THE MARKETING PLAN Lindell Phillip Chew LPC1@umsl

1. THE MARKETING PLAN Lindell Phillip ChewLPC1@umsl.edu • DEVELOPING YOUR MARKETING PLAN FOR YOUR RESPONSIBILITY AREA

2. MY MARKETING PLAN • OPPORTUNITYISNOWHERE!!!!!!!!!!!!

3. DEVELOPING YOUR MARKETING PLANPlanninga question and answer process. The market plan asks and answers the question"HOW DO WE GET THERE FROM HERE?" (Just like planning a family trip/vacation.)REMEMBER HOW A AAA TRIP TIX WORKS FOR YOU ON A VACATION.!!!!!

4. WHERE are we new? WHEN are we leaving?WHERE should we go? WHO will do the drivingWHERE have we decided to go? WHY are we going?WHAT are the conditions which may affect us? HOW are we going?HOW much will the trip cost? HOW will we meet our progressWHAT is our plan for alternate routes? against our schedule?(contingency plan)

5. THE TRIP • WHERE are we new? • WHEN are we leaving?WHERE should we go? • WHO will do the driving • WHERE have we decided to go? • WHY are we going? • WHAT are the conditions which may affect us? HOW are we going? • HOW much will the trip cost? HOW will we meet our progress • WHAT is our plan for alternate routes? against our schedule?(contingency plan)

6. An OPERATIONAL (ONE YEAR) MARKETING PLAN……….. identifies strategies and responsibilities for implementing action programs to achieve desired results. (FISCAL YEAR,CALENDAR YEAR, NEXT 12 MONTHS)

7. LENGTH MARKETING PLANS MAY ALSO BE INTERMEDIATE (1-5 YEARS) AND LONG RANGE (STRATEGIC - EXTENDED BEYOND FIVE YEARS)

9. AIM - Establishing ObjectivesthenAccomplishing Them.ORGANIZATION ……. 1. Prepare marketing plan in a loose leaf notebook form. 2. Number all pages.3. Give date(s): when prepared, time period covered. 4. Identify author(s).5.Type double spaced with wide margins.6. Index: Use headings and subheadings liberally and divide with tabs.

10. Plan should be comprehensive but not complicated. • CONTENTS • 1. Plan should be COMPREHENSIVE but NOT complicated. • 2. Persons not involved in the authorship SHOULD be able to follow the planning logic and readily ascertain their responsibilities. • There are SIX steps in developing an operational marketing plan.

11. WELCOME ABOARD

12. Six steps in developing an operational marketing plan. • There are six steps in developing an operational marketing plan. • 1. PREPARE COMPREHENSIVE FACT BASE • 2. LIST PROBLEMS AND OPPORTUNITIES • 3. STATE SPECIFIC OBJECTIVES (FIRST STATE YOUR ASSUMPTIONS) • 4. DEVELOP STRATEGY • 5. ESTABLISH BUDGET • 6. PROJECT SALES AND PROFIT

13. YOU FIRST AIM AT ESTABLISHING YOUR OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!

14. Detailing the six steps…1. PREPARE COMPREHENSIVE FACT BASE

15. FACTBASE*1ST.... GENERAL BUSINESS PURPOSEWE ARE IN THE BUSINESS TO CREATE AND SERVICE OUR CLIENTS……WE………………………THIS PLAN COVERS….

16. 1.PREPARE COMPREHENSIVE FACT BASE • *1ST.... GENERAL BUSINESS PURPOSE • SALES • MARKETS • TRENDS • PRODUCTS, SERVICES • COMPETITION • DELIVERY INVENTORY • DISTRIBUTION, SALES FORCE • CUSTOMER AITITUDES • CUSTOMER COMMUNICATIONS

17. 1.PREPARE COMPREHENSIVE FACT BASE • SALES and PROFITS • 12 MONTHS RUNNING • 3-5 YEARS

18. 1.PREPARE COMPREHENSIVE FACT BASE • MARKETS • TRENDS • PRODUCTS, SERVICES

19. 1.PREPARE COMPREHENSIVE FACT BASE • COMPETITION The competitive landscape • Provide an overview of product competitors, their strengths and weaknesses • Position each competitor’s product against new product

20. 1.PREPARE COMPREHENSIVE FACT BASE • DELIVERY INVENTORY • DISTRIBUTION, SALES FORCE • CUSTOMER ATTITUDES • CUSTOMER COMMUNICATIONS

