Step 01: Topic Selection<\/p>\n
The first step in writing a good eMarketing Plan is to have a business or product that enthuses you and for which you can get detailed information, so you can avoid glittering generalities.\u00a0 We offer these additional bits of advice in selecting a topic:<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 Do pick a topic that has personal interest for you\u2014a family business, a business or product you or a friend might want to launch, or a student organization needing marketing help.<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 Do not pick a topic that is so large it can\u2019t be covered adequately or so abstract it will lack specifics.<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Now to get you started on your marketing plan, list four or five possible topics and compare these with the criteria your instructor suggests and those shown above.\u00a0 Think hard, because your decision will be with you all term and may influence the quality of the resulting marketing plan you show to a prospective employer.<\/p>\n
In Question 1, a key factor students should consider in choosing a topic for their marketing plan is whether they can find enough useful information to provide the necessary detail in the completed plan.\u00a0 For example, a plan done for an existing family business builds on an immediate base of past revenues, marketing activities, etc.\u00a0 In contrast, a plan for a potential business a student is considering launching has no such base of information.\u00a0 While instructors must be sensitive to the different data collection problems each of these two marketing plans face, both must avoid the \u201cglittering generalities\u201d problem when submitted.<\/p>\n
Here are examples of successful marketing plans students have submitted for our classes:<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Family business.\u00a0 Sand and gravel business, small manufacturing shop, two-chair barber shop, summer resort.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Local small business.\u00a0 Garage, flower shop, corner grocery, interior-design decorating shop.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Student organization or university activity.\u00a0 Marketing club, campus blood drive, increasing attendance at college sporting events, student counseling center.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Potential business.\u00a0 Internet caf\u00e9, healthy-food restaurant, graphic design shop, motorcycle shop.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Existing business.\u00a0 Amazon, Apple, Boston Consulting Group, Comcast, Disney, Ford Motors, Google, JetBlue, McDonalds, Microsoft, P&G, Samsung, Simon Malls, Verizon, etc\u2026<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 When you have selected your marketing plan topic, whether the plan is for an actual business, a possible business, or a student organization, write the \u201ccompany description\u201d in your plan.<\/p>\n
In Question 2, if the company already exists, the company description highlights the recent history and recent successes of the organization so students should seek to:<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 Recent history.<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Provide a brief introduction about when the organization was founded (if relevant), identify who the founders or key management personnel are that will assist you, and define what product or service is to be marketed.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Discuss what is unique about the company and its offering(s) that sets it apart from competitors.<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 Recent successes.\u00a0 Where possible, identify and briefly describe what recent activities or results show how the organization has been successful in terms of sales (dollars or units), market share, quality, new product introductions, and so on.<\/p>\n
If the company or organization does not actually exist, students should seek to describe what is unique about the organization and its offerings that are likely to lead to its eventual success.<\/p>\n
Helping with Common Student Problems<\/p>\n
Enthusiastic students often pick marketing plan topics that are simply too grandiose to be completed in the time available\u2014a new brand of car or a new airline to serve small U.S. cities.\u00a0 A subtler problem\u2014alluded to above\u2014is in picking a marketing plan topic that requires an inordinate amount of effort to obtain useful data.\u00a0 For this latter problem, when having students select a marketing plan topic, ask them to first write down 4 or 5 topic ideas and then 10 or 12 words for each topic about what key sources of information they need to obtain and where are they likely to obtain it.<\/p>\n
Step 02: Mission Statement & SWOT
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 02: Mission Statement & SWOT<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 When you have completed the draft of your own marketing plan, write a 600-word executive summary to go in the front of your own marketing plan.<\/p>\n
Suggestions: In Question #1, students are asked to write a 600-word executive summary. This gives them a chance to practice a draft of an executive summary for their own marketing plan.\u00a0 A sample 600-word executive summary for a marketing plan appears below.<\/p>\n
FIVE-YEAR MARKETING PLAN FOR PARADISE KITCHENS, INC.<\/p>\n
1.\u00a0 Executive Summary<\/p>\n
2.\u00a0 Company Description<\/p>\n
Paradise Kitchens was started in 1989 to develop and market Howlin\u2019 Coyote Chili.<\/p>\n
3.\u00a0 Strategic Focus and Plan<\/p>\n
Three key aspects of the company\u2019s corporate strategy:<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Mission\/Vision.\u00a0 Howlin\u2019 Coyote Chili intends to market the highest-quality line of single serve and microwaveable Southwestern\/Mexican-style frozen chili products.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Goals.<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 Nonfinancial goals include: retaining its high quality image; entering 17 new metropolitan markets; achieving nationwide distribution in two convenience store or supermarket chains by 2012 and five by 2013; adding a new product line every third year; and being among the top five chili lines in one-third of the metro markets in which it competes by 2013 and two-thirds by 2015.<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 Financial goals include: achieving a real growth in earnings per share of 8 percent per year over time; obtaining a return on equity of at least 20 percent; and having a public stock offering by 2013.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Core Competency and Sustainable Advantage.\u00a0 Paradise Kitchens seeks to
\n(1) provide distinctive, high-quality chili and related products using Southwestern\/Mexican recipes that appeal to and excite contemporary tastes and
\n(2) use effective manufacturing and distribution systems that maintain high quality standards to deliver its products to consumers.<\/p>\n
4.\u00a0 Situation Analysis<\/p>\n
