The Marketing Plan Everything is Possible From Here!

Major Components Situation Analysis Problems and Opportunities Marketing Objectives Marketing Strategies Implementation Evaluation

The Situational Analysis Internal Considerations – Product – Promotion – Distribution – Price

Situational Analysis External Considerations – Marketplace – Competition – Consumers – Demand – Environment

Problems and Opportunities Identification Possible After SA Problems May be Opportunities in Disguise Promotion only Solves Communication Problems

Setting Objectives Must be Specific and Measurable Primary Marketing Objectives – Sales, Market Share, Volume Secondary Objectives – 4 P’s Product – brand Promotion - awareness Price - % markup Place - # outlets open

Marketing Strategies Determine Target Market Investigate Segmentation Opportunities Product Strategies – Branding – Packaging Distribution – Push vs. Pull

Marketing Strategies Promotion Promotions Mix, use of technology based media vs. traditional, budget Pricing Skimming Competitive Penetration

Marketing Segmentation Identifying groups of people with shared characteristics within the broad markets for consumer or business products aggregating these groups into larger segments according to their mutual interest in the product’s utility

Steps to Segment Identify the needs structure of the consumer population Group the customers into homogeneous segments Id factors that are correlated with the segments (segmentation variables) Select your target market Develop your positioning strategy

Segmentation Variables Demographics – age, income, sex, family size Geo/Demographics – Where people live – regions, climate, density (neighborhoods, zipcodes) Psychographics – Targeting based on lifestyle and attitudes Values, motivations, and lifestyles as they relate to buying behavior Behaviorgraphics – Targeting based on the way people behave – Past behavior profiles – Best data to have, but not always available

Classifications of 4 General Segmentation Characteristics

Geodemographic Targeting – Bohemian Mix Young, mobile urbanites … most liberal lifestyles 2% of households, <$50K, <35 yrs,, unmarried Disproportionate early adopters – White Picket Fences Middle of the socioeconomic ladder Young marrieds, married with children, $48k, 25-44, some college, blue to white collar jobs, ethnically diverse 1% of households – Suburban Pioneers Young singles, recent divorces, single parent families; just over 1% Aging home, garden style apartments; <45 yrs, <$33k, high school/blue collarjobs

Demo/Geographics Monitoring demo shifts can assist with – identifying segments – forecasting of sales – assisting with media planning Minimizing wasted coverage Geographic Dispersion – Population relocating to South and West from Northeast and Midwest – 70% growth to come in these regions

VALS - Psychographic Innovator – successful, sophisticated, take charge people exhibit all three motivators (ideals, achievement and Self-Ecpression); niche, upscale buyers – Ideals Motivated Thinkers - 11% ; avg age 48, mature, satisfied, comfortable, responsible, educated, healthful products purchasers. Seek durability and functionality, yet financially able to consider many choices Believers - 16%; avg age 58; conservative, predictable, conventional, buy American products, loyal consumers

VALS – Achievement Motivated Achievers - 13%; avg age 36, successful, work and goal oriented, satisfaction from families and jobs. Lifestyle structured around family and value consensus and stability over risk. Purchase prestige products and services, time saving goods Strivers - 13%; avg age 34 fewer resources, trendy and fun loving consumers, that seek approval. Money defines their choices and not enough to fund! Impulsive within limits

VALS Self Expression Oriented – Experiencers (12%); avg age 26, high energy levels, exercisers, socialites! Young, enthusiastic, impulsive shoppers. Buy clothes and food, want to look good and have fun! – Makers (13%); avg age 30; practical, self sufficient, focus on family, work, physical recreation, don’t seek new and different Survivors – Strugglers (14%) avg age 61; lowest incomes, not consumer oriented, seek safety and security (Low Resources/Low Innovation)

Target Markets these are the aggregate segments that you will direct your marketing efforts towards You’re prospects!

The Target Market Decision Undifferentiated Marketing Differentiated Marketing Focused (Concentrated Marketing)

Marketing Strategies 4P’s Branding, pricing Distribution Promotions Mix – IMC – seek synergy

Implementation Scheduling – when will you end and begin this plan, use calendar to identify which strategies will come into play at certain times of the year Budgeting – how much will all of this cost, when will your payouts be?

Evaluation Compare Against Quantifiable Objectives

Promotions Plan natural outgrowth of the marketing plan outline of the actions, approaches and tactics that will be used to meet promotions objectives. – Advertising – pr – Sales promotion – Personal selling – Direct marketing – Social Media often bounded by budgetary considerations

Advertising Pyramid Action Desire Conviction Comprehension Awareness

Communications Objectives should support marketing objectives deal with all elements of the promotions mix. awareness, recall, likeability, recognition, action, sales, contacts (or calls), # media contacted and story pickups

Promotions Strategies our plan of action! Broken into section for each of the elements of the promotions mix utilizes the creative mix to mobilize the forces! target audience product concept communications media Advertising, pr, personal selling message

Product Concept How will the ad present the product? In terms of: – Positioning – Differentiation – Life Cycle – Branding, packaging, classification – Thinking or feeling?

Advertising Message Copy Elements – Advertising appeals Humor, fear, slice of life – Copy Platform – Key Consumer Benefits to be identified Art Elements – Visuals for packaging, ads, POP – Layout and Design

Sales Message Id Contact Person Develop scripts for specific TMs Training Setting reasonable expectations Developing long-term relationships

Creative Mix target audience - the people you want to speak to and address the message to – Primary and Secondary product concept - the bundle of values or benefits – may be psychological or utilitarian communications message – TV, radio, magazines, newspaper advertising message - combo of art and copy and production to form message pr message – what is the “newsworthy” item or message Sales promotion – target new segments and spur action Personal selling – demonstrate, address b to b customers, develop trade show information, overcome objections Direct marketing – can this be a reasonable additions to mix?

Media Planning Define Media Objectives – Reach, frequency, GRP, scheduling Profile audiences/readership Match the audiences to the TM Evaluate economics of TM vs. TA Negotiate purchases

Evaluation and Testing Advertising Research Pretest ads Test Concept Posttesting