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App fr Page 7 of 7 Developing a Marketing Plan The basic stages include 1. examine the current situation 2. identify potential threats and opportunities 3. set objectives 4. develop strategies – including advertising and promotion. This paper illustrates the types of information typically appearing in each section of a product marketing plan. Business units within the firm have their own product marketing plans that focus on specific target markets and marketing mixes for each product. Product marketing plans typically include both strategic decisions (or what to do) and execution decisions (or how to do it). Marketing plans may be developed for a single brand, a product line, or a business unit that markets multiple product lines. Overall, planning is a process directed toward making decisions with tomorrow in mind. As such, planning is a means of preparing for future decisions so that they can be made rapidly, economically, and with as little disruption to the business as possible.1 Marketing plans may be for new products and services being introduced or for existing products or services. Regardless of the type of plan, all plans will be reviewed at least annually for needed revisions. Properly developed marketing plans can provide considerable benefits to firm performance. Plans:2 · Act as a road map to guide future decisions. · Assist in management control and implementation of strategy. · Assist in helping obtain resources for implementation. · Stimulate thinking and encourage better use of resources. · Help in the organization and assignment of responsibilities, tasks, and timing. · Inform new employees of their roles in implementing existing plans and reaching objectives. · Help generate awareness of strengths, weaknesses, opportunities, and threats. The Marketing Plan3 Frequently cited content issues and topics are enumerated for each stage in this section. Later in the exhibit, an example plan for a particular situation is presented. Parts of the Marketing Plan 1. Executive summary 2. Situation analysis 3. Marketing objectives 4. Market selection: Target markets 5. Marketing strategy 6. Marketing mix: Action programs (specifics of marketing mix implementation) 7. Budgets, control, and accountability Part 1: Executive Summary A. The summary should present a description of the product/service, its target market and its need within that market. The summary should also present an overview of the main points of the plan (i.e., the marketing mix and the sales and profits for the first two years). B. The relationship between the organization’s mission, objectives, and strategy and the marketing plan should be clearly expressed. C. The summary should emphasize an action orientation. Part 2: Situation Analysis INTERNAL ANALYSIS A. Describe the company’s current product(s) or service(s). 1. What are their sales in dollars? 2. What is their share of the market? 3. How do they compare to the competition? B. Analyze and describe the company’s internal strengths. C. Analyze and describe the company’s internal weaknesses. D. Analyze and describe the company’s potential opportunities. E. Analyze and describe the company’s potential threats. F. Describe why the company is suited to develop the product/service being considered (e.g., company resources, existing customers, etc). EXTERNAL ANALYSIS (EXTERNAL ENVIRONMENT) A. Describe important external conditions and/or trends affecting the industry: Social Legal/Regulatory Technological Competitive Economic Institutional 1. Is the size of the market of the product category increasing or decreasing and how quickly? 2. Why has the market remained stable or changed? B. Do these conditions create opportunities for the product/service? Do these conditions pose threats to the product/service? Part 3: Marketing Objectives A. What are the corporate marketing objectives of the company? B. What are the specific marketing objectives of the product/service under evaluation? C. Are the objectives of the marketing plan compatible with the overall marketing objectives of the company and/or business unit? Part 4: Market Selection and Target Markets A. Describe the firm’s possible market segments. 1. What are the characteristics (age, geography, income, lifestyles, etc.) of each of the market segments? 2. Assess the potential of each market segment. B. Describe the chosen target market(s). 1. Why was this target market selected? 2. How does the product or service meet the needs of the target market? C. Describe the purchase decision behavior of the target marker(s). (Who, why, when, how should he answered.) D. What is the general sales forecast for the target market of the product/service? Part 5: Marketing Strategy A. Who are the competitors and/or what are the product substitutes for the product? B. Does the organization have an obvious competitive advantage? If yes, what is it? (Consider brand names, service, price, distribution, technology, personnel.) C. Provide a complete competitive analysis for the product/service. This should include the following: 1. Major competitors’ strengths and weaknesses. 2. Brand positioning and competitive advantage. 