Transcript Marketing Plans

Marketing Plans
Marketing Plans

Should be though of as a product plan
 Cover
all aspects of bringing a product to
market
Typically used for product oriented
business
 New plan should be devised for each
service a business offers each year
 Look at each product line seperatly
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Step 1
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Evaluate the entire potential market for
each product category
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Size, number of people currently using the
product, prospects for potential use
 Is the market growing, shrinking or flattening
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Growing markets are easiest to enter in
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For small firms it might be tough due to
businesses that are already in the market
Step 2
Market Segmentation
 All markets have distinctive segments
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 Segmented
by price and quality
 Segmentation in the car industry
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Sedan, wagon etc…
Step 3
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Consumer analysis
Evaluate the consumers to try and figure out
their patterns
 What
type of product features most appeal to these
consumers?
 How are choices made between competing products?
 How much disposable income does this segment
have?
 Which promotional vehicle are most often viewed by
this segment?
Step 4
Product features and benefits
 Make a clear distinction between the
features of competing products and
benefits to consumers of those features
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 Evaluation
of this will help decide what
features to include on your product
Step 5
Sales
 Positioning of the product affects what
type of sales staff you will have
 Highly trained sales staff for premium
products
 Lesser trained staff for basic products
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Step 6
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Advertising and Promotions
Product positioning statement and analysis of its
strongest competitive feature and consumer
benefits
Should be based on your consumer analysis
Emphasize your products benefits over the
competition
Step 7
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Competitive Reaction
Be wary of the reaction of your competitors
(price wars)
To avoid try targeting a small niche that is not
targeted by competition
Stay away from mature, stable markets with
clearly defined competitors
Think like your competitors would
Step 8
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The future
Need a focus on the longer term
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Will it help your realize the long term strategic goals of
your firm?
 Will you be able to build up long term strengths in critical
areas of your business operations?
 What effect will this particular product marketing plan have
on other products and services offered by your company?
 Will there be logical related or follow-on products that can
be developed and/or offered if this product release is
successful?
Step 9
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Pro Forma
Isolate every major expense relevant to a
product including on allocation of common
expense items
Project sales, should reflect market size, sales of
competing products etc…
At this point you can change the price or
expenses if there is not a high enough profit
margin
Advise
Consider abbreviated plans
 Involve others
 Go/No Go
 What ifs
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