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ADMN4900-MarketingPlan1.pptxMarketing Plan
The marketing plan defines all the components of your marketing strategy.
This section will detail the market analysis, sales, advertising, and public relations campaign for your company.
This should include both traditional and online strategies.
The plan can include all or some of the following components.
Marketing Plan
The first part to write is the overview and goals of the marketing plan.
It is a summary of the marketing strategy and the goals of the marketing plan.
Identify your marketing goals (loyal customer base, recognized brand, increased sales, coverage in the media, web exposure, improved reputation, etc.) and describe how they will be achieved.
Marketing Plan
The textbook provides four marketing musts:
Sell selectively
Know your niche
Create your pitch
Price for profits
Marketing Plan
The textbook provides four marketing musts:
Sell selectively
Think who will you sell to, what will you offer different (unique)
Know your niche
Know your customer
Create your pitch
Price for profits
Don’t be the low-cost provider
Show a ROI and ROA as well as a “profit”
Marketing Plan
Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
The rest of the plan has the following sections:
Market Analysis
Identify target markets
Research your competition
Assess market trends
Conduct market research
Market Analysis
Identify target markets
Demographics
Statistically define your population
Age, income, education, employment, etc.
Psychographics
Further describe the population by attitudes, preferences, lifestyle, affiliations, spending habits
Tailor this section to your business
Niche markets
Smaller populations that share an affinity
Describes the specific people/markets that your business will target and why
Research your competition
Assess market trends
Conduct market research
Market Analysis
Identify target markets
Research your competition
Now that your market is defined describe your competition
List major and minor competitors and what they offer, contrast this with your uniqueness
Explain what your competition does well
Describe the competitions social media, websites, prices, additional products and services, etc.
Describe your competitive advantages
Assess market trends
Conduct market research
Market Analysis
Identify target markets
Research your competition
Assess market trends. Drill down starting with:
General direction of the market and how this helps your business
Specific industry trends
Target market trends
Conduct market research
Market Analysis
Identify target markets
Research your competition
Assess market trends
Conduct market research
Can be expensive but valuable if done well
Focus groups are less expensive and can provide better data
Surveys and questionnaires are traditional methods
Marketing Plan
The rest of the plan has the following sections:
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Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
Marketing Strategy
General Description
Method of Sales and Distribution
Packaging
Pricing Policy
Branding
Databased Marketing
Sales Strategies
Incentives and Promotions
Marketing Strategy
General Description
Brief synopsis
How much of your budget
Breakdown of the components
Provide goals
Marketing Strategy
Method of Sales and Distribution
How will customers know about the business?
Retail or wholesale locations
Website
In person sales calls
Tradeshows / Conventions
All? – Some? – When?
Marketing Strategy
Packaging
Company image
Should be consistent with cards, stationary, advertising, brochures, catalogs, booths, website, etc.
Clean, simple, bold
Marketing Strategy
Pricing Policy
Consistent mark-up or product dependent?
How was pricing determined?
How competitive is the pricing?
Flexibility for larger orders?
We fix $10.00 haircuts
Houston’s vs McDonald’s
Marketing Strategy
Branding
Discuss building of brand identity
Show customers knowledge of brand
Explain how the brand is used in the business
Marketing Strategy
Database Marketing
Having customers supply information
Looking for trends
Buying outside data
Email, direct mail, advertising on the web
Marketing Strategy
Sales Strategies
Direct sales
Online – website, social media
Offline – brochures, flyers, business cards
Direct Mail
Marketing Strategy
Sales Incentives / Promotions
In store
Buyer loyalty
Delivered through DM
Available on website
Coupons
Free samples or give-aways at trade shows
Marketing Plan
The rest of the plan has the following sections:
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Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
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Advertising
Television
Radio
Billboards
Web – banner ads
Sponsorships
Tradeshows - Conventions
Marketing Plan
The rest of the plan has the following sections:
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Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
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Public Relations
Events
Press releases
Social media
Local news station
Local radio station
Press kit
Marketing Plan
The rest of the plan has the following sections:
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Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
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Networking
Business community
Trade associations
Industry organizations
The community
Chambers of commerce
Service clubs
Volunteer opportunities
Marketing Plan
The rest of the plan has the following sections:
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Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
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Customer Service
Describe how you will meet your customer’s expectations
Nature of service
Time available
Customer retention goals
Marketing Plan
The rest of the plan has the following sections:
✔️
Market Analysis
Marketing Strategy
Advertising
Public Relations
Networking
Customer Service
✔️
✔️
✔️
✔️
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Marketing Plan
Concluding section discusses:
How all of this will be implemented
In-house
Out-sourced
Advertising agency
Public relations agency
Marketing agency
Web specialist
Assessment of marketing effectiveness
