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FFA Marketing Plan Workshop

FFA Marketing Plan Workshop. Who are we?. Overview of Competition . State Convention competition ONLY 3 FFA participants per team Team Scored Event – professional marketing judges Written Plan: Must select a local product/service Three-year plan

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FFA Marketing Plan Workshop

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  1. FFA Marketing Plan Workshop

  2. Who are we?

  3. Overview of Competition • State Convention competition ONLY • 3 FFA participants per team • Team Scored Event – professional marketing judges • Written Plan: • Must select a local product/service • Three-year plan • Should not exceed 8 single-sided, 8.5” x 11” pages • Presentation: • Prelim Round – 5 minute presentation • Semifinal Round – 10 minute presentation • Final Round – 12 minute presentation

  4. Overview of Marketing Plan Market Analysis • Industry Trends, Market Potential, Target Market, Customer Profile Competitive Analysis • Identify Competitors, SWOT Analysis Business Proposition • Strategy Statement, Key Planning Assumptions, Marketing Objectives Action Plan • 4 P’s. Marketing & Promotional Tactics Financials Monitoring & Measuring • Evaluating business performance thru metrics

  5. MyMato: • Dwarf cherry tomato plant that can be grown inside, all year round. It can produce hundreds of tomatoes from one plant.

  6. Market Analysis Section Market Trends & Potentials Market Potential Target Market Customer Profile

  7. What is Market Research?Why is it important?

  8. Market Research • Study of market conditions and trends to determine whether a product has potential and the proper market for the product. Answers questions like…. • Who should I market to? • What competition is in the market? • Industry trends that would influence my business/product success? • How much should I charge? • Where should I market the product? • When should I launch the product? How should I communicate to my customers? • What’s my market potential?

  9. Market Research • Two forms of Market Research: • Primary • You collect the research • Secondary • Someone else collected the information first • What are some forms of each?? • Primary: • focus groups, interviews, observations, surveys, etc • Secondary: • USDA, journals, periodicals, research papers, web

  10. Market Trends • What is going on in the market that would constitute a need for this product? • QUANTIFY your trends • Explain RELEVANCE

  11. MyMato: - What is happening (trending) in the fresh produce industry today? • Consumption of fresh market tomatoes has increased • Healthier eating (vegetable intense diets) • Preferring sweeter tasting tomatoes • Food origin is a growing concern for consumers

  12. Market: Who is it??

  13. Market Potential • Determines how big the market is in terms of: • Dollar value • Customer numbers • Stage of development the market is currently in- Immature? Mature?

  14. Target Market • WHO are you targeting? • Segment or narrow your market • Geographic, Demographic, Psychographic, Behavioral • Are there any secondary targets? • Perhaps key influencers • Leads into Customer Profile

  15. Customer Profile • Who are they? • Age • Education • Priorities/Values • Where do they get their product information? • Often helps to give your target customer an identity.

  16. MyMato: • Target Market – who would you target?

  17. MyMato • Customer Profile – who is the customer?

  18. Competitor Analysis Competitor Analysis SWOT

  19. Competitor Analysis • To start: • Identify your product’s benefits to the customer • What is YOUR competitive advantage • Research similar/competing products in the market • Product • Price • % Market Share • Strengths • Weaknesses

  20. MyMato:

  21. SWOT Analysis • Strengths- things the company/product does well • Weaknesses- things the company/product doesn’t do well • Opportunities- conditions in the external environment that favor strengths • Threats- conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses Internal External

  22. MyMato:

  23. Business Proposition Section Key Planning Assumptions Marketing Goals Business Strategy Statement

  24. Key Planning Assumptions • 4-6 Business Assumptions about the marketplace and customers • Information should be taken from the research conducted in the Market Analysis section • Examples from MyMato: • Northern Naturals holds exclusive rights to the patented indoor dwarf cherry tomato plant, MyMato • The demand for nutritious, convenient, locally grown produce will continue to grow. • Northern Naturals will have access to an adequate supply of seed and production greenhouse space to satisfy the forecasted demand.

  25. Marketing Goals/Objectives • 3-5 Business Metrics/Objectives should be set • Sales (Units, $), Customers, Satisfaction, Profit Margin • Need to be reasonable (within reach) and measurable Examples from MyMato: • By Year 3: • Gross sales of $14 million • 65% brand awareness among our target market • Capture 5% of the market in selected grocery stores in targeted area

  26. Strategy Statement 1-Sentence Statement, says: • Who we are • What we do • Who we do it for Example from MyMato: “MyMato will reward consumers with a desirable sweeter tasting cherry tomato, grown on nothing more than a sunny window-sill, while keeping health and convenience a top priority. My Life, My Health, MyMato.”

  27. Action Plan The plan to: Make your customers aware of your product/service Get your customers to buy your product/service

  28. The 4 P’s of Marketing (Marketing Mix) • Product Positioning • Physical features or intangible aspects of the product • Price • Pricing Strategy, Sell Low/Premium Priced? • Place • Where?, Distribution Channels • Promotion • Action Plan: Marketing & Promotional Tactics, Sales Promotion

  29. MyMato 4 P’s

  30. Promotion • Mass Selling • Advertising- what you pay for • Publicity (PR)- free • Sales Promotion • What you do in-store to get the customer to try it • Contests, coupons, free samples • Personal Selling • Direct contact with potential customer

  31. Example Promotional Tools • Print Media • Social Media • Public Relations • Trade Shows/Educational Seminars • Internet Marketing • Sales Force • Product Launch

  32. MyMato Promotions – Year 1

  33. MyMato Promotions – Year 2

  34. MyMato Promotions – Year 3

  35. Financials

  36. Why Financials are Important • Shows economical feasibility • Shows validity of marketing expenses • Can we move forward? • Cash Flow, Gross Margin, Profit

  37. Monitoring and Measuring • Contingency Plan • Goals • What happens if you exceed your goals? • What happens if you don’t meet your goals?

  38. Questions? For more information & resources: www.iowastatenama.wordpress.com “FFA Resources”

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