An analysis of Paradise Kitchens\u2019 marketing environment reveals:<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 SWOT Analysis.\u00a0 The Company\u2019s favorable internal factors are an experienced management team, excellent acceptance in its three metropolitan markets, and a strong manufacturing and distribution system.\u00a0 Favorable external factors include increasing appeal of Southwestern\/Mexican foods, a strong upscale market for the Company\u2019s products, and a desire for convenience.\u00a0 The main weaknesses are Paradise Kitchens\u2019 small size relative to its competitors in terms of depth of management team, its limited financial resources to respond to growth opportunities and competitive actions, lack of national awareness and distribution of product lines, and lack of food processing expertise.\u00a0 Threats include the danger that the Company\u2019s premium prices may limit access to mass markets and competition from the eat-out and take-out markets.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Industry Analysis.\u00a0 There is a rising trend in frozen foods in general and spicy and Mexican foods in particular.\u00a0 The Mexican entree market represents over $506 million in annual sales of the $29 billion total frozen food sales due in part to the increase of the Hispanic population in the U. S., which reached 48 million and almost $978 billion in purchasing power in 2009.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Competitors in the Chili Market.\u00a0 The chili market is also a $500 million market in the U.S. and is divided into two segments: canned chili, sold by Hormel, Dennison, Campbell\u2019s, and others (75%), and dry chili, sold by Lowry\u2019s, Stagg, etc. (25%).\u00a0 Bush, a major marketer of beans, now sells chili in a glass jar.\u00a0 Canned chili does not taste very good.\u00a0 Dry chili requires consumers to add their own meat, beans, and tomatoes, taking more preparation time.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Company Analysis.\u00a0 The principals of the firm have extensive consumer packaged food experience.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Customer Analysis.\u00a0 Howlin\u2019 Coyote households consist of one to three people.\u00a0 Among married couples, both spouses work.\u00a0 Although a majority of buyers are women, single men represent a significant segment.\u00a0 Teenage boys devour it.\u00a0 Because chili is a quick and tasty meal, the product\u2019s biggest users tend to be those pressed for time.\u00a0 Premium pricing also means that purchasers are skewed toward the higher end of the income range: $50,000 and above.\u00a0 Buyers range in age from 25 to 54.\u00a0 The high caloric level of much Mexican and Southwestern-style food has been widely reported and often exaggerated.\u00a0 Less certain is any link between such reports and consumer buying behavior.\u00a0 Therefore, while Howlin\u2019 Coyote is lower in calories, fat, and sodium than its competitors, those qualities are not being stressed in promotion.\u00a0 Instead, taste, convenience, and flexibility are stressed.<\/p>\n
5.\u00a0 Market-Product Focus<\/p>\n
A five-year marketing and product objectives for Paradise Kitchens and Howlin\u2019 Coyote chili includes:<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Marketing and Product Objectives.\u00a0 Paradise Kitchens will expand its brand at the retail level by increasing consumer awareness and repeat purchases, adding several new markets by Year 5, increasing food service sales, and adding new frozen food products.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Target Markets.\u00a0 The primary market is 1 to 3 person households with incomes of at least $50,000.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Points of Difference.\u00a0 Howlin\u2019 Coyote chili is superior to those offered by competitors based on its taste, convenience, and packaging.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Positioning.\u00a0 Howlin\u2019 Coyote chili is both tasty and easily and quickly prepared for today\u2019s consumer.<\/p>\n
6.\u00a0 Marketing Program<\/p>\n
The marketing program applies the information summarized above, as shown below:<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Product Strategy.\u00a0 Emphasize high quality and flavor; packaging is distinctive art communicating out-of-the ordinary positioning.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Price Strategy.\u00a0 Priced comparably with other frozen chili, higher than canned or dry\u2014but worth it.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Promotion Strategy.\u00a0 Use in-store demonstrations, recipes, and cents-off coupons.<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Place (Distribution) Strategy.\u00a0 Continue to use a food distributor until sales grow enough to justify shifting to a more efficient system using a broker.<\/p>\n
7.\u00a0 Financial Data and Projections<\/p>\n
The marketing plan provides past sales revenues for 2001-2011 along with five-year financial projections for 2012-2016.<\/p>\n
8.\u00a0 Organization<\/p>\n
The marketing plan also outlines an organization chart and staffing plan.<\/p>\n
9.\u00a0 Implementation Plan<\/p>\n
Paradise Kitchens will use a five-year rollout schedule to enter new U.S. markets.\u00a0 The plan will be monitored to assess whether minor modifications may be required in chili recipes for different metropolitan areas.\u00a0 Comparing actual versus target monthly sales by metropolitan area will provide evaluation and control.\u00a0 Tactical marketing programs will be modified to reflect unique factors in each area.<\/p>\n
10.\u00a0 Evaluation and Control<\/p>\n
Actual case sales will be compared with monthly targets and tactical marketing programs modified to reflect the unique sets of factors in each metropolitan area.\u00a0 The speed of the rollout program will depend on Paradise Kitchens\u2019 performance in the metropolitan markets it enters.\u00a0 Finally, Paradise Kitchens will respond to variations in regional tastes.<\/p>\n
Appendix A.\u00a0 Biographical Sketches of Key Personnel<\/p>\n
Appendix B.\u00a0 Detailed Financial Projections<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Using the above as a guide, to give focus to your own marketing plan, please do the following:
\n(a) writing your mission statement in 25 words of less, (b) listing three nonfinancial goals and three financial goals, (c) writing your competitive advantage in 35 words or less, and (d) doing a SWOT analysis table.<\/p>\n
Suggestions: Question #2 asks students to get a jump start on writing their marketing plan by putting on paper their mission statement, non-financial and financial goals, competitive advantage for the organization, and a SWOT analysis.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Draw a simple organization chart for your organization.<\/p>\n
A.\u00a0 \u00a0 \u00a0 \u00a0 Develop a Gantt chart to schedule the key activities to implement your marketing plan.<\/p>\n
Helping with Common Student Problems<\/p>\n
