Marketting

MKTG 303-010 & 011 Marketing Plan Overview

· Identifying Business Problem / Opportunity

· Situational Analysis (Strengths / Weaknesses / Opportunities / Threats)

· Solution Offering (Products / Services)

· Target Market (Industry / Segment),Knowledge and Dynamics

· Competitive Environment

· Positioning

· Launch Marketing Strategies

· Launch Goals and Metrics / Demand Projections

TARGET MARKET (INDUSTRY / SEGMENT), KNOWLEDGE AND DYNAMICS

What is your organization’s addressable target market, industry and/or segment?

What is the current “phase” of your target market, industry and/or segment? Introduction? Growth? Maturity? Decline?

Is there enough room in your target market, industry and/or segment for successful and sustainable business growth? For how long?

Who are your key customer decision makers? Influencers to those decision makers? Information gatherers? “Qualitative Buyer” (e.g., Customer Executive)? “Quantitative Buyer” (e.g., Procurement / Contracts)? Who Can Say “Yes”?

What keeps those decision makers up at night? What “pain” is your “solutions set” remedying?

Marketing Plan / Competitive Environment

· Who is your organization’s key competition in terms of size (revenue / market share)? Success (profitability)? Innovation? Fastest growth? Most like you?

· Are you going to market to compete as an innovation / technical leader? Service and support leader? (Lowest) price leader? Or as a “me too” player? Is there room in that position to survive? Thrive?

· What is your current “share of customer wallet”? How will you “unhook” your competitors to secure their current business?

· If you are “first to market,” will the first competitive entry leap over you on innovation / technical capability? On service and support? Undercut you on price? How will you respond?

· How will buyer behavior change the competitive playing field (e.g., “Gen Y” and/or “Gen Z” way of embracing / disseminating information, making decisions and doing business)?

Marketing Plan / Positioning

· From the perspective of the buyer, where does your organization’s offering fit vis-à-vis the “total solutions continuum” required for this target market, industry and/or segment? Are you just the “kitchen appliances” for the home builder?

· Where does your offering fit in this “total solutions continuum” in terms of capabilities? Upstream? Downstream? “An inch deep and mile wide?” “An inch wide and a mile deep?” “A mile deep and a mile wide?”

· Are you positioning yourself as a leader for innovation / technical capability? Service and support excellent? (Lowest) price competitiveness? Or as just a “me too” player?

· Would your positioning, messaging and value proposition(s) resonate with the key customer decision makers? Influencers to the decision makers? Information gatherers? With the key industry influencers (e.g., advisors, analysts, associations, consultants, media, researchers)?

· How would your current brand drive or hinder your progress (e.g., unknown; known; known for something; known for something good; preferred for something good)?

Step 7: Launch Marketing Strategies

· What are your organization’s most efficient “Go to Market” channels and vehicles for Brand, Image and Promotion (e.g., advertising, collateral, media relations, public relations, website, social media)?

· For Thought Leadership (e.g., articles, newsletters, white papers, speaking, industry influencers)?

· For Business Development (e.g., partnerships and alliances, target marketing, channel development, executive network, industry influencers)?

· What are the most effective “Go to Market” plans, programs and processes?

· What (who) are the most effective “Go to Market” owners, budgets, timetables, critical success factors and metrics?

Step 8: Launch Goals and Metrics

· What would be the “lift” to your organization’s other business areas in terms of Brand, Image and Promotion? Thought Leadership? Business Development?

· How will your organization measure targeted customers (e.g., decision makers, influencers to the decision makers, information gatherers)?

· How will you measure industry influencers to your targeted customers (e.g., advisors, analysts, associations, consultants, media, researchers)?

Step 8: Launch Goals and Metrics

· What would be the primary “ROI” Dashboard measurements? Qualified Leads? Qualified Prospects? Revenues? Margins? What would be the secondary “ROI” Dashboard measurements? Market Share? Brand Awareness? Brand Equity? Client Satisfaction and Retention?

· What are the risks for a successful and sustained “Go to Market” Plan? How would you monitor, address and mitigate those risks?