Transcript Document
Marketing Plan
Way to Marketing Plan
Customers and Customers
Needs
Distinguishing characteristics of your primary target
markets and market segments. Narrow your target
markets to a manageable size. Efforts to penetrate target
markets that are too broad are often ineffective
e.
Critical needs
f.
Extent to which those needs are currently being met
g.
Demographics
h.
Geographic location
i.
Purchase decision-makers and those exercising
influence
Seasonal/cyclical trends
Service or Product Line
a detailed description of your product or
service (from your customers'
perspective).
information related to your product's life
cycle.
any copyright, patent, and trade secret
information that may be relevant
research and development activities you
are involved in
Market Analysis
Industry Description and Outlook
Size and Growth
Profitability
Cost Structure
Distribution Systems
Trends and developments
Key success Factors
Market Analysis Contd..
Identifying Your Target Market
Distinguishing characteristics of the major/primary market you
are targeting.
Size of the primary target market.
The extent to which you feel you will be able to gain market
share and the reasons why.
Your pricing and gross margin targets.
Resources for finding information related to your target market.
Media you will use to reach your target audience.
Purchasing cycle of your potential customers.
Trends and potential changes which may impact your primary
target market.
Key characteristics of your secondary markets
Competitor Analysis
Industry concept of competition
Classifications
Number of sellers and Degree of
differentiation
Entry, mobility and exit barriers
Cost structure
Degree of Globalization
WHO ARE THE COMPETITORS?
Against whom do we usually compete? Who are
our most intense competitors? Less intense but
still serious competitors? Makers of substitute
products?
Can these competitors be grouped into strategic
groups on the basis of their assets,
competencies and/or strategies?
Who are the potential competitive entrants?
What are their barriers to entry? Is there
anything that can be done to discourage them?
Strategic Groups
Groups of firms that pursue similar
competitive strategy ( Communication,
price, distribution etc)
Have similar characteristics( e.g.
aggressiveness)
Have similar assets or competencies (
brand associations, logistics, global
presence or R & D etc)
Competitor Analysis
Why?
Competitors actions are influenced by
Size, growth and profitability
Image and positioning strategy
Current and past strategies of competitors
Competitor Objectives and commitment
Competitor Organization and culture
Cost Structure
Exit Barriers
Competitor Strength and Weaknesses
What businesses have been successful
over time? What assets or competencies
have contributed to their success? What
businesses have had chronically low
performance? Why? What assets or
competencies do they lack?
What are the key customer motivations?
What is really important to the customer?
What are the large value-added parts of
the product or service? What are the large
cost components?
• Consider the components of the value chain.
Do any provide the potential to generate
competitive advantage?
Analysis of Strengths and
Weaknesses
INNOVATION
New product capability
R&D
Technologies
Patents
Technical product or service superiority
MANUFACTURING
FINANCE – ACCESS TO
Cost structure
CAPITAL
Flexible production
operations
From operation
Equipment
assets
Access to raw materials
Ability to use debt and
Vertical integration
Equity financing
Workforce attitude and
motivation
Parent's willingness to
Capacity
From net short-term
finance
MANAGEMENT
Quality of top and middle
management
Knowledge of business
Culture
Strategic goals and plans
Entrepreneurial thrust
Planning/operation system
Loyalty-turnover
Quality of strategic decision
making
MARKETING
Product quality reputation
Product
Characteristics/differentiation
Brand name recognition
Breadth of the product linesystemscapability
Customer orientation
Segmentation/focus
Distribution
Retailer relationship
Advertising/promotion skills
Sales force
Customer service/product
support
CUSTOMER BASE
Size and loyalty
Market share
Growth of segments
served
Potential Competition
Market Expansion
Product expansion
Backward integration
Forward integration
Exports of assets or competencies
Retaliatory or defensive strategy
Strategic Issues Analysis
Strategic issues analysis will answer the
following questions:
What are our current marketing objectives?
How do we currently segment the market?
What is our competitive advantage (if any)?
What are our core competencies?
How are our products positioned in the
marketplace?
How are products placed in terms of market
attractiveness and company strength (portfolio
analysis)?
Marketing Objectives
Strategic Thrust
Strategic thrust defines which products to
sell in which markets. market penetration
or expansion, product development, entry
into new markets
Strategic Objectives
Strategic objectives for products need to
be set. The options are build sales and
market share, hold, harvest (improve
profit margins) and divest (drop or sell
product).
Core Strategy
Core marketing strategy involves the
achievement of marketing objectives through
the determination of target markets, the
setting of competitor targets and the creation
of a competitive advantage
Marketing Structures and Systems
Marketing structures include marketing
organization, marketing training, and intra
and interdepartmental communication.
Marketing systems include marketing
information systems, the marketing
planning system and the marketing control
systems.
Marketing Mix