Our experience from working with thousands of students writing marketing plans is the need to encourage them to (a) get started and get something on paper and (b) be specific.\u00a0 One way to accomplish this is to have students hand in a two-page draft of the start of their marketing plan containing the four items listed above in Question #2.<\/p>\n
Step 03: Environmental Scan
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 03: Environmental Scan<\/p>\n
Your marketing plan will include a situation analysis based on internal and external factors that are likely to affect your marketing program and an assessment of the affect of your plan on potential stakeholders.<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 To summarize information about external factors, create a table and identify three trends related to each of the five forces (social, economic, technological, competitive, and regulatory) that relate to your product or service.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 When your table is completed, describe how each of the trends represents an opportunity or a threat for your business.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Identify what, if any, ethical and social responsibility issues might arise for each type of stakeholder.<\/p>\n
The most rigorous way to have students do an environmental scan for their marketing plan is to have them create a table with the following four columns: \u201cEnvironmental Force,\u201d\u00a0 \u201cOpportunities,\u201d \u201cThreats,\u201d and \u201cResulting Trend.\u201d\u00a0 This forces students to think about implications of the trends for their business or product or service.\u00a0 The environmental scan can give depth to the industry analysis, competitor analysis, and customer analysis portion of \u201cSection 4: Situation Analysis.\u201d<\/p>\n
Not a part of a traditional marketing plan, the \u201cstakeholder analysis\u201d attempts to outline the potential impact on key stakeholder groups of potential future company actions reflected in the marketing plan.\u00a0 For example, if a small manufacturer faces increasing environmental laws that can substantially increase costs, its effect on employees, suppliers, and customers might be described briefly.\u00a0 Ideas from the stakeholder analysis may be woven into the plan\u2019s situation analysis.<\/p>\n
Helping with Common Student Problems<\/p>\n
As with the SWOT analysis activity, students often end their analysis by simply listing the environmental trends in their environmental scan.\u00a0 By having students add the \u201copportunities\u201d and \u201cthreats\u201d columns described above, they are forced to try to translate the trend into what it means for their marketing plan.\u00a0 Sometime it suggests a specific action.\u00a0 At other times, it suggests the student be aware of the trend, which may lead to actions in the future.<\/p>\n
Step 04: Consumer Analysis
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 04: Consumer Analysis<\/p>\n
To do a consumer analysis for the product\u2014the good, service, or idea\u2014in your marketing plan:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Identify the consumers who are most likely to buy your product\u2014the primary target market\u2014in terms of (a) their demographic characteristics and (b) any other kind of characteristics you believe are important.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Describe (a) the main points of difference of your product for this group and
\n(b) what problem they help solve for the consumer in terms of the first stage of the consumer purchase decision process.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Identify the one or two key influences for each of the four outside boxes in (a) marketing mix, (b) psychological, (c) sociocultural, and
\n(d) situational influences.<\/p>\n
This consumer analysis will provide the foundation for the marketing mix actions you develop later in your plan.<\/p>\n
For existing businesses, a look at company records or scrutiny of customers, say, visiting the shop may provide specifics on the characteristics of the primary target market customers.\u00a0 This may also suggest key new segments to try to reach.<\/p>\n
What makes our product or service more desirable to potential customers than offerings of competitors?\u00a0 These are the key \u201cpoints of difference\u201d that are the foundation for possible success for the product or service described in the student marketing plan.\u00a0 Typically, these points of difference tie to a customer problem to be solved\u2014a more convenient location, better service, higher-quality offering, and so on.<\/p>\n
The influences that emerge in this step often become the basis for marketing mix decisions developed later in the student plan.<\/p>\n
Helping with Common Student Problems<\/p>\n
Student marketing plans often lack clear definitions of (a) the primary target market segments of customers and (b) points of difference.\u00a0 Without these, the marketing plan quickly loses focus.<\/p>\n
Step 05: Market Potential
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 05: Market Potential<\/p>\n
Your marketing plan may need an estimate of the size of the market potential or industry potential for a particular product-market in which you compete.\u00a0 Use these steps:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Define the product-market precisely, such as ice cream.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Visit the NAICS website at www.census.gov.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Click \u201cNAICS\u201d and enter a keyword that describes your product-market
\n(e.g., ice cream).<\/p>\n
4.\u00a0 \u00a0 \u00a0 \u00a0 Follow the instructions to find the specific NAICS code and economic census data that detail the dollar sales and provide the estimate of market or industry potential.<\/p>\n
If the marketing plan involves organizational markets, it is often useful first to determine the size of the market or industrial potential and then to assess the portion\u2014or market share\u2014that the organization might capture.\u00a0 U.S. Census data is the most common source of information for this kind of analysis.\u00a0 However, for most small businesses, this kind of analysis is of secondary importance.<\/p>\n
Step 06: Going Global
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 06: Going Global<\/p>\n
Does your marketing plan involve reaching global customers outside the United States?\u00a0 If the answer is no, read no further and do not include a global element in your plan.\u00a0 If the answer is yes, try to identify the following:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 What features of your product are especially important to potential customers?<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 In which countries do these potential customers live?<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 What special marketing issues are involved in trying to reach them?<\/p>\n
Answers to these questions will help in developing more detailed marketing mix strategies described in later chapters.<\/p>\n
