Transcript Document
Know Where You Are Headed • A marketing plan is a written component of the overall business strategic plan that addresses how the company will carry out the core marketing standards. • The marketing plan should reiterate the company’s mission statement. Know Where You Are Headed • MISSION STATEMENT – identifies the nature of the business and the reason it exists. – Provides focus for the company’s marketers and planners as they develop tactics for new products and services. Sample Mission Statements • Nike “To bring inspiration and innovation to every athlete* in the world.” • Baltimore Ravens “Our mission is to win football games, serve our fans, and be a positive force in the community.” • Chicago Bulls “The Chicago Bulls organization is a sports entertainment company dedicated to winning NBA Championships, growing new basketball fans, and providing superior entertainment, value and service.” A Sense of Direction • Based upon the mission of a business, the company selects products and services that will differentiate it from the competition. • The products and tactics should focus on a TARGET group of customers rather than a mass market. – MASS MARKET A broad group of people. A Sense of Direction • All the products a company has available for customers at any one time make up the PRODUCT PORTFOLIO. • A product portfolio must be continually renewed. A Sense of Direction • TEST MARKETING the sales potential of a new product is tried in a regional, or otherwise, small, market prior to its final release nationwide and/or worldwide. Components of a Marketing Plan • Analysis • Strategy • Implementation #1 - Analysis • The analysis section includes the mission statement, marketing information, and the tactic. Analysis - Mission Statement • Mission Statement Reiterates the company’s overall goal. • Nike “To bring inspiration and innovation to every athlete* in the world.” Analysis - Marketing Information • Marketing Information Describes the target market, their needs and wants, what motivates them to buy, how the company plans to retain loyalty. Questions to Answer: • How old are they? • What gender are they? • Where do they live? • What is their family structure (number of children, extended family, etc.)? • What is their income? • What do they do for a living? • What is their lifestyle like? • How do they like to spend their spare time? • What motivates them? • What is the size of your target market? Analysis - Tactic • Tactic Describes how the new product or service will be differentiated in the minds of customers from all other competing products or services. Tactic should pinpoint a gap that is not being filled by another product or service. #2 - Strategy • The strategy section describes the marketing mix – product or service, distribution, pricing, and promotion- as well as the plans for financing and risk management. Strategy - Product / Service • Describe the details of the product and provide drawings of the product. Strategy - Distribution • Describes how the product will be made available to customers. Questions to answer… • Where will it be sold? • Where will it be produced? • How will it be shipped? Strategy - Pricing • This section address pricing questions. Questions to answer… • What is the best price? • How much will it cost the organization to make? • How much will customers pay? • How many customers will purchase this product at the given price? • Would a lower price increase the customer base, but hurt the company in the long run? Strategy – Promotional Plan • Describe how you will use advertising, publicity, personal selling, and sales promotion to position the product in the minds of customers. • Describe each promotion and give examples. Strategies - Financing • Describes projected costs and expected revenues. Questions to answer… • How much will it cost to produce or deliver the product? • What is the estimated revenue from the product? • How long will it take to make a profit? Strategies – Risk Management • Describes all risks involved with marketing a new product. • • • • Legal liabilities Trademarks Logos Potential Losses #3 - Implementation • Describes how the marketing plan will be put into action. • Includes a timeline, assignments of responsibility, communication procedures, selling methods, and guidelines to review and evaluate the plan. Implementation - Timeline • When establishing a timeline, start with the date the plan needs to be completed and work backwards to the start of the plan. • Specify what needs to be accomplished and in what sequence. • Set a schedule. Implementation - Assignments • Specify who is responsible for carrying out each task. • Clear ownership is key to running a successful business. Implementation - Communication • Provide the chain of communication so that it is clear who needs to communicate with whom. Implementation - Selling • Outline how direct sales, such as ticket and merchandise sales, will be handled. • Discuss all touch points. Implementation – Review and Evaluate • Include mileposts where the organization will measure progress to ensure the plan is on track.