THE MARKETING PLAN THE MARKETING PLAN Lindell Phillip ChewLindell Phillip Chew

LPC1@umsl.eduLPC1@umsl.edu DEVELOPING YOUR MARKETING PLAN DEVELOPING YOUR MARKETING PLAN

FOR YOUR RESPONSIBILITY AREAFOR YOUR RESPONSIBILITY AREA

MY MARKETING PLANMY MARKETING PLAN

OPPORTUNITYISNOWHERE!!!!!!!!!!OPPORTUNITYISNOWHERE!!!!!!!!!!!!!!

DEVELOPING YOUR MARKETING PLAN

Planning a 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.!!!!!

THE TRIPTHE 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)

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)

LENGTHLENGTH

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

LET’S BE PRACTICALLET’S BE PRACTICAL

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.

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.

WELCOME ABOARDWELCOME ABOARD

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

YOU FIRST AIM AT ESTABLISHING YOUR

OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!

Detailing the six steps…1. PREPARE COMPREHENSIVE

FACT BASE

FACTBASE

*1ST.... GENERAL BUSINESS PURPOSE

WE ARE IN THE BUSINESS TO CREATE AND SERVICE OUR

CLIENTS……WE………………………THIS PLAN COVERS….

1.PREPARE COMPREHENSIVE FACT BASE

*1ST.... GENERAL BUSINESS PURPOSE SALES MARKETS TRENDS PRODUCTS, SERVICES COMPETITION DELIVERY INVENTORY DISTRIBUTION, SALES FORCE CUSTOMER AITITUDES CUSTOMER COMMUNICATIONS

1.PREPARE COMPREHENSIVE FACT BASE

SALES and PROFITS

12 MONTHS RUNNING3-5 YEARS

1.PREPARE COMPREHENSIVE FACT BASE

MARKETS TRENDS PRODUCTS, SERVICES

1.PREPARE COMPREHENSIVE FACT BASE

COMPETITION The competitive landscapeThe competitive landscape

Provide an overview of product Provide an overview of product competitors, their strengths and competitors, their strengths and weaknessesweaknesses

Position each competitor’s product Position each competitor’s product against new productagainst new product

1.PREPARE COMPREHENSIVE FACT BASE

DELIVERY INVENTORY DISTRIBUTION, SALES FORCE CUSTOMER ATTITUDES CUSTOMER COMMUNICATIONS

2. LIST PROBLEMS AND OPPORTUNITIES

+++++++++++ ---------------------

2. LIST PROBLEMS AND OPPORTUNITIES

IDENTIFY PROBLEMS ….HURDLES

DEVIATIONS FROM ANTICIPATED DETERENTS TO THE SMOOTH OBSTACLES TO GOALS

IDENTIFY PROBLEMS

DEVIATIONS FROM ANTICIPATED

DETERENTS TO THE SMOOTH

OBSTACLES TO GOALS

PROBLEMS

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

ANALYZE 2. LIST PROBLEMS AND

OPPORTUNITIES (CONT.)

OPPORTUNITIES - EXPLOITABLES

WHAT IS ......

WHERE TO LOOK ………

3. STATE SPECIFIC OBJECTIVES –

3. STATE SPECIFICS OBJECTIVES – \

FIRST….STATE YOUR ASSUMPTIONS

3. STATE SPECIFIC OBJECTIVES Ğ FIRST STATE YOUR ASSUMPTIONS

3. STATE SPECIFIC OBJECTIVES –

--*STATE THEM¥ CATEGORIZE¥ BE SPECIFIC

TYPICAL CONCERNS

FORMULATE OBJECTIVES

* SPECIFIC* QUANTIFY

Success MetricsSuccess Metrics

First year goalsFirst year goalsAdditional year goalsAdditional year goalsMeasures of Measures of success/failuresuccess/failure

Requirements for Requirements for successsuccess

4. DEVELOP STRATEGY

SPECIFIC ACTIVITIESSPECIFIC ACTIVITIES YOUR CALL TO ACTIONYOUR CALL TO ACTION

RESPONSIBITY ASSIGNMENTS DEADLINES PRIORITIES RESOURCES

ELEMENTS1. MARKET TARGETS

2. THE MARKETING MIX(THE 5 P’S)

PRICE PRODUCT

PLACEPROMOTION

POLITICS

ELEMENTS

1. MARKET TARGETS

THE MARKETING MIX(THE 5 P’S)

PRICE PRODUCT

PLACEPROMOTION

POLITICS

Product PositioningProduct Positioning Positioning of product or Positioning of product or

serviceserviceStatement that distinctly Statement that distinctly defines the product in its defines the product in its market and against its market and against its competition over timecompetition over time

Consumer promiseConsumer promiseStatement summarizing the Statement summarizing the benefit of the product or benefit of the product or service to the consumerservice to the consumer

Product Packaging & Product Packaging & FulfillmentFulfillment

Product packagingProduct packagingDiscuss form-factor, pricing, Discuss form-factor, pricing, look, strategylook, strategy

Discuss fulfillment issues for Discuss fulfillment issues for items not shipped directly items not shipped directly with productwith product

COGs COGs Summarize Cost of Goods and Summarize Cost of Goods and high-level Bill of Materialshigh-level Bill of Materials

Promotional Promotional (Communication) (Communication)

StrategiesStrategiesMessaging by Messaging by audienceaudience

Target consumer Target consumer demographicsdemographics

Product Launch Product Launch StrategiesStrategies

Launch planLaunch planIf product is being announcedIf product is being announced

Promotion budgetPromotion budgetSupply back up material with Supply back up material with detailed budget information detailed budget information for reviewfor review

PHASES 1, 2, 3,4PHASES 1, 2, 3,4

Public RelationsPublic Relations

Strategy & executionStrategy & executionPR strategiesPR strategiesPR plan highlightsPR plan highlightsHave backup PR plan Have backup PR plan including editorial including editorial calendars, speaking calendars, speaking engagements, conference engagements, conference schedules, etc.schedules, etc.

AdvertisingAdvertising

Strategy & executionStrategy & executionOverview of strategyOverview of strategyOverview of media & Overview of media & timingtiming

Overview of ad Overview of ad spendingspending

Other PromotionOther Promotion Direct marketingDirect marketing

Overview of strategy, vehicles Overview of strategy, vehicles & timing& timing

Overview of response targets, Overview of response targets, goals & budgetgoals & budget

Third-party marketingThird-party marketingCo-marketing arrangements Co-marketing arrangements with other companieswith other companies

Marketing programsMarketing programsOther promotional programsOther promotional programs

PricingPricing

PricingPricingSummarize specific pricing Summarize specific pricing or pricing strategiesor pricing strategies

Compare to similar Compare to similar productsproducts

PoliciesPoliciesSummarize policy relevant Summarize policy relevant to understanding key to understanding key pricing issuespricing issues

Place-DistributionPlace-Distribution Distribution strategyDistribution strategy Channels of distributionChannels of distribution

Summarize channels of Summarize channels of distributiondistribution

Distribution by channelDistribution by channelShow plan of what percent Show plan of what percent share of distribution will be share of distribution will be contributed by each channel contributed by each channel -- a pie chart might be -- a pie chart might be helpfulhelpful

Vertical Vertical Markets/SegmentsMarkets/Segments

Vertical market opportunitiesVertical market opportunitiesDiscuss specific market Discuss specific market segment opportunitiessegment opportunities

Address distribution strategies Address distribution strategies for those markets or segmentsfor those markets or segments

Address use of third-party Address use of third-party partner role in distribution to partner role in distribution to vertical marketsvertical markets

InternationalInternational

International distributionInternational distribution Address distribution strategiesAddress distribution strategies Discuss issues specific to Discuss issues specific to

international distributioninternational distribution International pricing strategyInternational pricing strategy Localization issuesLocalization issues

Highlight requirements for Highlight requirements for local product variationslocal product variations

Product ScheduleProduct Schedule

12-month schedule 12-month schedule highlightshighlights

TimingTimingIsolate timing Isolate timing dependencies critical dependencies critical to successto success

STRATEGY ANALYSIS AND EVALUATION

1. INTERNAL COMPATIBILITY2. EXTERNAL COMPATIBILITY3. RESOURCE AVAILABILITY

4. RISK FACTOR

MOVING AHEAD …………….

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$$$$$$$YOU FIRST AIM AT

ESTABLISHING YOUR OBJECTIVES AND THEN AT ACCOMPLISHING THEM!!!!

STRATEGY (CONT)STRATEGY (CONT)

THREE MUSTS

* MEET DEADLINES * CONTROL PERFORMANCE *ALLOCATE RESOURCES

STRATEGY MUST CALL FOR IMMEDIATE ACTION.

OTHERWISE IT IS ONLY A STATEMENT OF INTENT.

*DEVELOP ALTERNATIVE STRATEGIES FUNCTIONAL

INTERDEPENDENCE

5. ESTABLISH BUDGET

BUDGET FOLLOWS STRATEGY

$$$$$$$$$$$$,RESOURCES & $$$$$$$$$$$$,RESOURCES & TIME!!!!!!!!TIME!!!!!!!!

BUDGET FOLLOWS STRATEGY MARKETING COSTS

order getting, filing ESTABLISH mechanical,

task & objective,cooperative

BUDGET (CONT)BUDGET (CONT)

DECISIONS,,, MONEY$$$$$$$$$???????

ORGANIZE by MARKETING FUNCTION

VERSATILITY and CONTROL

EXERCISING CONTROL IS MANAGING

6. PROJECT SALES AND PROFIT

FORECASTCONTROL UNITS

major and sub control units

IMPLEMENT IMPLEMENT IMMEDIATELYIMMEDIATELY

REVIEW YOUR MARKETING PLAN REVIEW YOUR MARKETING PLAN AT LEAST MONTHLY!!!! $$$$$$$$AT LEAST MONTHLY!!!! $$$$$$$$$$$$$$$$$$$$$$

OPPORTUNITYISNOWHEOPPORTUNITYISNOWHERE!!!!!!!!!!!!!!!!RE!!!!!!!!!!!!!!!!

GO FOR ITGO FOR IT THIS CONCLUDES MY THIS CONCLUDES MY

PRESENTATIONPRESENTATION

THE MARKETING PLAN THE MARKETING PLAN Lindell Phillip ChewLindell Phillip Chew

LPC1@umsl.eduLPC1@umsl.edu

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

1. PREPARE COMPREHENSIVE FACT BASE2. LIST PROBLEMS AND OPPORTUNITIES3. STATE SPECIFIC OBJECTIVES (FIRST STATE YOUR ASSUMPTIONS)4. DEVELOP STRATEGY5. ESTABLISH BUDGET6. PROJECT SALES AND PROFIT