3. Market share. D. Does the product/service have a competitive advantage? If yes, explain your competitive strategy. E. How will the product or service be positioned? Part 6: The Marketing Mix Product/Service A. What is the total product concept for this good or service? Describe the product/service in terms of features and benefits. B. Will it satisfy consumers’ needs? How will the consumer use the product? Will consumers purchase the product? C. How does the product differ from that of the competition? D. Describe the package (size, color, label, etc.) and its benefits. E. Are any product modifications expected as the product moves through the product life cycle? F. Are any warranties or guarantees offered? G. What is the test marketing process for the product/service? Part 6B: Action Program—Pricing A. What is the overall pricing policy or the organization? B. What are the organizations’s pricing objectives? C. What is the pricing structure (pricing method, approach, and strategy) for this product or service? D. How does the pricing structure for the product or service compare with that of the competition? E. What is the target market’s evaluation of price and its ability to purchase? Will there be significant demand at this price? What is the estimated effect of lowering or raising the price of the product or service? - - - F. What is the competition’s likely reaction to the pricing strategy for the product or service at this price level? G. What (if any) price promotions (sales, discounts, allowances, etc.) will be used during the year? Part 6C: Action Program—Distribution A. What is the current distribution strategy? B. How effective are the current distribution channels? Will these same channels be used for the new product? Why? C. What (if any) new distribution channels should be added to accommodate the new product/service? D. Does the competition use any distribution channels not currently being used by the planning organization? E. What (if any) expected future developments could affect how, what, when, or where consumers will purchase this product/service? Part 6D: Action Program - Marketing Communications A. What are the communications objectives for the organization’s product or service? B. What is the overall promotional strategy for the organization? Describe in terms of structure, tasks, and strategy (push/pull). C. How much money is allocated for the promotional budget? How will it be divided? D. What are the copy and media strategies for this product or service? How does the advertising differ from any competitors? E. What is the role of personal selling in the promotional mix? What is the ratio of advertising spending to personal selling spending? Does this ratio reflect the importance given to personal selling in the overall promotional strategy? F. What is the role of sales promotion? What is the ratio of advertising expenditures to sales promotion expenditures? Does this ratio reflect the importance given to sales promotion in the overall promotional strategy? G. What types of sales promotion will be used? H. What are the objectives of the public relations program? Part 7: Budgets, Control, and Accountability A. For the product or service being planned for, develop a time line that will ex plain the following: 1. What will be accomplished and how much will it cost? 2. Who will do it? 3. When will it he done? B. How will results be measured? (Consider sales analysis, market share analysis, and cost analysis, etc.) What information is needed for comparison of actual and planned results? C. Who will be responsible for monitoring and controlling the marketing plan? Who is accountable for significant deviations from the plan? For the purposes of this paper, only include marketing expenses in your budget. References Subhash C. Jam, Marketing Planning Strategy, 4th ed. (Cincinnati, OH: South Western Publishing Company, 1993), p. 5. William A. Cohen, The Marketing Plan (New York, NY: John Wiley and Sons, 1995), p. The marketing plan outline included in this appendix is an adaptation of the marketing plan exercise used by Professor Anne M. Devine, Alverno College, Business and Management Division, 3401 S. 39th Street, Milwaukee, WI 53234 We are indebted to Professor Devine for her permission to include the plan in the appendix. Alternative Plan Outline 1. Executive Summary 2. Situational Analysis Marketing Analysis Target Markets Market Analysis Demographics Market Needs Market Trends Market Growth SWOT Analysis Competitive Analysis Product / Service Offering Drivers of Success Critical Issues 3. Marketing Strategy Mission Marketing Objectives Target Marketing Positioning Marketing Mix Market Research 4. Financials, Budgets, & Forecast Break Even Analysis Sales Forecast Expense Forecasts Monthly Budget Marketing Expense Budget 5. Controls Marketing Management Organization Performance Tracking Contingency Planning Grading Rubric Grading Criteria Percentage Deliverable requirements addressed; understanding of material and writer's message and intent are clear. 50 / 50 Scholarly research supports the writer's position and is properly acknowledged, and cited direct quotations may not exceed 10% of the word count of the body of the assignment deliverable (excluding title page, abstract, table of contents, tables, exhibits, appendices, and reference pages). Inclusion of plagiarized content will not be tolerated and may result in adverse academic consequences. 40 / 40 Critical thinking: Position is well-justified, there is logical flow, and there are examples. 45 / 45 Structure: Includes introduction and conclusion, proper paragraph format, and reads as a polished, academic paper or professional presentation, as appropriate for the required assignment deliverable. 25 /25 Mechanical: No spelling, grammatical, or punctuation errors. 25 / 25 APA: Deliverable is cited properly according to the APA Publication Manual (6th ed.). 15 / 15 Total Points: 200 / 200 STRATEGIC MARKETING PLAN INTRODUCTION This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to “go to market”. PRODUCT/SERVICE · Describe the new product or service. · Discuss