Marketing Plan Template NEN Advanced Courses Getting to Market: Commercializing your Idea

Customer/Target Segment Analysis Customers’ demographics (age, education, income, etc)-Who and where and how to reach them? Customers’ lifestyle/behavior-What do they do? Benefits offered /pain resolved by the product & better than other alternatives-What do they want and Why will they buy? Size and Growth of segment in the next 6 months/2 years/5years Political, economic, socio-cultural, technological, environmental and regulatory trends impacting business

Industry and Company Analysis Porter’s Five Forces Analysis-Competitors, Suppliers, Customers, Substitutes, New Entrants Strengths/unique aspects of business which can’t be imitated Resources, capabilities, competencies, processes not easy to imitate

Inexpensive and Quick MR Techniques Problem to be tackled/Information for decision- making Objectives of MR Data Collection-Secondary or primary? Sources of secondary data Primary research-Observation, surveys, experimentation, etc. Analysis of data and interpretation of results

Developing Market Offerings The market need The offering and its value to customers – First to market or fast-follower? Advantages and disadvantages Developing the offering (product + service) – Special challenges with services Revenue generation Follow-on offering

Distribution channels Traditional channels – Direct sales, retail, partners/franchises, integrators – Co-selling through service providers Problems and opportunities with channels – Account ownership, conflict Emerging channels – Marketplaces, app stores, online in general – Opportunities/problems of global distribution

Selling and Marketing Process The Selling Process Chart – Prospect, qualify, present, close, service Transactional or consultative? Sales management – Formulation, implementation, evaluation Customer Relationship Management Creating value for customer

Breaking into accounts Lead generation Qualification Trust generation Finding key influencers Overcoming hindrances to selling Generating repeat orders

Pricing Break-Even Volume (FC, VC, Contribution) Cost of Goods Sold (COGS) Pricing Strategies (Details in Next Slide)

Pricing Strategies

Advertising/Sales/Publicity The message, the money and measurement Communications mix – Advertising, Promotions, Personal Selling – Marketing collateral The medium – Traditional media – Non-traditional media Website, twitter, facebook Viral via app stores

Implementation and Evaluation Specify objectives/goals- market share, sales, etc. (Setting Goals) Plan resources required-manpower, finances, etc (Budgets). Time/milestones to achieve goals Setting Marketing Metrics Measure actual performance against set-goals

Metrics Segment Penetration-Trial, Referrals, Adoption (in terms of growth %) Share of Wallet Price Premiums Product/Customer Extensions Sales/Service Costs Customer Satisfaction Loyalty/Retention