PART C
Keer49
MarketingPlan4412.docx
Abbreviated Marketing Plan
Based on Preparing Effective Business Plans – Bruce R. Barringer
There are many examples of marketing plans on the web and in the textbook. You may choose whichever format you like as long as it does contain the following information
1) Title Page: Only include course number, date, instructor, and your student names and numbers on this page.
The executive summary is a short and concise description of the main points of your plan. A well written plan will make the busy reader want to read more and "sells" the idea to the stakeholder who could include corporate executives, bank managers, investors, employees or business partners. This section is usually written last.
3) Table of Contents
4) Product Description - What is the solution this product is providing? What makes it unique (USP) – 1/4 - 1/2 page
5) Situation Analysis -
· Industry Trend Analysis and Environmental Analysis
What environmental factors and trends are happening that affect the success of this product?
Provide a clear description and a statistical analysis of your industry. One section should include how big is the industry? How big is the market for your product? (in this section do not include size of target market)
An important section is on what trends are occurring that affect your product, market and industry? Why? Are sales of this type of product going up or down? Why?
Trends should be relevant to why your product will succeed or what you need to be aware of that can hinder your product. These trends should be about the industry, consumer buying behaviour or cultural changes. Trends also include key environmental factors that are relevant and influence your market in regards to political, legal regulations, economic, social, demographic, cultural and technology? Choose the factors which are most relevant to your product or service, you may not need to include each factor.
· Competitive Analysis
Who are you’re main competitors. What is their market share? What products and services do they offer that directly compete against yours? How do they promote/ distribute/ price these products and services? How are they positioned? How are your competitors likely to react to a new competitor? Your analysis must include competitor prices.
6) Segmentation and Target Market Analysis What one key market segment will you target? Explain why you have selected it and quantify it.
For example, how many people are in this segment? Determine market size (if not in situational analysis) and target market size. What percentage will use/ buy your product or service? Give your target segment a name and develop an in-depth profile of the characteristics of the people in it, including a discussion of their consumer buying behaviour. Ensure you reference your sources.
7) Positioning
Create a one or two sentence positioning statement. This positioning statement develops your brand and what image you want for your product in the consumers' mind.
- Remember create a positioning statement for your brand that separates it from competitors in the mind of your target market. In this section clearly define your target market and your products point of difference from existing competitors and what your competitive advantage is.
8) Marketing Mix
To achieve your marketing objectives, develop an in-depth marketing mix (4Ps) that shows the positioning for your product. Be sure to include any further information on your product and how you will price, promote, and distribute. Every part of the marketing must give the same brand message.
Be specific in each category
9) Product or Service Design and development
How will the product be manufactured and developed. In this section explain what stage it is at.
· How will a prototype be made if not yet done – virtual prototype?
· How it will be further tested. Usability testing
· Protection of intellectual property – patents, trademarks
10) Challenges and Risks
This section discloses any major anticipated design and development challenges or risks. Be candid, are there supply issues? Unusual competitor issues? Give risks that are unique to this product not just general ones like competition. Patent issues? If known ways to mitigate these risks.
11) Financial Projects
Forecast for sale of products. Logical analysis of forecast. Indicate assumptions made.
Budget marketing costs to launch project.
Complete proforma financial statements with all costs itemized and sources of all revenue from sales and funding sources for the project. How much will it take to produce the product would need to be estimated and calculated. Ratio analysis would also be done in this section but not needed for this project.
12) References/Bibliography - must be included to be marked
13) Appendix
Marketing Plan Evaluation
Names:
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Description |
Marks |
Marks Awarded |
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Format and Presentation – Appendix D · The plan is easy to read, flows well, and is concise - little unnecessary information · Correct grammar, spelling, and punctuation · Clear organization and use of headings · Appearance, language, and level of formality appropriate for target audience · Title page, table of contents, appendixes, attractive and secure binding, and page numbers · Appropriate font size, margins, and length - no more than 20 pages (excluding title page, TOC, appendix, and bibliography) |
20 |
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Citation and reference list · External sources are fully documented and cited · Appropriate use of quotes |
10 |
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Content – Research and Planning - Applies critical thinking and decision making - Appendix E · Complete – all major sections presented, including: research of -, consumer buying process, situational analysis, competitive analysis, industry and consumer trends, forecasting, initial costs, target market and characteristics of target market. · Clear description of product · Size of industry, size of market and size of target market are included · Customer surveys and/or buying surveys are included · Forecasting methodology seemed reasonable and market share and forecast were reasonable · Realistic Financial statements – balance sheet balances. · Relevant material and sections are presented with sufficient depth of analysis and research · Logical progression of arguments · Facts/examples support plan · Appropriate use of external sources for support · The plan research “sold” the idea to the reader |
45 |
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Content – Positioning and Marketing Mix - Applies Critical Thinking - Appendix E · Relevant positioning statement is developed · The marketing mix is congruent with positioning and consistent with above research and strategy. · Detail description of distribution and promotional methods are included. · Realistic marketing budget · The marketing mix is appropriate and will “sell” to the target market (s) |
25 |
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Total out of: |
100 |
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Comments:
Presentation Judging Template
Name of group: Product
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The Product Idea and buyer interest |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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1. |
The team has described an opportunity that is fulfilling a need. (problem to be solved) |
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2. |
The team has clearly described its product or service being offered |
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3. |
The team clearly described the information gained from industry experts and buyer intention survey |
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4. |
The team articulated a compelling consumer value proposition |
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5. |
The team has outlined a credible business model for the product |
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Industry and competition |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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6. |
The team comprehensively reviewed the attractiveness of the industry with credible research |
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7. |
The team comprehensively reviewed relevant trends with credible research |
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8. |
The team comprehensively identified potential competitors |
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9. |
The team identified its strong competitive advantages and how it will differentiate itself from its competitors. |
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Target Market |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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10. |
The team did a good job identifying its initial target market |
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11. |
The team did a good job researching and identifying characteristics of its target market |
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12. |
The team showed credible market research data to support its market size claims – primary and secondary |
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13. |
The team identified large and attractive secondary markets to serve over the long term |
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Marketing |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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14. |
The team explained it pricing strategy and rational as to why it will work |
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15. |
The team has specifically described its promotional efforts and how it will compete against other companies for its target market |
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16. |
The team’s distribution model is a good fit for its product/service and business model. |
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Sales Projections and Market Share |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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17. |
The team has clearly explained its methodology for sales projection and forecasted sales and market share. |
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18. |
The sales and market share seem reasonable and adequate to product the product |
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Development Plan |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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19. |
The team has outlined a credible and thorough plan for developing its first product or service. |
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20. |
The team has clearly identified its resource requirements and these can be reasonably obtained. |
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Presentation |
Strongly Disagree |
Disagree |
Neutral |
Agree |
Strongly Agree |
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21. |
The presentation was presented in a logical and succinct manner |
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22. |
Audio visual aids are used to support and enhance presentation |
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23. |
The presentation was clear and easy to understand |
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24. |
The presenters clearly knew their material and were able to talk without notes and answer questions easily. |
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25. |
The presenters showed enthusiasm for their idea |
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26. |
The team has “sold” the idea to the prospective investor |
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Presentation out of 100
Comments:
