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Marketing Plans

Marketing Plans. Chapter 12 T. A. Sgritta UNC Charlotte. Marketing Plans. Market research Sales forecasting Differential advantage (competitive advantage) Marketing plan itself Part of the business plan?. Kwok-Kee Restaurant. Keys to success- Location Price Service Cost.

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Marketing Plans

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  1. Marketing Plans Chapter 12 T. A. Sgritta UNC Charlotte

  2. Marketing Plans • Market research • Sales forecasting • Differential advantage (competitive advantage) • Marketing plan itself • Part of the business plan?

  3. Kwok-Kee Restaurant • Keys to success- • Location • Price • Service • Cost

  4. Most Frequent Reasons for Failure • Wrong place • Wrong time • Wrong target market (sometimes by omission) • Costs/price • No opportunity • External factors

  5. Market Research • Schrello • Is it real? (market, product) • Can we win? (product, organization) • Is it worth it? (financial, other)

  6. Market Research • Primary • Secondary • Seat-of-the-pants guessing • Usually a combination of all three

  7. Primary Research • Surveys • Formal • Informal • Open ended questions • Closed ended questions • Focus groups • Key groups • Dealers • Customers

  8. Secondary Research • Government data • Internet

  9. Sales Forecasting • Lots of assumptions (educated guesses!) • Simple math • Potential optimistic, average, pessimistic • See exercise NTSP

  10. Differential Advantage • Competitive advantage • Unfilled need • 9 vs. 6 • Target market identification is key • Do not compete on price alone

  11. Marketing Plan • Target market • Don’t fall into the “everybody trap” • Differential strategy • Concentrated strategy • Primary vs. secondary vs. casual target markets

  12. Marketing Plan • Current situation • SWOT analysis • 3 to 6 critical assumptions

  13. Marketing Plan • The four P’s

  14. Marketing Plan • Key Factors of Success • Positioning – slogans, taglines as triggers • Action plans

  15. Marketing Plan • Getting help- • Score, SBA, banks, community college, consultants, college faculty.

  16. Marketing Plan

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