Special issues for students to consider if marketing a product to another country include:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Regulations dealing with imports, including tariffs and quotas.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Assistance programs from the World Trade Organization, U.S. government, or state trade office.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Whether a website will be developed in the language of the targeted country.<\/p>\n
4.\u00a0 \u00a0 \u00a0 \u00a0 An assessment of the country\u2019s values, customs, and symbols when developing the marketing mix.<\/p>\n
5.\u00a0 \u00a0 \u00a0 \u00a0 An assessment of any relevant economic (income, inflation, currency exchange rate, etc.) and infrastructure issues (communication, transportation, energy, distribution, etc.).<\/p>\n
6.\u00a0 \u00a0 \u00a0 \u00a0 Political stability.<\/p>\n
7.\u00a0 \u00a0 \u00a0 \u00a0 Market-entry strategy to be used.<\/p>\n
8.\u00a0 \u00a0 \u00a0 \u00a0 Whether the product will need to be adapted.<\/p>\n
Step 07: Resource Prioritization
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 07: Resource Prioritization<\/p>\n
To help you collect the most useful data for your marketing plan, develop a three-column table:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 In column 1, list the information you would ideally like to have to fill holes in your marketing plan.<\/p>\n
Answers: Data sources were also touched on briefly in the Chapter 1: Building Your Marketing Plan when students were selecting a marketing plan topic.\u00a0 Without some available data on the proposed plan, a different product, service, or organization should have been selected.\u00a0 Some of these information needs may consist of market size, market share, or target market characteristics (demographics, usage, media, etc.).<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 In column 2, identify the source for each bit of information in column 1, such as an Internet search, talking to prospective customers, looking at internal data, and so forth.<\/p>\n
Answers: Some of these sources could include Census data, sales reports, mail survey of prospective customers, interviews with owners or managers, etc.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 In column 3, set a priority on information you will have time to spend collecting by rating them: 1 = most important; 2 = next most important; and so forth.\u00a0 [Note: This is a 3-pt. scale.]<\/p>\n
Answers: This three-column table never appears in the marketing plan itself.\u00a0 But if done well, the tool can generate sufficient data upon which the marketing mix strategies are based.\u00a0 Suppose a student team is developing a marketing plan an existing small, family-owned florist shop.\u00a0 A portion of this three-column table might look as follows:<\/p>\n
NEEDED INFORMATION<\/p>\n
INFORMATION SOURCE<\/p>\n
PRIORITY<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Present target market customers (households and institutions)<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Internal company records<\/p>\n
3<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Satisfaction and wants of present customers<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Simple, 7-question survey<\/p>\n
3<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Potential target market customers (households and institutions)<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Map and observation of potential customers in local retail trading area<\/p>\n
2<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Competitors<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Yellow-pages; map of 15-mile radius retail trading area<\/p>\n
2<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Suppliers of flowers, other supplies<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Yellow-pages; interview with owners<\/p>\n
1<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Cost of advertising media<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Pricing of Yellow Pages ad, direct mail, local newspaper ad<\/p>\n
3<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Break-even data (rent, utilities, average selling price, etc.)<\/p>\n
\u2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Interview with owners<\/p>\n
3<\/p>\n
This prioritizes the data collection tasks.\u00a0 Inform students that some secondary data collection is necessary before a survey can be developed since the students need to have some understanding of the market and its environment.\u00a0 Also, if students plan on collecting primary data, they need to allow for sufficient time to design the instrument, collect the data, analyze the data, and the develop marketing actions.<\/p>\n
Helping with Common Student Problems<\/p>\n
Students writing marketing plans often have the classic problem of procrastinators\u2014trying to collect and interpret the data the day before the plan is to be submitted to the instructor.\u00a0 This needed data analysis step is intended to force students to anticipate the information required and to obtain it before the last minute.<\/p>\n
Step 08: Market Size & Segmentation
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 08: Market Size & Segmentation<\/p>\n
Your marketing plan (a) needs a market-product grid to focus your marketing efforts and also (b) leads to a forecast of sales for the company.\u00a0 Use these steps:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Define the market segments (the rows in your grid) using the bases of segmentation used to segment consumer and organizational markets.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Define the groupings of related products (the columns in your grid).<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Form your grid and estimate the size of market in each market-product cell.<\/p>\n
4.\u00a0 \u00a0 \u00a0 \u00a0 Select the target market segments on which to focus your efforts with your marketing program.<\/p>\n
5.\u00a0 \u00a0 \u00a0 \u00a0 Use the information and the lost-horse forecasting technique to make a sales forecast (company forecast).<\/p>\n
6.\u00a0 \u00a0 \u00a0 \u00a0 Draft your positioning statement.<\/p>\n
Answers:<\/p>\n
Market segments and product groupings.\u00a0 What do we sell to whom?\u00a0 This is one of the most fundamental questions every business must answer.\u00a0 In the market-product grid analysis, the \u201cwhat\u201d is the \u201cproduct grouping\u201d or columns in the grid and the \u201cto whom\u201d is the \u201cmarket segments\u201d or rows in the grid.\u00a0 The initial task in developing the market-product grid is to name the product groupings and market segments\u2014a task requiring serious thought.\u00a0 Product groupings should closely relate to the ways consumers actually make their purchase decision (by item, occasion, feature, etc.) in order to develop a more effective marketing program.\u00a0 Market segments should be defined based on the characteristic(s) that are the least costly to identify and reach with a marketing program.\u00a0 These characteristics could be geographic, demographic, psychographic, or behavioral in nature.\u00a0 A profile of a target market segment must include its media behavior to communicate the marketing program developed to meet its needs.<\/p>\n
