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The Marketing Plan

The Marketing Plan. Strategic Planning. The Marketing Plan. Mission Statement Situation Analysis Objectives Target Market and Positioning Marketing Strategy Product Price Place Promotion Timetable for Implementation Evaluate Performance. Step 1: Mission Statement.

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The Marketing Plan

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  1. The Marketing Plan Strategic Planning

  2. The Marketing Plan • Mission Statement • Situation Analysis • Objectives • Target Market and Positioning • Marketing Strategy • Product • Price • Place • Promotion • Timetable for Implementation • Evaluate Performance

  3. Step 1: Mission Statement • Answers the following: • What type of business are we? • What business are we in? • What do we need to do to accomplish our goals • Not too broad, not too narrow • Focuses on markets rather than on offering

  4. Step 1: Mission Statement Examples • DunkinDonuts: to lead and build great brands • Starbucks: aims to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time

  5. Step 2: Situation Analysis 2a. SWOT Analysis + Strengths - Weaknesses + Opportunities - Threats Identify firm’s Competitive Advantage Internal You control External You don’t control

  6. Step 2a: SWOT Analysis • Evaluate company and product • Consider: costs, skills, financial resources, brand image, technology available, HR, and the External Environment • Industry analysis  CDSTEP • Culture, competition, demographics, social, technology, economic and political/legal

  7. Step 2b: Industry Analysis • Culture • Competition • Demographics • Technology • Economic • Political/Legal

  8. Culture • Shared meanings, beliefs, values, customs • Country • Regional • Subcultures or Lifestyles • ie. snowboarders, skateboarders, grunge, so called urban tribes, etc.

  9. Competition • Who • Sales – competition and the category • Market share • Positioning in market vs. you • Direct and indirect competion

  10. Demographics • Generational Cohorts • Seniors • Baby Boomers • Gen Y • Teens • Tweens

  11. Ethnicity/Race • Hispanics • $1.5T purchasing power • Will be 33% of population • 60% Mexican • Non homogeneous group • African-Americans • $1.2T purchasing power • Youngest group • Radio friendly • 30% of HH led by single women • Asian-Americans • $775B purchasing power • Highest family income & education • Adopt latest gadgets

  12. Social Trends • Prince Sensitivity • Health and Wellness • Green consumers • Time poor society • Privacy concerns • Component Lifestyles • Changing gender roles

  13. Technology • “Weisure” Time • Smartphones/tablets are leading people to work during playtime • Technology advancements • Constant Internet access • “ubiquitous” computing and shopping • Mobile coupons and boarding passes • Barcode scanning • RFID for tracking

  14. Economic • Inflation • Recession • Income • Purchasing Power

  15. Political/Legal • Federal Regulation • State Laws • Government Regulatory Agencies • FDA • FTC • CSPC

  16. Step 3: Objectives • What is to be accomplished • Realistic • Measurable • Time Specific • Compared to a benchmark

  17. Target Market and Positioning • Need to choose which customers you will serve • Break the market into segments • Groups with different wants, needs, characteristics • Can target more than one segment

  18. Segmentation Illustrated

  19. Step 4: Target Market and Positioning • Positioning • How do you want customers to see you? • Luxury • Cheap • Quality • Convenient, etc. • Turn the product attributes into benefits matched to the Target Market

  20. Step 5: Marketing Mix • Product • Price • Place • Promotion

  21. Step 6: Timetable • You have objectives • You have a plan • Need a schedule of the • What • When • Whom

  22. Step 7: Evaluate • Are you on target to accomplish your objectives? • WHAT will you measure WHEN with what METRIC? • Next Steps • Evaluate your position periodically • Growth Strategies • Market Penetration • Product Development • Market Development • Diversification

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