MARKETING PLAN TEMPLATE - countryguide.app.coop€¦ · 3 1. SITUATION ANALYSIS Before developing a...

Marketing Plan – Asia Pacific Post Cooperative/2019

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APP ePacket Marketing Plan

Template and Guide

Doing business without a marketing plan is like driving without a map. You may get to your destination—eventually—but you risk making time-consuming and costly errors along the way.

When you fail to plan, means you plan to fail.

(Benyamin Franklin)


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INTRODUCTION A marketing plan is a comprehensive document that outlines a company’s overall marketing effort. It is a blueprint that outlines how a company will implement its marketing strategy, and use a combination of resources to achieve business objectives including sales targets or customer acquisition.

A good marketing strategy shall be developed based on the good understanding on the strong & weakness of the company, market needs and opportunities, competitors’ competitive strategy, and other business environment situation. It is only possible if take the advantage of research data.

This marketing template and guide is only a reference for a marketing Manager to develop a step by step marketing plan. Every step of this development of marketing plan, will provide you a template of worksheet where you need to put your data, information, analysis and idea in accordance with guide that available on the template.

MARKETING PLAN ELEMENTS This marketing plan consist of the following elements:

1. Situation Analysis

2. Set Up Marketing Objective

3. Segmenting – Targeting – Positioning – Value Proposition – Tagline

4. Marketing Mix Strategy : Product – Price – Place – Promotion – People – Process – Physical Evidence

5. Formulating Action Programs

6. Financial Plan

Please, be sure that your formulation of each step has a clear link and align one and another. A good marketing plan sets a clear, realistic, measurable objectives, relevant & significant activities, includes deadlines, provides a budget and allocates responsibilities.


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1. SITUATION ANALYSIS

Before developing a marketing strategy, it is important to conduct a situation analysis to determine the health of your business. Situation analysis is defined as an analysis of the internal and external factors of a business. It clearly identifies a business's capabilities, customers, potential customers and business environment, and their impact on the company. A situation analysis is an assential part of any business plan and should be reviewed periodically to ensure that it is current.

To determine if your situation analysis is functional and provides value, it should: � Be simple and practical to use � Be clearly understandable to an outsider � Focus on key factors impacting your business, both internally and externally � Clearly identify future goals for your business � Spark even further analysis

There are many tools of undertaking a situation analysis, but some come to the forefront more frequently than others do. These include:

� SWOT (strengths, weaknesses, opportunities, threats) & TOWS analysis. � PESTLE (political, economic, social, technological, legal and environmental) analysis � Scenario planning � Porter's Five Forces framework

Many companies start with a SWOT analysis , looking at their firm's strengths, weaknesses, opportunities and threats. This involves identifying your competitors, understanding exactly how they operate and becoming familiar with their strengths and weaknesses.

TOWS analysis will look to match internal factors to external factors, to help identify relevant strategic options that an organisation could pursue. It can help an organisation to see how it can take advantage of opportunities, reduce threats, overcome weaknesses and exploit any strengths.


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A TOWS analysis enables an organisation to match its internal strengths, and external opportunities (SO) to develop ‘maxi-maxi’ strategies – those with the greatest potential for success.

At the other extreme, it highlights the organisation’s vulnerability to threats based on its weaknesses and facilitates the development of strategies that minimise these and avoid threats (WT) – ‘mini-mini’ strategies. TOWS analysis will not point to which specific strategy to adopt, but it does focus attention the areas where action is required, and given some indication of the nature of that action.


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SWOT ANALYSIS Strengths (Internal factors) Weaknesses (Internal Factors)

WHAT DO WE DO WELL Any competitive advantages, skills, expertise, proficiencies, talents or other factors that improves your company's position in the marketplace and can't be easily copied.

• What are your positive qualities? • What achievements have you made? • What helps you accomplish goals? • What resources do you have? • What are your specialties? • What sets you apart from others?

WHAT THINGS DO WE NEED TO IMPROVE The factors that reduce your company's ability to achieve its objectives independently • Internally, what makes it difficult to achieve goals? • What are your areas for improvement? • What are you lacking (resources, technology, people, etc.)? • What do you need to tackle long-term goals?

Opportunities Threats

WHAT TRENDS, FACTS THAT CREATE MORE BUSINESS TO US Ways for your business to grow and be more profitable. These can include seeking new markets, managing technological change or addressing new consumer trends. • What products, services or information is popular with your audience? • Are there external resources you can use to achieve goals? • Can you benefit from any current economic or market trends? • What technology will be popular in the near future? • How do stakeholders view your brand, product or service?

WHAT OBSTACLES ARE WE FACING Barriers to entry in your primary markets, such as a labour shortage, legislative hurdles or detrimental /harmful economic or political development.