Market size and target market selection.\u00a0 Estimating the market size in each cell of the grid may be on a \u201c3-2-1-0\u201d (large, medium, small, none) basis.\u00a0 However, if possible, a more rigorous and useful approach is to estimate annual revenues (dollars) for each of the cells before selecting the target market segments.\u00a0 Unit sales (numbers) or market share estimates are much more difficult to estimate and therefore should be beyond the scope of this exercise.<\/p>\n
Helping with Common Student Problems<\/p>\n
Developing the market product grid and sales forecast are probably the two most difficult tasks students face in writing their marketing plans.\u00a0 Yet they are among the most important because of how closely they link to marketing mix actions in the plan.\u00a0 So instructors should stress their importance.\u00a0 Also, students should be forced to look at both the marketing synergies and operations efficiencies in studying their marketing-product grid and related strategies.<\/p>\n
Step 09: Product Differentiation
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 09: Product Differentiation<\/p>\n
In fine-tuning the product strategy for your marketing plan, do these two things:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Develop a simple three-column table in which (a) market segments are in the first column and (b) the one or two key points of differences of the product to satisfy the segment\u2019s needs are in the second column.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 In the third column of your table, write ideas for specific new products for your business in each of the rows in your table.<\/p>\n
Answers:<\/p>\n
(a) MARKET SEGMENTS<\/p>\n
(b) POINTS OF DIFFERENCE<\/p>\n
(c) NEW PRODUCT IDEAS<\/p>\n
Question #1 revisits the first Building Your Marketing Plan activity.\u00a0 However, after the discussion about points of difference being the single most important factor in new product success or failure, it should have more significance for students.\u00a0 Also, the students\u2019 development of a market-product grid for their plans should add to their understanding.<\/p>\n
Helping with Common Student Problems<\/p>\n
In writing their marketing plans, students often have a myopic view of their \u201cproduct strategy.\u201d\u00a0 If the plan is for an existing business, the \u201cproduct strategy\u201d probably only deals with what the business is selling now.\u00a0 In contrast, for a new business, the \u201cproduct strategy\u201d is probably only the new offering.\u00a0 Students must realize that the foundation for the product strategy in their marketing plan mixes all the considerations discussed thus far.<\/p>\n
Step 10: Product Life Cycle
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 10: Product Life Cycle<\/p>\n
For the product offering in your marketing plan,<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Identify (a) its stage in the product life cycle and (b) key marketing mix actions that might be appropriate.<\/p>\n
Answer: Question #1 really applies best to a marketing plan for a product or service more than, say, a retail shop or a college club.\u00a0 In the latter cases, formal product life cycle analysis is less appropriate.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Develop (a) branding and (b) packaging strategies, if appropriate for your offering.<\/p>\n
Answer: Similarly, Question #2b applies mainly to a marketing plan for a physical product.\u00a0 However, broad branding issues can apply to a product, service, or retail shop.\u00a0 In the case of the retail shop, its name and possible logo or catchy phrase may be a vital part of gaining customer awareness.<\/p>\n
Step 11: Price
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 11: Price<\/p>\n
In starting to set a final price:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 List two pricing objectives and three pricing constraints.<\/p>\n
Answer: In Question #1, writing on paper several pricing objectives and pricing constraints is intended to help students start to confront pricing realities.\u00a0 For example, perhaps a new, underfunded small business has the practical pricing objective of needing to break even in six months or sooner.\u00a0 Or perhaps a pricing constraint for a small manufacturer is to offer firms in its channel of distribution the conventional margins used in its industry.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Think about your customers and competitors and set three possible prices.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Assume a fixed cost and unit variable cost and (a) calculate the break-even points and (b) plot a break-even chart for the three prices specified in step 2.<\/p>\n
Answer: Questions #2 and #3 force students to dig into key fixed and unit variable costs plus assume three prices in order to calculate break-even points and plot the related break-even charts.\u00a0 Reality may set in when students discover they have to sell five times as many units as they assumed, just to break even.<\/p>\n
Helping with Common Student Problems<\/p>\n
\u201cBut I don\u2019t know what the fixed costs for a flower shop are going to be\u201d is a common student complaint.\u00a0 The simple instructor answer: \u201cWell then you\u2019d better do some data digging and make some simple assumptions.\u00a0 And by the way, please put those assumptions in your plan so we know your starting point.\u201d<\/p>\n
Probably the biggest surprise from students in the hundreds of marketing plans we\u2019ve read and graded is: How many more widgets they have to sell than they expected\u2014just to start covering the fixed costs?\u00a0 Another concern for students is what the units of quantity sold will be, say, for a flower shop when there are so many different plants and bouquets that might be sold.<\/p>\n
Students need to be encouraged to alter whatever assumptions are appropriate to calculate their final break-even point and related potential profit.<\/p>\n
Step 12: Channel & Supply Chain
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 12: Channel & Supply Chain<\/p>\n
Does your marketing plan involve selecting channels and intermediaries?\u00a0 If the answer is \u201cno,\u201d read no further and do not include this element in your plan.\u00a0 If the answer is \u201cyes,\u201d<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Identify which channel and intermediaries will provide the best coverage of the target market for your product or service.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Specify which channel and intermediaries will best satisfy the important buying requirements of the target market.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Determine which channel and intermediaries will be the most profitable.<\/p>\n
4.\u00a0 \u00a0 \u00a0 \u00a0 Select your channel(s) and intermediary(ies).<\/p>\n
Suggestion: If a student\u2019s marketing plan involves a manufacturing operation, choosing effective channels of distribution and intermediaries are often vital to the firm\u2019s success.
