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
• A product portfolio must be continually
A Sense of Direction
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
Analysis - Mission Statement
• Mission Statement
 Reiterates the
company’s overall
• 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
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
• How will it be shipped?
Strategy - Pricing
• This section address pricing
Questions to answer…
• What is the best price?
• How much will it cost the
organization to make?
• How much will customers
• 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
Strategies - Financing
• Describes projected
costs and expected
Questions to answer…
• How much will it cost to
produce or deliver the
• What is the estimated
revenue from the
• How long will it take to
make a profit?
Strategies – Risk Management
• Describes all risks
involved with marketing
a new product.
Legal liabilities
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
Implementation - Communication
• Provide the chain of communication so that it
is clear who needs to communicate with
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