1. Introduction of the Product/Service In the introduction of the marketing plan you describe what the product or service is. Its purpose is to give the background of the project and a description to the reader so that they understand what your proposal is. After reading this section, the reader should understand what the product or service is and how it will fit into the intended market.
2. Mission Statement It is important that your marketing plan has a mission statement that states the purpose of the marketing plan, as well as explaining why you are in business. Both personal and business goals should be included. The marketing plan’s mission statement will also review your business goals and objectives and identify marketing strategies that will attain them.
3. SWOT Analysis Identify strengths of your business offering: Identify weaknesses of your business offering: Identify opportunities of your business offering: Identify threats of your business offering: Remember S and W are internal to the organizations, things you can control. O and T and external to the company, things you can not control.
4. Competitive Advantage The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. Price, product/service differentiation, niche strategies
5. Strategic Opportunity and Marketing Objectives Define the strategy you will implement to market your product/service 1. Market Penetration - Increase market share among existing customers 2. Market Development - Attract new customers to existing products 3. Product Development - Create new products for present markets 4. Diversification - Introduce new products into new markets
List objectives of your business marketing plan: (Remember: realistic, time sensitive, measurable, consistent with corporate) 1. Realistic - the objective should be realistic given the circumstances in which it is set and the resources available to the business. 2. Measurable - an objective should be capable of measurement – so that it is possible to determine whether (or how far) it has been achieved. 3. Time Sensitive - objectives should be set with a time-frame in mind. These deadlines also need to be realistic. 4. Consistent with the Corporation - objectives should be relevant to the people responsible for achieving them
6. The External Marketing Environment Unless you understand the external environment in which your product/service resides, you cannot intelligently plan for the future. The factors you must consider in your marketing plan include: social, demographic, economic, technological, political and legal, and competitive that impact the sale of your product/service.
7. Consumer Decision Making Process Identify the types of consumer buying decisions and discuss the significance of consumer involvement and purchase influence in the purchase of your product or service.
What categories of decision making: 1) routine response behavior, used for frequently purchased, low-cost items that require very little decision effort; 2) limited decision making, used for products that are purchased occasionally; and 3) extensive decision making, used for products that are unfamiliar and expensive or infrequently bought does your product/service fall under.
8. Marketing Segmentation a. Segmentation basis (geography, demographics, psychographics, benefits sought, usage rate) b. Description c. What they want d. How they use the product/service e. What is important to them?
9. Product Description The product decisions should consider the product and how they will be leveraged. Brand name, quality, scope of the product line, warranty, packaging, design, menu, services provided, etc. Describe what the product or service does, how it works, what features it offers and most importantly what problem it solves - people buy solutions. Describe the product’s physical characteristics such as size, weight and color. Define its benefits in emotional as well as functional terms. Know which features and benefits of your product or service will appeal to different market segments.
10. Placement Decision variables include:
Distribution channels, such as direct, retail, distributors & intermediates
Any logistics regarding transportation, warehousing and order fulfillment
11. Promotion A promotion plan outlines the promotional tools or tactics you plan to use to accomplish your marketing objectives. To the new or inexperienced marketer, the promotion plan might be mistaken as the entire marketing plan because it outlines where the majority of the marketing budget will be spent. It is, however, just one component of the marketing plan - there are additional strategy and planning components described in a marketing plan.
Advertising, including how much and which media (TV, print, radio, billboards, internet, direct mail, etc.)
12. Price Discuss the pricing strategy, expected volume and decisions for the following pricing variables: List price, discounts, payment terms, leasing options and financing options