Transcript TEF: Lancer ATI Development
Marketing Plans
Andrew Benesh Austin Richardson Ben Potter Jason Klein Krishna Vuppala
Agenda
Introduction to Marketing plan Marketing plan structure Situation analysis SWOT Marketing strategy Implementation and Control Conclusion 2 Marketing Plans | November 2014
Marketing Plan
What is a Marketing plan?
• action-oriented document • set objectives for the marketing and promotion of business • needs to be followed, monitored and updated • regularly evaluate and control a marketing plan 3 Marketing Plans | November 2014
A Perfect Marketing plan
• • • • • sensible and relevant accurate and realistic targets customize to suit business and its objectives keep business prepared for unexpected events or promotions by competition spot possible threats to business, and prepare for ways to minimize or capitalize on them 4 Marketing Plans | November 2014
Fulfills Five Purposes
Present and future situations of the organization Specifies expected outcomes (goals and objectives) Describes the specific actions that are to take place Assigns responsibility for each action Identifies the resources needed to carry out the planned actions Permits the monitoring of each action and its results so that controls may be implemented 5 Marketing Plans | November 2014
Marketing plan – Key Areas
• • • • • • Price Place Product Promotion SWOT Time 6 Marketing Plans | November 2014
Business without a Marketing Plan
7 Marketing Plans | November 2014
Organizational Aspects of the Marketing Plan
• •
Top managers ask two questions:
Will the marketing plan
achieve
the desired marketing, business unit, and corporate goals and objectives?
Are there alternative uses of resources that would better meet the firm’s objectives?
Marketing Plans | November 2014 8
Marketing Plan Structure
Executive summary Situation analysis SWOT Marketing goals and objectives Marketing strategy Implementation Evaluation and control 9 Marketing Plans | November 2014
Marketing Plan - Examples
10 Marketing Plans | November 2014
Situation Analysis
Internal environment External environment Customer environment Situational Analysis SWOT 11 Marketing Plans | November 2014 Goals / Objectives Strategy Implementation Control
Situation Analysis - Internal
Define mission statement Know your brand and products Differentiate your product or service Focus on pleasing the customer Past – Present – Future 12 Marketing Plans | November 2014
Situation Analysis - External
Know the competition • Why are they good?
• Why are they bad?
• What can we learn?
Monitor factors from outside • Changes in the market • PEST 13 Marketing Plans | November 2014
Situation Analysis - Customer
Identify your target Know your current customers Identify potential new customers Who, what, when, where, why, and why?
14 Marketing Plans | November 2014
What is SWOT
INTERNAL
Strengths Weaknesses
EXTERNAL
Opportunities Threats Situational Analysis SWOT 15 Marketing Plans | November 2014 Goals / Objectives Strategy Implementation Control
What to gain from SWOT
16 Marketing Plans | November 2014
DILBERT!
17 Marketing Plans | November 2014
Marketing Strategy
Value Proposition Critical Issues Financial Objectives Marketing Objectives Target Market Strategy Messages & Branding Marketing Plans | November 2014
Value Proposition
“Benefit offered less price charged” Emphasis on REAL benefit offered INSTEAD of the specific tangible product or service Marketing Plans | November 2014
Critical Issues
Bring in the SWOT Analysis ORGANIZATIONAL GOALS: 1. Leverage the “Strengths” of the organization 2. Offset or improve “Weaknesses 3. Take advantage of available “Opportunities” 4. Minimize the risk of potential “Threats” Marketing Plans | November 2014
Financial Objectives
Financial objectives are easy to measure EXAMPLES: 1. Increase profits by 25% 2. Increase sales by 5% 3. Increase the Contribution Margin by 10% 4. Improve gross margin by 15% Important to ensure all objectives are measurable “If it can’t be measured, it can’t be improved” Situational Analysis SWOT Goals / Objectives Strategy Implementation Control Marketing Plans | November 2014
Marketing Objectives
When setting marketing objectives, keep in mind: 1.
Sales 2.
3.
4.
5.
Market share Market positioning Company image Consumer awareness Marketing objectives need to be measurable as well so that they can be tracked and followed up on Marketing Plans | November 2014
Target Market Strategy
Explain why your business is focusing on the target market groups you have chosen.
ANSWER these questions:
What makes these groups more interesting than the other groups that you have ruled out?
Why are the characteristics you specify important?
Example: A graphic design firm might target small or medium-sized businesses that need Internet websites Situational Analysis SWOT Goals / Objectives Strategy Implementation Control Marketing Plans | November 2014
Messages & Branding
Business needs to answer the following questions: 1.
2.
3.
4.
5.
What symbols are going to represent the brand?
How does the brand reflect the positioning of your products or services?
What is the brand’s promise to your customers?
What traits does the brand convey to your customers?
If advertising and marketing the brand, how will you measure the brand’s effectiveness? Marketing Plans | November 2014
Messages & Branding
IMPORTANT: Brands are NOT created overnight Takes careful management to build positive relationship with customers Rewards for building a brand are higher profit margins, competitive security and brand extension efficiencies Marketing Plans | November 2014
National Football League
26 Marketing Plans | November 2014
NFL: Building a Brand
Founded in 1920 32 Teams 2014 poll revealed NFL as #1 spectator sport (35%) in US followed by MLB (14%) TV Partners: CBS, FOX, NBC, ESPN, NFL Network Year-round exposure Hosts 3 NFL games per year in London 27 Marketing Plans | November 2014
Implementation
As the strategy is developed, a concept for how to implement it should be formed Communication is often the biggest obstacle to implementing an effective marketing plan – internal culture must support the marketing plan What will be done? How? When? By Who? At what cost?
Situational Analysis SWOT Goals / Objectives Strategy Implementation Control 28 Marketing Plans | November 2014
Control
Once the plan has been implemented, it should be updated based on some control/feedback mechanisms Control in the context of a marketing plan is the monitoring and guidance of implementation progress… and feedback for future plans • Formal • Informal
Goal + Control Adjustment Implementation Outcome
• Financial
Measurement Feedback System
Situational Analysis SWOT 29 Marketing Plans | November 2014 Goals / Objectives Strategy Implementation Control
We are a feedback and control system…
30 Marketing Plans | November 2014
Comedic Relief
31 Marketing Plans | November 2014
Conclusion
Marketing Plan: Action-oriented document setting objectives for marketing and promotion of the business (based on known customer needs and wants) Situational Analysis: Who are you? Who is your customer? Who is your competition?
SWOT: Don’t make the mistake of neglecting SWOT Strategy: Create value, address roadblocks, have a target
Implementation
Strategy:What::Implementation:How Control: Guide implementation and learn for the future Situational Analysis SWOT Goals / Objectives Strategy Implementation Control 32 Marketing Plans | November 2014
Questions
33 Marketing Plans | November 2014