Transcript The Marketing Plan

The Marketing Plan
Strategic Planning
The Marketing Plan
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2.
3.
4.
5.
Mission Statement
Situation Analysis
Objectives
Target Market and Positioning
Marketing Strategy
a)
b)
c)
d)
Product
Price
Place
Promotion
6. Timetable for Implementation
7. Evaluate Performance
Step 1: Mission Statement
• Answers the following:
– What type of business are we?
– What business are we in?
– What do we need to do to accomplish our goals
• Not too broad, not too narrow
• Focuses on markets rather than on offering
Step 1: Mission Statement Examples
• DunkinDonuts: to lead and build great brands
• Starbucks: aims to inspire and nurture the
human spirit – one person, one cup and one
neighborhood at a time
Step 2: Situation Analysis
2a. SWOT Analysis
+ Strengths
- Weaknesses
+ Opportunities
- Threats
Internal
You control
External
You don’t control
Identify firm’s
Competitive
Advantage
Step 2a: SWOT Analysis
• Evaluate company and product
• Consider: costs, skills, financial resources,
brand image, technology available, HR, and
the External Environment
• Industry analysis  CDSTEP
– Culture, competition, demographics, social,
technology, economic and political/legal
Step 2b: Industry Analysis
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Culture
Competition
Demographics
Technology
Economic
Political/Legal
Culture
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Shared meanings, beliefs, values, customs
Country
Regional
Subcultures or Lifestyles
• ie. snowboarders, skateboarders, grunge, so called
urban tribes, etc.
Competition
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Who
Sales – competition and the category
Market share
Positioning in market vs. you
Direct and indirect competion
Demographics
• Generational Cohorts
– Seniors
– Baby Boomers
– Gen Y
– Teens
– Tweens
Tweens
Teens
Gen Y
Gen X
Baby
Boomers
Seniors
Age
8-12
13-17
18-33
34-47
48-66
67+
Population
20 M
25M
60M
40M
75M
39M
Spending
$50B
$150B parents
$58B
$200B
Information
Attitude
Access to Info
Sophisticated
past age
Home Decor
Connected
Shopping is a
social sport
Shop in stores
Clothes/shoes
Accesories
Emphasize
balancing work
and live
Inquisitive
Diverse
Opinionated
Multitaskers
Brand
engagement
$50B on
grandkids
“latchkey kids”
Independent
Resilient
Adaptable
Cautions
Skeptical/cynic
80% use social
media
Mass
merchandisers
Affluent
Experienced
Flexible
Postpone
retirement
Youth obsessed
Not loyal
Quality
Time to shop
Complain
Money
Browse b4 buy
Loyal
Quality
Value
Ethnicity/Race
• Hispanics
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$1.5T purchasing power
Will be 33% of population
60% Mexican
Non homogeneous group
• African-Americans
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$1.2T purchasing power
Youngest group
Radio friendly
30% of HH led by single women
• Asian-Americans
– $775B purchasing power
– Highest family income & education
– Adopt latest gadgets
Social Trends
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Prince Sensitivity
Health and Wellness
Green consumers
Time poor society
Privacy concerns
Component Lifestyles
Changing gender roles
Technology
• “Weisure” Time
– Smartphones/tablets are leading people to work
during playtime
• Technology advancements
– Constant Internet access
– “ubiquitous” computing and shopping
– Mobile coupons and boarding passes
– Barcode scanning
– RFID for tracking
Economic
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Inflation
Recession
Income
Purchasing Power
Political/Legal
• Federal Regulation
• State Laws
• Government Regulatory Agencies
– FDA
– FTC
– CSPC
Step 3: Objectives
• What is to be accomplished
– Realistic
– Measurable
– Time Specific
– Compared to a benchmark
Target Market and Positioning
• Need to choose which customers you will
serve
• Break the market into segments
– Groups with different wants, needs,
characteristics
• Can target more than one segment
Segmentation Illustrated
Step 4: Target Market and Positioning
• Positioning
– How do you want customers to see you?
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Luxury
Cheap
Quality
Convenient, etc.
– Turn the product attributes into benefits matched
to the Target Market
Step 5: Marketing Mix
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Product
Price
Place
Promotion
Step 6: Timetable
• You have objectives
• You have a plan
• Need a schedule of the
– What
– When
– Whom
Step 7: Evaluate
• Are you on target to accomplish your
objectives?
– WHAT will you measure WHEN with what
METRIC?
– Next Steps
– Evaluate your position periodically
• Growth Strategies
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Market Penetration
Product Development
Market Development
Diversification