Premium Priced? Place Where?, Distribution Channels Promotion Action Plan: Marketing & Promotional Tactics, Sales Promotion Darrin / Andy

MyMato 4 P’s Darrin / Andy

Promotion Mass Selling Sales Promotion Personal Selling Advertising- what you pay for Publicity (PR)- free Sales Promotion What you do in-store to get the customer to try it Contests, coupons, free samples Personal Selling Direct contact with potential customer Darrin / Andy

Example Promotional Tools Print Media Social Media Public Relations Trade Shows/Educational Seminars Internet Marketing Sales Force Product Launch Darrin / Andy

MyMato Promotions – Year 1 Darrin / Andy

MyMato Promotions – Year 2 Darrin / Andy

MyMato Promotions – Year 3 Darrin / Andy

Financials Andy / Darrin

Why Financials are Important Shows economical feasibility Shows validity of marketing expenses Can we move forward? Cash Flow, Gross Margin, Profit Andy / Darrin

Andy / Darrin

Monitoring and Measuring Contingency Plan Goals What happens if you exceed your goals? What happens if you don’t meet your goals? Alicia

For more information & resources: Alicia Questions? For more information & resources: www.iowastatenama.wordpress.com “FFA Resources”