\nIn this case, key considerations in channel decisions are consist of factors like effectiveness of reaching and serving the needs of customers in the target market segments and the margins needed for channel members that will still provide adequate profit for the manufacturer.\u00a0 But marketing plans for retail shops or college-related activities, these channel issues are largely irrelevant.<\/p>\n
5.\u00a0 \u00a0 \u00a0 \u00a0 If inventory is involved,\u00a0 (a) identify the three or four major kinds of inventory needed for your organization (retail stock, finished products, raw materials, supplies, and so on), and (b) suggest ways to reduce their costs.<\/p>\n
6.\u00a0 \u00a0 \u00a0 \u00a0 (a) Rank the four customer service factors (time, dependability, communication, and convenience) from most important to least important from your customers\u2019 point of view, and (b) identify actions for the one or two most important to serve customers better.<\/p>\n
Step 13: Retail Channels
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 13: Retail (Brick n\u2019 Mortar \/ Digital) Channels<\/p>\n
Does your marketing plan involve using retailers?\u00a0 If the answer is \u201cno,\u201d read no further and do not include a retailing element in your plan.\u00a0 If the answer is \u201cyes\u201d:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Develop your retailing strategy by specifying the details of the retailing mix.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Describe an appropriate combination of retail pricing, store location, retail communication, and merchandise assortment.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Confirm that the wholesalers needed to support your retailing strategy are consistent with the channels and intermediaries you selected in the prior step.<\/p>\n
Step 14: Integrated MarCom
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 14: Integrated MarCom<\/p>\n
Now we’re getting to the good “Internet Marketing” space that you may have been waiting for…the prior, traditional marketing steps needed to be considered first, before focusing on the digital marketing tools required to developing one’s eMarketing Plan.<\/p>\n
Integrated Marketing Communication also referest to Cross-Channel Marketing…it is a hybrid of combining all possible marketing tools (as needed) into a strategy that enables a firm to best promote it’s brand, products and services.<\/p>\n
To develop the promotion strategy for your marketing plan, follow the steps suggested in the planning phase of the promotion decision process.<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 You should (a) identify the target audience, (b) specify the promotion objectives,
\n(c) set the promotion budget, (d) select the right promotion tools, (e) design the promotion, and (f) schedule the promotion.<\/p>\n
Answers:<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 Target audience.\u00a0 Is there more than one?\u00a0 Who are they?\u00a0 Does the same promotional approach work for all?<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 Promotion objectives.\u00a0 Do promotion objectives differ by target audiences?\u00a0 Is the main objective increased awareness?\u00a0 Trial?\u00a0 Repeat purchase?<\/p>\n
c.\u00a0 \u00a0 \u00a0 \u00a0 Promotion budget.\u00a0 In the break-even analysis developed earlier, was the promotion budget included?\u00a0 Is it reasonable in light of the promotion objectives?<\/p>\n
d.\u00a0 \u00a0 \u00a0 \u00a0 Promotion tools.\u00a0 Is our stress on advertising, personal selling, etc.?\u00a0 Are these tools the ones most effective in reaching our target audience and achieving our promotional objectives?<\/p>\n
e.\u00a0 \u00a0 \u00a0 \u00a0 Promotion design.\u00a0 If we are using a yellow page ad or a direct mail ad, what should it look like?<\/p>\n
f.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Promotion schedule.\u00a0 Does demand for our offering vary seasonally?\u00a0 If yes, shouldn\u2019t this be reflected in our scheduling decisions?<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Also specify the pretesting and posttesting procedures needed in the implementation and control phases.<\/p>\n
Answer: In Question #2, pretesting and posttesting of promotional ideas is often difficult for small businesses because of cost.\u00a0 It may simply involve a question to ask new customers, such as \u201cHow did you hear about us?\u201d<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Finally, describe how each of your promotion tools are integrated to provide a consistent message.<\/p>\n
Answer: Question #3 really addresses how to have an integrated marketing communication program in which each promotional tool complements and supports the others.<\/p>\n
Helping with Common Student Problems<\/p>\n
What students are asked to do in Questions #1, #2, and #3 above is a very, very big order.<\/p>\n
In fact, if done in detail for a large business, this could be a complete promotional plan written for a promotion or advertising course.\u00a0 However, this experience could be both fun and frightening for students if they are actually trying their hands at writing a promotional piece to include in their marketing plans.\u00a0 For simplicity, have student outline a public relations, sales promotion, or direct marketing strategy.<\/p>\n
Step 15: Adv, PR & Sales
\nBUILDING YOUR MARKETING PLAN<\/p>\n
Step 15: Adv, PR & Sales<\/p>\n
To augment your promotion strategy:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Select the advertising media you will include in your plan by analyzing how combinations of media (e.g., television, Internet, radio, and yellow pages) can complement each other.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Select your consumer-oriented sales promotion activities (coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, and\/or product placements).<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Specify which trade-oriented sales promotions and public relations tools you will use.<\/p>\n
Answer: The feasibility of using each of the five promotion tools varies tremendously depending on the topic of the marketing plan.\u00a0 Probably nowhere is this truer than in the three promotional tools covered in Chapter 15.\u00a0 For example, a marketing plan for an Internet caf\u00e9 in terms of cost effectiveness might be able to justify only yellow pages ads and Internet advertising\u2014consumer-oriented sales promotions, with trade-oriented sales promotions and public relations being impractical.\u00a0 In contrast, other retail operations might stress some consumer-oriented sales promotions, such as samples or point-of- purchase displays.<\/p>\n
