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The Marketing Plan

The Marketing Plan. Everything is Possible From Here!. Major Components. Situation Analysis Problems and Opportunities Marketing Objectives Marketing Strategies Implementation Evaluation. The Situational Analysis. Internal Considerations Product Promotion Distribution Price.

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The Marketing Plan

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  1. The Marketing Plan Everything is Possible From Here!

  2. Major Components • Situation Analysis • Problems and Opportunities • Marketing Objectives • Marketing Strategies • Implementation • Evaluation

  3. The Situational Analysis • Internal Considerations • Product • Promotion • Distribution • Price

  4. Situational Analysis • External Considerations • Marketplace • Competition • Consumers • Demand • Environment

  5. Problems and Opportunities • Identification Possible After SA • Problems May be Opportunities in Disguise • Promotion only Solves Communication Problems

  6. Setting Objectives • Must be Specific and Measurable • Primary Marketing Objectives • Sales, Market Share, Volume • Secondary Objectives • 4 P’s

  7. Marketing Strategies • Determine Target Market • Investigate Segmentation Opportunities • Product Strategies • Branding • Packaging • Distribution • Push vs. Pull

  8. Marketing Segmentation • Identifying groups of people with shared characteristics within the broad markets for consumer or business products • aggregating these groups into larger segments according to their mutual interest in the product’s utility

  9. Steps to Segment • Identify the needs structure of the consumer population • Group the customers into homogeneous segments • Id factors that are correlated with the segments (segmentation variables) • Select your target market • Develop your positioning strategy

  10. Segmentation Variables • Demographics • age, income, sex, family size • Geographics • regions, climate, density • Behavioristic • benefits sought, usage rates, purchase occasion, psychographics

  11. Demographics • Monitoring demo shifts can assist with • identifying segments • forecasting of sales • assisting with media planning • Geographic Dispersion • Population relocating to South and West from Northeast and Midwest

  12. Population Growth • Relatively slow population growth in U.S. • World population to grow from 5 to 8 billion in 2025 • Concentration of growth will shift to the South and West

  13. Changing Age Structures • Baby Boomers • 1946-1964 - birth of 75 million Americans • created a mini baby boom • increase in # kids <10 • preteens, teenagers and young adults declined • epicenter of society - but are aging • not a true market segment - merely share age range • Middle Agers • Nearly 83 million as of 2000 • Mature Consumers • 55 and older • quality and service > price • Highest discretionary income

  14. Middle Agers • 35-54 • Not Psychologically old! • Exercise equiment, personal care items, skin care • Will spend money on grown up toys

  15. Mature Consumer Segments Communication Techniques?? • Olders • 55-59 • 60-64 • Elders • 65-69 • 70-74 • The Very Old • 75-79 • 80-84 • 85 and older • Average Age • 1985 31.4 • 2000 35.5

  16. Mature Consumers • 65 and over have the highest discretionary income • 12% of the population or 35 million in 2000 • Ads portray them as vital and active targeting products such as • Viagra • Internet and computers • Not a homogeneous group! Healthy hermits, ailing outgoers, frail recluses, healthy indulgers

  17. Changing Age Structures • Children • Preschoolers • Elementary aged • Tweens • often play an influential role in decision making • Teenagers • Generation Y • substantial influence • conformist, narcissistic and fickle • Young Adults • Generation X • Yup and Comers, Bystanders, Playboys, Drifters

  18. Changing Households - Trends • Growth of nontraditional Households • 40% population unmarried • 34 million nonfamily households • Singles have very different buying needs • example: Stouffers • New Women’s Roles • 70% working • traditional roles in advertising declining

  19. New Roles for Women • Stereotypes • wife, homemaker, sexy • # in workforce growing dramatically; 70% 25-54 • staying single longer • Increasing diversity of roles

  20. Ethnic Population Developments • African-Americans • 12% population • not a single market • growing market, young market, geographically concentrated, prestige buyers • Hispanic-American • Spanish speaking • 12% market • Geographically more mobile • Asian-Americans • higher incomes, growing, considerable differences, most prestigious jobs, • 50% linguistically isolated

  21. Psychographic Trends • AIO • VALS - • Principle Oriented • Fulfillers - 11% ; avg age 48, responsible, educated, healthful products, • Believers - 16%; avg age 58; conserv, predictable, buy American products • Status Oriented • Achievers - 13%; avg age 36, successful, work oriented, satisfact from families and jobs • Strivers - 13%; avg age 34 fewer resources

  22. VALS (cont’d) • Action Oriented • Experiencers (12%); avg age 26, high energy levels, exercisers, socialites! Buy clothes and food! • Makers (13%); avg age 30; practical, self sufficient, focus on family, work physical recreation • Others • Strugglers (14%) avg age 61; lowest incomes, not consumer oriented • Actualizers (8%) avg age 43, highest incomes, resources, and high self esteem

  23. Criteria For Usable Segments • Sufficient Size • Measurability • Accessibility • Responsiveness • Durability

  24. Target Markets • these are the aggregate segments that you will direct your marketing efforts towards • You’re prospects!

  25. How Can the PLC be of Use in Target Marketing? • Influences the type of advertising that may be most appropriate • Primary vs. Selective Demand Stimulation • Introduction - education the focus

  26. PLC (cont’d) • Growth Stage - turn the focus to the individual brand and maximize market share before competition becomes more aggressive • Maturity Stage - begin full focus on selective demand stimulation as competition increases and weaker competitors begin to exit the market

  27. The Target Market Decision • Undifferentiated Marketing • Differentiated Marketing • Focused (Concentrated Marketing)

  28. Positioning • Positioning by Attribute • Positioning by Price and Quality • Positioning by Use or Application • Positioning by Product User • Best Strategic Tool • Perceptual Maps!

  29. Product Differentiation • Perceptible Differences - unique taste, features, quality • Hidden Differences - ingredients (i.e., natural vs. artificial chemicals, use of recyclables, etc.) • Induced Differences - branding the #1 tool!

  30. Branding • the combination of names words, symbols or design that identifies the product and its source and distinguishes it from the competition • physical and perceptual dimension

  31. Product PackagingFive Considerations in Package Design • Identification - visibility and legibility • Product Protection and Convenience • Consumer Appeal - color, size, material • Economy - increases costs but offset with consumer demand changes

  32. Advertising and Distribution • Direct Distribution - Network Marketing • Indirect Distribution - resellers and channel members to consider • Three Primary Strategies • Intensive • Selective • Exclusive

  33. Marketing Strategies • Co-op Strategies

  34. Implementation • Scheduling • Budgeting

  35. Evaluation • Compare Against Quantifiable Objectives

  36. Advertising Plan • natural outgrowth of the marketing plan • outline of the actions, approaches and tactics that will be used to meet advertising objectives • often bounded by budgetary considerations

  37. Advertising Pyramid • Action • Desire • Conviction • Comprehension • Awareness

  38. Old Theory vs. New Theory • Learn-do-feel • recall Fishbein Model • high involvement • rational processing • ability! • Do-learn-feel • low involvement • lower levels of risk

  39. Advertising Objectives • should support marketing objectives • deal with awareness, recall, likeability, recognition, and sometimes - action!

  40. Advertising Strategy • our plan of action! • utilizes the creative mix to mobilize the forces! • target audience • product concept • communications media • advertising message

  41. Creative Mix • target audience - the people you want to speak to and address the message to • product concept - the bundle of values or benefits • may be psychological or utilitarian • communications message • TV, radio, magazines, newspaper • advertising message - combo of art and copy and production to form message

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