Process and Development Marketing Plan Process and Development

What is a Marketing Plan ?

What is a Marketing Plan? A marketing plan is a road map for the marketing activities of an organization for a specified future period of time, such as one year or five.

The purpose of a Marketing Plan? To point the direction for future marketing activities To assist in management control and monitoring the implementation of strategy To inform new participants in the plan of their role and function To obtain resources for implementation (acts as a sales document) To stimulate thinking and make better use of resources

Why do companies need a Marketing Plan ? Why do companies need a Marketing Plan

Why prepare one? A marketing plan helps you establish, direct and coordinate your marketing efforts. Preparing a marketing plan forces you to assess what's going on in your marketplace and how it affects your business. It also provides a benchmark for later measurement. The process of preparing a marketing plan guides you in developing a successful marketing strategy.

Marketing Plan vs. Business Plan outlines and details how money will move in and out of your company, as well as defining your business, identifying your goals, and serving as your firm’s resume. Marketing Plan A marketing plan is a subset of the overall business plan and focus specifically on how you will look for new customers.

Marketing Plan - Framework Analysis - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we ensure arrival? Control - are we on the right track?

Marketing Plan - Framework Analysis - where are we now? Historical background Nature of the product/firm, SWOT Analysis Consumer Profile Who are the customers we are trying to serve? What market segments exist? How many consumers are there? How much do they buy and why? Are there significant international market segments? Competitive Analysis Given the nature of the markets – size, characteristics, competitive activities, and strategies – what marketing opportunities exist for this firm?

Marketing Plan - Framework Objectives - where do we want to be? Sales Objectives What level of sales volume can we achieve during the next year? Profit Objectives Given the sales level and the cost structure of the firm, what level of profits should be achieved? Consumer Objectives How will we serve our target market customers? What do we want consumers to think about our firm?

Marketing Plan - Framework Strategies - which way is best? Describes how you plan on achieving your marketing objectives. Product: Describes your product or service in detail, including product features and benefits. Price: Describes your pricing strategy and payment policies. Promotion: Describes the promotional tools or tactics you will use to accomplish your marketing objectives. Place: Describes how and where you will place your product so customers have access to it and how you will make the sale.

Marketing Plan - Framework Tactics - how do we ensure arrival? Describes what will be done, when it will begin or be completed, and who will accomplish the tasks. Control - are we on the right track? Budget - Lists the cost of the marketing activities you are describing in the marketing plan. Measurements - Describes numerical targets that will measure the results of implementing your marketing plan, including time limits for achieving your goals. For example, increase sales by 10 percent in 12 months.

The contents and structure of the marketing plan The executive summary table of contents situational analysis and target market marketing objectives marketing strategies marketing tactics schedules and budgets financial data and control

Activity: Use your Imagination contest In groups of 5-6 Develop a possible product, service, idea, or nonprofit cause that they will consider for your marketing plan Each group will present their idea in front of the three respectful judges: Ms. Madeline Denis, Mr. Jason Lay, and Ms. Verna Bailey Development 7 min, presentations 5 min, The Winner is 3 min