21. 2. LIST PROBLEMS AND OPPORTUNITIES+++++++++++ ---------------------

22. 2. LIST PROBLEMS AND OPPORTUNITIES • IDENTIFY PROBLEMS ….HURDLES • DEVIATIONS FROM ANTICIPATED • DETERENTS TO THE SMOOTH • OBSTACLES TO GOALS

23. IDENTIFY PROBLEMSDEVIATIONS FROM ANTICIPATEDDETERENTS TO THE SMOOTHOBSTACLES TO GOALS

24. PROBLEMS • PROBLEM VS SYMPTOM • INDUSTRY & COMPANY • *SOLVABLE • SOLVING • PROBLEMS NO CONTROL

25. ANALYZE 2. LIST PROBLEMS AND OPPORTUNITIES (CONT.) • OPPORTUNITIES - EXPLOITABLES WHAT IS ...... WHERE TO LOOK ………

26. 3. STATE SPECIFIC OBJECTIVES –

27. 3. STATE SPECIFICS OBJECTIVES – \FIRST….STATE YOUR ASSUMPTIONS

28. 3. STATE SPECIFIC OBJECTIVES –

29. FORMULATE OBJECTIVES* SPECIFIC* QUANTIFY

30. Success Metrics • First year goals • Additional year goals • Measures of success/failure • Requirements for success

31. 4. DEVELOP STRATEGY • SPECIFIC ACTIVITIES • YOUR CALL TO ACTION • RESPONSIBITY ASSIGNMENTS • DEADLINES • PRIORITIES • RESOURCES

32. ELEMENTS1. MARKET TARGETS 2. THE MARKETING MIX (THE 5 P’S)PRICE PRODUCTPLACEPROMOTIONPOLITICS

33. ELEMENTS1. MARKET TARGETSTHE MARKETING MIX (THE 5 P’S)PRICE PRODUCTPLACEPROMOTIONPOLITICS

34. Product Positioning • Positioning of product or service • Statement that distinctly defines the product in its market and against its competition over time • Consumer promise • Statement summarizing the benefit of the product or service to the consumer

35. Product Packaging & Fulfillment • Product packaging • Discuss form-factor, pricing, look, strategy • Discuss fulfillment issues for items not shipped directly with product • COGs • Summarize Cost of Goods and high-level Bill of Materials

36. Promotional (Communication) Strategies • Messaging by audience • Target consumer demographics

37. Product Launch Strategies • Launch plan • If product is being announced • Promotion budget • Supply back up material with detailed budget information for review • PHASES 1, 2, 3,4

38. Public Relations • Strategy & execution • PR strategies • PR plan highlights • Have backup PR plan including editorial calendars, speaking engagements, conference schedules, etc.

39. Advertising • Strategy & execution • Overview of strategy • Overview of media & timing • Overview of ad spending

40. Other Promotion • Direct marketing • Overview of strategy, vehicles & timing • Overview of response targets, goals & budget • Third-party marketing • Co-marketing arrangements with other companies • Marketing programs • Other promotional programs

41. Pricing • Pricing • Summarize specific pricing or pricing strategies • Compare to similar products • Policies • Summarize policy relevant to understanding key pricing issues

42. Place-Distribution • Distribution strategy • Channels of distribution • Summarize channels of distribution • Distribution by channel • Show plan of what percent share of distribution will be contributed by each channel -- a pie chart might be helpful

43. Vertical Markets/Segments • Vertical market opportunities • Discuss specific market segment opportunities • Address distribution strategies for those markets or segments • Address use of third-party partner role in distribution to vertical markets

44. International • International distribution • Address distribution strategies • Discuss issues specific to international distribution • International pricing strategy • Localization issues • Highlight requirements for local product variations

45. Product Schedule • 12-month schedule highlights • Timing • Isolate timing dependencies critical to success

46. STRATEGY ANALYSIS AND EVALUATION1. INTERNAL COMPATIBILITY2. EXTERNAL COMPATIBILITY3. RESOURCE AVAILABILITY4. RISK FACTOR

47. MOVING AHEAD …………….

48. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$YOU FIRST AIM AT ESTABLISHING YOUR OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!

49. STRATEGY (CONT) • THREE MUSTS • * MEET DEADLINES • * CONTROL PERFORMANCE • *ALLOCATE RESOURCES

50. STRATEGY MUST CALL FOR IMMEDIATE ACTION. OTHERWISE IT IS ONLY A STATEMENT OF INTENT.*DEVELOP ALTERNATIVE STRATEGIES FUNCTIONAL INTERDEPENDENCE