Helping with Common Student Problems<\/p>\n
Students should be encouraged to include some samples of creative promotional ideas in their marketing plan or in an appendix to it.\u00a0 Examples include sample advertisements, point-of-purchase displays, or a news release to be used in public relations.\u00a0 These examples move students from the level of \u201ctelling how to do it\u201d to actually \u201cdoing it!\u201d<\/p>\n
Step 16: Social Network Strategy
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 16: Social Network Strategy<\/p>\n
Remembering the target market segments you identified in for your marketing plan:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 (a) Identify which one of the four social networks described in the chapter would be most useful and (b) give your reasons.<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 The choice of one of the four social networks by a student to help market his\/her new business involves matching (1) the special communications needs of the new business (local or national market, product or service, easy versus difficult to understand, existing media and websites already used, etc.) with (2) the unique strengths and weaknesses of each of the four social networks (monthly unique visitors to the network, audience demographics, importance of feedback, ability of network to communicate complex product or story, etc.).<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 As an example, let\u2019s assume the student is writing a marketing plan for a fairly complex new technical product whose benefits are better understood by being seen in some way rather than being simply described in words.\u00a0 In that case, the student would choose YouTube to post a video that clearly demonstrates the benefits and use of the technical product.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Briefly describe (a) how you would use this social network to try to increase sales of your products and (b) why you expect target market customers to respond to it.<\/p>\n
a.\u00a0 \u00a0 \u00a0 \u00a0 The student should start by identifying (1) the clear points of difference to communicate to target market prospects and (2) the complexities that have to be explained clearly, and then develop a really creative way to incorporate these factors into a short video.<\/p>\n
b.\u00a0 \u00a0 \u00a0 \u00a0 In an ideal world, the student\u2019s video might be both entertained and very informative.\u00a0 This was the case with the OK Go videos described in the chapter.\u00a0 Google, YouTube\u2019s owner, offers a search engine so users interested in the video\u2019s topic can find it.\u00a0 To get viewers back to the seller\u2019s website, the video description should contain a hyperlink to permit follow-up and conversations with potential customers.<\/p>\n
Helping with Common Student Problems<\/p>\n
Students\u2019 love of favorite social networks can easily distract them from making rational strategy choices.\u00a0 Selecting one of the social networks or digital tools might be done more rationally by developing a table.\u00a0 The most familiar are in the four columns.\u00a0 The special communications needs mentioned in the first paragraph above might be the rows in the table.\u00a0 The student can use this table to help make a reasoned choice.<\/p>\n
Step 17: Sales Strategy
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 17: Sales Strategy<\/p>\n
Does your marketing plan involve a personal selling activity?\u00a0 If the answer is no, read no further and do not include a personal selling element in your plan.\u00a0 If the answer is yes:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Identify the likely prospects for your product or service.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Determine what information you should obtain about the prospect.<\/p>\n
3.\u00a0 \u00a0 \u00a0 \u00a0 Describe how you would approach the prospect.<\/p>\n
4.\u00a0 \u00a0 \u00a0 \u00a0 Outline the presentation you would make to the prospect for your product or service.<\/p>\n
5.\u00a0 \u00a0 \u00a0 \u00a0 Develop a sales plan, focusing on the organizational structure you would use for your salesforce (geography, product, or customer).<\/p>\n
Answer: For some businesses, personal selling activities are the single most important factor in success.\u00a0 For student marketing plans for which this is true, this Building Your Marketing Plan focuses on the first four stages in the personal selling process: prospecting, preapproach, approach, and presentation.\u00a0 A detailed description of these steps is appropriate for marketing plans where personal selling is a key to success.\u00a0 For other plans, this section is not pertinent.<\/p>\n
Step 18: Digital Strategy
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
Step 18: Digital Strategy<\/p>\n
Does your marketing plan involve a marketspace presence for your product or service?\u00a0 If the answer is no, read no further and do not include this element in your plan.<\/p>\n
If the answer is yes, then attention must be given to developing a website \/ app in your marketing plan.\u00a0 A useful starting point is to:<\/p>\n
1.\u00a0 \u00a0 \u00a0 \u00a0 Describe how each website \/ app element\u2014context, content, community, customization, communication, connection, and commerce\u2014will be used to create a customer experience.<\/p>\n
2.\u00a0 \u00a0 \u00a0 \u00a0 Identify a company\u2019s website \/ app that best reflects your website conceptualization.<\/p>\n
Answer: If marketspace presence is important for the product or service in the student marketing plan, then an effective website \/ app is critical to success.\u00a0 Clearly, asking the student or team to design an appropriate website is far beyond the scope of a marketing plan for a\u00a0 marketing course.\u00a0 But asking students to do a \u201csix-C analysis\u201d of each element in their website and to identify an existing website \/ app that might serve as a model is appropriate for their marketing plans.<\/p>\n