• Is market health expected to be bad or turbulent? • Is your brand, product or service no longer needed? • Do competitors have a certain edge over you? • How does your audience, industry or market view your company? • What could put your business at risk? • Are there potential new competitors on the horizon?


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TOWS STRATEGY Strengths – Opportunity Strategy

Weaknesses-Opportunity Strategy

Maxi-Maxi strategy, Maximize both strengths and opportunities HOW TO USE THE STRENGTH TO BENEFITS FROM CURRENT OPPORTUNITIES. • Identify any strategic initiatives that can maximize the strength to get

business from opportunities

The Mini-Maxi strategy attempts to minimize the weaknesses and to maximize the opportunities HOW TO OVERCOME WEAKNESS TO CAPITALIZED ON OPPORTUNITIES • Identify any strategic initiatives that can minimize the weaknesses to

get business from opportunities

Strengths -Threats Strategy Weakness – Threats Strategy

Maxi-Mini strategy is to maximize the strengths of a company while minimizing the threats through these strengths HOW TO BENEFIT FROM THE STRENGTHS TO AVOID OR LESSEN THE POTENTIAL EXTERNAL THREATS • Identify any strategic initiatives that can minimize the threats and

maximize the strength to get more business.

Mini-Mini strategy is to minimize both weaknesses and threats

HOW TO MINIMIZE WEAKNESSES TO TO AVOID OR LESSEN THE POTENTIAL EXTERNAL THREATS

• Identify any strategic initiatives that can minimize the threats and weakness the to get more business or to keep current business.


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2. MARKETING OBJECTIVES S M A R T: Specific, Measurable, Achievable, Relevant, and Timely GOALS LEVEL OBJECTIVES Increase sales CORPORATE To increase sales by 10 percent in 12 months

BUSINESS UNIT To generate monthly revenue at $3,000,000 PRODUCT To make monthly revenue from ……… product at $ 2,220,000

Grow market share CORPORATE To increase market share from 10% to 20% BUSINESS UNIT To generate revenue from new customers at $........................................................ monthly. PRODUCT To generate revenue from ……..product from new customers at $.................................................

Increase profit

CORPORATE To increase profit at 10% from last year BUSINESS UNIT To increase profit at $ ...... …………… in a year PRODUCT To increase profit at $............................. from ……………….. product.

Target new customers

CORPORATE To increase number of customers at …. % BUSINESS UNIT To get …………..new customers in a year PRODUCT To get …………..new customer in a month using …………………. Product.

Build brand awareness

CORPORATE Corporate awareness to become top of mind in 12months BUSINESS UNIT Brand awareness to become top of mind in 12 month PRODUCT Product awareness to become top of mind in 12 months

Enhance customer relationship

CORPORATE Increase loyal customer at 10% BUSINESS UNIT To get ………………..loyal customer in 12 months PRODUCT To get ……loyal customers using …… product

Note: Choose Goal / Levels of Objectives that are relevant.


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3.1. MARKET SEGMENTING & TARGETING MARKET SEGMENTING Segmenting is dividing a market into distinct groups of buyers who have different, needs, characteristics or behaviour and who might require separate products or marketing programmes. A market segment is a group of consumers who respond in a similar way to a given set of marketing efforts.

Based on similarity of characteristics, needs and behavior and response we group the market into one group. Grouping the market (segmenting), could use one, two or more methods among the available methods (Demographic, Sociographic, Psychographics, Geographic, Behaviouristic, Purchase behaviour, Purchase Motive) whichever relevant to our needs and situation.

There is no limitation on how many market segments that we need to have. The more clear we segment the market the more easier we target them. MARKET TARGETING Targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. Target Market is a set of buyers who have common needs and/or characteristics to those that the company or organization decides to serve.

Target marketing allows you to focus your the most attractive segments from the segmentation stage, usually the ones most profitable for the business. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.

With a clearly defined target audience, it is much easier to determine where and how to market your company. Defining your target market is the hard part. Once you know who you are targeting, it is much easier to figure out which media you can use to reach them and what marketing messages will resonate with them.


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Steps to target markets: 1. Look at your current customer base

Who are your current customers, and why do they buy from you? Look for common characteristics and interests. Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service.

2. Check out your competition

Who are your competitors targeting? Who are their current customers? Will you go after the same market or you may find a niche market that they are overlooking?

3. MATCH your product/service and Target Market

Write out a list of each feature of your product or service. Next to each feature, list the benefits it provides (and the benefits of those benefits). Once you have your benefits listed, make a list of people who have a need that your benefit fulfils.

4. Choose specific market from market segments to target.

Figure out not only who has a need for your product or service, but also who is most likely to buy it. Compare with your group of market segments. What features are most appealing to your target?

