marketing plans andrew benesh austin richardson ben potter jason klein krishna vuppala

Marketing Plans

Andrew BeneshAustin RichardsonBen PotterJason KleinKrishna Vuppala

Agenda

Introduction to Marketing plan

Marketing plan structure

Situation analysis

SWOT

Marketing strategy

Implementation and Control

Conclusion

Marketing Plans | November 20142

Marketing Plan

What is a Marketing plan?

• action-oriented document• set objectives for the marketing and

promotion of business• needs to be followed, monitored and

updated• regularly evaluate and control a

marketing plan


A Perfect Marketing plan

• sensible and relevant• accurate and realistic targets• customize to suit business and its objectives• keep business prepared for unexpected events or promotions

by competition• spot possible threats to business, and prepare for ways to

minimize or capitalize on them


Fulfills Five Purposes

Present and future situations of the organization

Specifies expected outcomes (goals and objectives)

Describes the specific actions that are to take place

Assigns responsibility for each action

Identifies the resources needed to carry out the

planned actions

Permits the monitoring of each action and its results

so that controls may be implemented


Marketing plan – Key Areas

• Price• Place• Product• Promotion• SWOT• Time


Business without a Marketing Plan


Organizational Aspects of the Marketing PlanOrganizational Aspects of the Marketing Plan

8

Top managers ask two questions:• Will the marketing plan achieve the desired marketing,

business unit, and corporate goals and objectives?• Are there alternative uses of resources that would better

meet the firm’s objectives?


Marketing Plan Structure

Executive summary

Situation analysis

SWOT

Marketing goals and objectives

Marketing strategy

Implementation

Evaluation and control


Marketing Plan - Examples


Situation Analysis

Internal environment

External environment

Customer environment


Situational Analysis

SWOT Goals / Objectives

Strategy Implementation Control

Situation Analysis - Internal

Define mission statement

Know your brand and products

Differentiate your product or service

Focus on pleasing the customer

Past – Present – Future


Situation Analysis - External

Know the competition• Why are they good?• Why are they bad?• What can we learn?

Monitor factors from outside• Changes in the market• PEST


Situation Analysis - Customer

Identify your target

Know your current customers

Identify potential new customers

Who, what, when, where, why, and why?


What is SWOT

Strengths

Weaknesses

Opportunities

Threats

INTERNAL

EXTERNAL





What to gain from SWOT



DILBERT!


Marketing Strategy

Value Proposition

Critical Issues

Financial Objectives

Marketing Objectives

Target Market Strategy

Messages & Branding

Value Proposition

“Benefit offered less price charged”

Emphasis on REAL benefit offered

INSTEAD of the specific tangible product or service


Critical Issues

Bring in the SWOT Analysis

ORGANIZATIONAL GOALS:

1. Leverage the “Strengths” of the organization

2. Offset or improve “Weaknesses

3. Take advantage of available “Opportunities”

4. Minimize the risk of potential “Threats”


Financial Objectives

Financial objectives are easy to measure EXAMPLES:

1. Increase profits by 25%

2. Increase sales by 5%

3. Increase the Contribution Margin by 10%

4. Improve gross margin by 15%

Important to ensure all objectives are measurable

“If it can’t be measured, it can’t be improved”





Marketing Objectives

When setting marketing objectives, keep in mind:

1. Sales

2. Market share

3. Market positioning

4. Company image

5. Consumer awareness

Marketing objectives need to be measurable as well so that they can be tracked and followed up on


Target Market Strategy

Explain why your business is focusing on the target market groups you have chosen.

ANSWER these questions:What makes these groups more interesting than the other groups that you have ruled out?

Why are the characteristics you specify important?

Example: A graphic design firm might target small or medium-sized businesses that need Internet websites





Messages & Branding

Business needs to answer the following questions:

1. What symbols are going to represent the brand?

2. How does the brand reflect the positioning of your products or services?

3. What is the brand’s promise to your customers?

4. What traits does the brand convey to your customers?

5. If advertising and marketing the brand, how will you measure the brand’s effectiveness?


Messages & Branding

IMPORTANT: Brands are NOT created overnight

Takes careful management to build positive relationship with customers

Rewards for building a brand are higher profit margins, competitive security and brand extension efficiencies


National Football League


NFL: Building a Brand

Founded in 1920

32 Teams

2014 poll revealed NFL as #1 spectator sport (35%) in US followed by MLB (14%)

TV Partners: CBS, FOX, NBC, ESPN, NFL Network

Year-round exposure

Hosts 3 NFL games per year in London


Implementation

As the strategy is developed, a concept for how to implement it should be formed

Communication is often the biggest obstacle to implementing an effective marketing plan – internal culture must support the marketing plan

What will be done? How? When? By Who? At what cost?





Control

Once the plan has been implemented, it should be updated based on some control/feedback mechanisms

Control in the context of a marketing plan is the monitoring and guidance of implementation progress… and feedback for future plans• Formal• Informal• Financial

Implementation

Feedback System

GoalControl Adjustment Outcome

Measurement

+-





We are a feedback and control system…


Comedic Relief


Conclusion

Marketing Plan: Action-oriented document setting objectives for marketing and promotion of the business (based on known customer needs and wants)

Situational Analysis: Who are you? Who is your customer? Who is your competition?

SWOT: Don’t make the mistake of neglecting SWOT

Strategy: Create value, address roadblocks, have a target

Implementation Strategy:What::Implementation:How

Control: Guide implementation and learn for the future





Questions


marketing plans andrew benesh austin richardson ben potter jason klein krishna vuppala

Documents

marketing plan marketing

swot marketing plans

control marketing plans

desired marketing

present future marketing

market pest marketing

situation analysis internal

situation analysis customer