Balance is everything… We still live in a world dominated by traditional media… our marketing plan must reflect this while also taking into consideration all of the possible digital tools that can be included in a hybrid plan. The term hybrid will only be used for a few more years as the inclusion of \/ use of big data, website, app and social media will become \/ have already become the norm. As our lifestyle takes us away from traditional TV and the desktop computer and we become more mobile, alternative tools such as the tablets, smartphones, out of home (OOH), outdoor media and interactive displays will become essential marketing tools in the near future, that future being now.<\/p>\n
Combine the 18 steps that you’ve followed over the course of the semester via this journal and include the concepts covered from this course to develop an Internet or Digital Marketing Plan.<\/p>\n
Step 19: One Page Plan
\nBUILDING YOUR eMARKETING PLAN<\/p>\n
STEP 19: The One Page Plan<\/p>\n
Before anyone writes a book, please review these templates as writing a marketing plan does not need to be an epic affair, simply a straight and to the point outline \/ roadmap \/ strategy, that is easy to follow and implement.<\/p>\n
Template A<\/p>\n
Marketing Theme:
\nCategory
\nStrategy
\nMy reason for existence:<\/p>\n
What sets my business apart from the rest:<\/p>\n
My ideal customer is:<\/p>\n
What\u2019s most important to my ideal customer when they are buying what I\u2019m selling:<\/p>\n
What I want to accomplish this year:<\/p>\n
The top 3 things that are going to get me there:<\/p>\n
How much will each program contribute to my revenue\/profitability:<\/p>\n
What will trigger my ideal customer to think of me:<\/p>\n
Programs I\u00a0 am running to reach my goal<\/p>\n
How much money will I need to get it done?<\/p>\n
Template B<\/p>\n
\u201cTHEME\u201d
\nCategory<\/p>\n
Strategy
\nTarget Market<\/p>\n
Positioning Statement<\/p>\n
Offering to customers<\/p>\n
Price Strategy<\/p>\n
Distribution<\/p>\n
Sales Strategy<\/p>\n
Service Strategy<\/p>\n
Promotion Strategy<\/p>\n
Marketing Research<\/p>\n
Any other component of your marketing plan<\/p>\n
Template C<\/p>\n
Sample marketing plan<\/p>\n
Table of Contents<\/p>\n
Executive summary\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Page #
\nSituation analysis\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Page #
\n<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
Marketing strategy\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Page #
\n<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
Financials\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Page #
\n<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
Implementation and Contingency\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Page #
\n<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
<Add subsections and page numbers><\/p>\n
Executive Summary<\/p>\n
In half a page or less summarise the most important aspects of the business. Cover aspects of who the company is and what it is about, including unique aspects. Briefly describe the company\u2019s history.<\/p>\n
In a new paragraph describe the company\u2019s mission, vision and its goals (including financial and non-financial). You may also choose to include a paragraph about core competencies.<\/p>\n
Situation analysis<\/p>\n
This section is comprised of several components. Before each component is broken down in detail, provide a general situational context: e.g. Company X is in its second year of operation in the mechanical industry, providing solutions in x, y and z. Key things to mention about the company are the \u2018what\u2019, and \u2018how\u2019.<\/p>\n
Market summary
\nIn approximately two pages describe who your most important customers are: Describe the market demographic, their needs, trends, growth, and sensitivities (including likes and dislikes).<\/p>\n
SWOT analysis
\nIn one page, break down the company\u2019s
\nStrengths
\nWeaknesses
\nOpportunities
\nThreats<\/p>\n
Competition
\nIn between half to one page, describe your competition: Who are they? What is their offering? What do they do better than you? How are they a threat to your business?<\/p>\n
Services
\nWhat are the primary services or products offered by your company?<\/p>\n
Keys to success
\nWhat distinguishes your business from the competition? List points for what needs to be done to stand above competition and stand out in the market? Are there critical issues that need to be addressed in order to achieve success?<\/p>\n
Marketing strategy<\/p>\n
In a paragraph describe the company\u2019s mission, marketing objectives and financial objectives.<\/p>\n
Target market
\nDetail market demographic including their needs, trends and growth<\/p>\n
Positioning
\nWhere are you in the market and where do you intend going?<\/p>\n
Marketing mix
\nDetail the proposed marketing mix through:
\nProduct strategy
\nDistribution strategy
\nPromotional strategy
\nPricing strategy
\nMarket research<\/p>\n
Financials<\/p>\n
Describe the company\u2019s budget, schedule and monitoring. Then in greater detail describe:<\/p>\n
Break-even analysis<\/p>\n
Sales forecasts
\nincluding a breakdown by partner, segment and region if applicable<\/p>\n
Expense Forecast
\nincluding a breakdown by partner, segment and region if applicable<\/p>\n
Linking expenses to strategy and tactics<\/p>\n
Contribution to margins<\/p>\n
Controls\u00a0 & implementation<\/p>\n
What is the purpose of the marketing plan and consequently what areas will you be monitoring?
\nEg:<\/p>\n
Customer acquisition cost
\nRepeat customers
\nCustomer satisfaction<\/p>\n
Implementation involves setting and following milestones through a specified time frame and anticipating difficulties and risks with contingency plans.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Step 01: Topic Selection The first step in writing a good eMarketing Plan is to have a business or product that enthuses you and for which you can get detailed information, so you can avoid glittering generalities.\u00a0 We offer these Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-231962","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/231962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=231962"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/231962\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=231962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=231962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=231962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}