5. Evaluate your decision

Once you've decided on a target market, be sure to consider these questions:

• Are there enough people who fit my criteria?

• Will my target really benefit from my product/service? Will they see a need for it?

• Do I understand what drives my target to make decisions?

• Can they afford my product/service?

• Can I reach them with my message? Are they easily accessible?


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SEGMENTATION Consumer Market

METHOD ASPECTS SEGMENT-1 SEGMENT-2 SEGMENT-3 SEGMENT-4 SEGMENT-5 SEGMENT-6

Demographic Age

Gender

Occupation Professional

Education University

Income per month Upper middle.

Marital Status Married with 2 kids

Sociographic Culture

Social status Middle

Friends-Group Profession

Race

Psychographics Values

Attitudes

Social Activities Facebook

Interest Sport

Lifestyle Trend Follower

Geographic Local, regional, national, international

Local ..........................

Behaviouristic Reason/occasion for purchase? self-expressive

Purchase behaviour

Number of times they’ll purchase once a month


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Amount of product/service purchased between 2 – 5

Where customer purchases product Agent

What they like from our product Speed

What they don’t like from our product Reliability

When they like to purchase between 18H – 21H

What /Who influence the purchase Friends

Purchase Motive Price

Speed Speed Quality Quality Convenience Convenient Flexibility Flexibility Efficiency Reliability Visibility Responsiveness Accessibility Accessibility Compatibility Brand Empathy Hospitality

Note: Choose only what you think most relevant from the methods and aspects


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Business Market SEGMENT-1 SEGMENT-2 SEGMENT-3 SEGMENT-4 SEGMENT-5 SEGMENT-6 DEMOGRAPHIC Geographic location

Size of Company

Annual revenue

Number of Branches Number of Employees

Industry

Age of Company

BEHAVIOURISTIC Reason/occasion for purchase?

Number of times they’ll purchase

Timetable of purchase, every week, month, quarter, etc

Amount of product/service purchased

How long to make a decision to purchase

Where customer purchases and/or uses product/service

What they like from our product

What they don’t like from our product

When they like to purchase

Who is the decision makers


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Who has influence to purchase

PSYCHOGRAPHIC Business Style Industry Leader Business Stage Innovative Employee Relations Conservative Trade Associations Socially Responsible

Business Products/Stable

Services Used Employee Friendly

Publication Subscriptions

Workforce Type Management Style PURCHASE MOTIVE Speed

Price Quality Brand Name Variety of services Salespeople Customer Service Special Offers Flexibility


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Reliability

Convenience of Purchase

Visibility Responsiveness Accessibility Payment Terms Packaging

Note: Choose only what you think most relevant from the methods and aspects TARGET MARKET PROFILE TARGET MARKET-1 TARGET MARKET-2 TARGET MARKET-3 Segment Description Professional , upper middle income,

married with 2 kids, enjoy sport, like to follow the trend.

Market Size $ 200,000 Targeted Revenue $40,000 Value Needs Speed

Quality Convenience Flexibility Accessibility

Social Media Facebook


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3.2. VALUE PROPOSITION – POSITIONING - TAGLINE Value Proposition It describes the benefits of its products and services To satisfy market needs and preferences. It could be Functional, Symbolic or Emotional Values. The values proposed should be something outstanding. Positioning It is usually known as Brand Positioning. It flows from value propositions. It describes why customers should use one product over another. Positioning statements are for internal use. These statements guide the marketing and operating decisions of your business. A positioning statement helps you make key decisions that affect your customer’s perception of your brand. In order to create a position strategy, you must first identify your brand’s uniqueness and determine what differentiates you from your competition.

There are four essential elements of a best-in-class positioning statement:

1. Target Customer: What is a concise summary of the attitudinal and demographic description of the target group of customers your brand is attempting to appeal to and attract?

2. Market Definition: What category is your brand competing in and in what context does your brand have relevance to your customers?

3. Brand Promise: What is the most compelling (emotional/rational) benefit to your target customers that your brand can own relative to your competition?

4. Reason to Believe: What is the most compelling evidence that your brand delivers on its brand promise?

A positioning statement is a one or two sentence declaration that communicates your brand’s unique value to your customers in relation to your main competitors.


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One way of formulating a positioning statement:

“For [target customers], [company name] is the [market definition] that delivers [brand promise] because only [company name] is [reason to believe]”

Example: (Amazon.com used the following positioning statement in 2001 (when it almost exclusively sold books):

“For [World Wide Web users who enjoy books], [Amazon.com] is a [retail bookseller] that provides [instant access to over 1.1 million books]. Unlike traditional book retailers, [Amazon.com ] provides [a combination of extraordinary convenience, low

prices, and comprehensive selection]” Tagline A tag line is an external statement used in your marketing efforts. It describes why customers should use one product over another. A tagline is made to express the value of a product or service to help improve the appearance and position of a brand.

