Developing the Marketing Plan
The Market Plan is submitted in two parts. The first part is the situational analysis. It is essential a snap shot of where the company is presently. It should include a title page, an executive summary, table of contents, and situational analysis of relevant environmental variables & all marketing mix variables, market analysis, customer analysis, and competitive analysis. The situational analysis is worth 10 points. PLEASE NOTE: NOT ALL ENVIRONMENTAL VARIABLES MAY BE RELEVANT FOR YOUR COMPANY.
The second part of the marketing plan focuses on strategy. You must identify the businesses objectives and the strategies you have developed to help the company achieve its objectives. This report should include a title page, a new executive summary, marketing strategy, market plan implementation and control.
The market research you conducted should inform your strategy.
The strategy section of the market plan is worth 10 points.
Title page includes the name of the company, product or brand, the time period covered by the plan, the person submitting the plan, the name of the person to whom the plan is submitted, and the date submitted.
The executive summary is a summary of the plan for executives, hence its name. It is NOT a written table of contents. You will write two executive summaries: one for each report submitted. The first executive summary should identify the key issues covered in the report. The second executive summary should include information from the first executive summary including the key issues discussed in the first executive summary as well as the strategies developed by you and discussed in the second report to address these issues. You cannot write the executive summary until you have finished writing your report. Keep is mind that executives are busy people so the executive summary should be between two to three pages is length.
Table of contents
List the specific information located in the report and where to find it.
Introduce your company. Tell me who they are, what they do, how long they have been doing it for, where they are located, etc. Tell me about the plan’s focus.
Discuss relevant environmental variables (i.e. demographic, political, legal, social, cultural, economic, technological factors) impacting the business now and in the foreseeable future. What are the strategic implications, if any?
Identify the company’s current target market. Discuss the company’s current marketing mix:
Products, brands, packaging, completive advantage, if any offered by the current products, product portfolio analysis
Advertising, personal selling, sales promotion, public relations, online marketing, publicity?
Location, physical distribution
Do an internal analysis on the company including sales, profits, product quality, brand associations, customer service, new products, people, and customer satisfaction? Organizational capabilities and constraints, the company’s strengths and weaknesses? Discuss the success/failure of past strategy.
Market attractiveness? Size of market? Relative market share? How fast has the market been growing? Growth prospects? What factors affect sales levels? Market opportunities? Potential entrants? Barriers to entry? Substitutes? Distribution systems? Bargaining power of suppliers? Bargaining power of customers? Key success factors? Market trends and developments? What does the future look like?
Who are the competitors? Size? Products? Brands? Models? Customer Service? Image? Objectives? Market strategies? Cost structure? Which companies are directly competitive? Strengths? Weaknesses? Less directly competitive? Are new competitors likely to enter the market? From which companies or brands can market share be taken?
Biggest customers? Most profitable customers? Best way to segment customers?
What benefits are customers seeking/ what needs are satisfied by company’s products?
Do customers have unmet needs? Unsought needs?
Customer satisfaction levels? Why are some customers dissatisfied?
PICK ONE OBJECTIVE.
Marketing growth strategies
Market plan implementation
Identify what will be done, who will do it, when it will be done, resources needed, and contingency plans.
Market plan control
Information needed to track goals