Insights from your positioning statement can be turned into a tagline, but it is important to distinguish between the two. Once you have a strong brand positioning statement you can create a tagline or slogan that helps establish the position you’re looking to own.

When creating a tagline, you want to make sure that you can answer the following questions:

� What do we do for our customers? � How do we better our customers’ lives? � What is our unique selling proposition?

Once you are able to answer these questions, it’s time to put it all together into a clever statement. A tagline should be clever and witty, so don’t be afraid to use a play on words. It should definitely convey your company’s personality, as well. Taglines should enable people to make light-hearted associations with your business: "When I see [tagline], I think [company]." Examples: Apple: "Think Different." McDonald's: "I'm Lovin' It"


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MARKETING STRATEGY - Objective: …………………………………… …………………………………… ……………………………………

Value Proposition

Positioning Statement / TAGLINE

Target Market 1

Positioning statement: For [target customers], [company name] is the [market definition] that delivers [brand promise] because only [company name] is [reason to believe]. TAGLINE:

Target Market 2

Target Market 2


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4. MARKETING MIX

OBJECTIVE

TARGET MARKET

VALUE PROPOSITION

TAGLINE

MARKETING MIX REQUIRED ACTION

Product • What you you will sell, including Brand Name, all of the features, advantages and benefits that your customers can enjoy from buying your goods or services.

• You need to think about creating the key features and benefits your customers want or need

• Choose between Product Development or Product Improvement Price • This refers to your pricing strategy for your products and services and how it will affect your customers.

• You need to consider three pricing strategy : cost based, customer value based, and competition based. You should identify how much your customers are willing to pay, how much mark-up you need to cover all cost and your profit margins, at the same time how is your price position comparing with competitors.

• To attract customers and retain your competitive advantage , you may also wish to consider the possibility of discounts and seasonal pricing and flexible payment methods.

Place / Distribution • This is where your products and services are seen, made, sold or distributed. • Access for customers to your products is key and it is important to ensure that customers can find you. • It also about accessibility, convenience, and assurance. You need to think how to make your customers

are easy to access your product, convenient to do transaction and feel confident with your service.


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MARKETING MIX REQUIRED ACTION Promotion • These are the promotional activities you use to make your customers aware of your products and services,

including advertising, sales promotions and direct marketing, social media advertising, etc.

• You need to consider the objective of your promotion to choose the suitable promotional activities. Some objectives of promotion includes :Introduce New Product, Attract New Customers, Increase Sales from, Existing Customers, Encourage Repeat Business /Purchase, Improve Brand Awareness.

People • People refer to the staff and salespeople who work for your business, including yourself. • You need to make sure that all employees who get involved in end to end business process shall

understand the main values to be created and do their part to create that values. Process • It refers to the processes involved in delivering your products and services to the customer.

• It is also about being 'easy to do business with’. • Make sure that all process contribute to create the values that offered to customers. • It is also about having good process in place that will ensure you to:

– repeatedly deliver the same standard of service to your customers – save time and money by increasing efficiency

Physical Evidence • It refers to everything your customers see when interacting with your business.

• This includes: the physical environment where you provide the product or service, the layout or, interior design, your packaging, your branding.

• Physical evidence can also refer to your staff and how they dress and act.


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5. FORMULATING ACTION PROGRAMS

Objective: …

ACTIONS REQUIRED KPI TIMEFRAME PIC

(Taken from Marketing Mix actions identification)

Monthly measurable result /achievement target


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6. FINANCIAL PLAN

We will include in this financial plan :

1. Revenue / Sales Forecast

2. Projected Expenses

3. Projected Profit and Loss

Revenue / Sales Forecast

Projected Expenses

� Mention the exact numbers of revenue / sales to be targeted to achieve at the end of the year. � Provide a comparison revenue/sales growth for the last 2 years and the growth plan for coming /on-going year. � Need to brake down the yearly revenue/sales target into monthly target.

� Mention the exact numbers of expenses to spend in a year. � Provide a comparison expense growth for the last 2 years and the growth plan for coming /on-going year. � Need to brake down the yearly projected expense into monthly allocation.


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Projected Profit and Loss

DESCRIPTION FY2018 FY2019 FY2020 Revenue Direct Costs Gross Margin

Gross Margin %

Operating Expenses

Salary

Employee Related Expenses

Total Operating Expenses

Operating Income

Interest Incurred

Depreciation and Amortization

Income Taxes

Total Expenses

Net Profit

Net Profit / Sales

MARKETING PLAN TEMPLATE - countryguide.app.coop€¦ · 3 1. SITUATION ANALYSIS Before developing a...

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