ChristineMorel
Project is based on your “Marketing Plan” presentation. This…
Project is based on your “Marketing Plan” presentation. This assignment is based on Goal, Value Proposition, Competition, Customer Segments, and Marketing Strategy- Product/Service, Place (Distribution) Pricing Promotion. Explain the marketing plan for your proposed business.
8 pages double spaces/ references
Goals
Setting goals is the first step in a marketing plan.
Goals can have different timelines.
Value Propositions
Value propositions are essential to a marketing plan.
A marketing plan will lay out the following:
How you will determine what value you will offer to customer segments.
How will you communicate to customers that you have something that benefits them?
How you will build relationships to retain and add to your customer base
Competition
A SWOT analysis helps assess the competition.
Every company must clearly understand its strengths, weaknesses, opportunities, and threats.
A SWOT analysis only has value if you use the information that comes out of it:
Where your business stands relative to the competition
How competitors are likely to react when you change or try a new marketing tactic
What actions might you take when you cannot overcome a weakness or avoid a threat?
Customer Segments
Customer profile – A description of potential customers in a target market
A customer profile identifies the key demographic and psychological characteristics of the customers you consider most likely qualified purchasers of your products or services.
If a business owner envisions several target markets, each segment must have a corresponding customer profile.
Marketing Strategy
The information on marketing strategy:
Forms the most detailed section of the marketing plan
Plots the marketing actions that will make or break the owner’s vision.
The “4 Ps” highlight the areas a company’s marketing strategy should address:’ product, place, pricing, and promotion.
The Product/Service Section
Product decisions will transform the primary product or service idea into value for the customer.
This section of the marketing plan should include:
The name of the product and service, the business, and why they were selected.
A description of any legal protection obtained for the names.
An explanation of the logic behind the name selection
Components of the total product, such as the packaging
Customer service plans such as warranties and repair policies
A description of any patents, trademarks, copyrights, and intellectual property
PlaceThe Distribution Section
Place decisions will determine the delivery of the product to customers.
This section of the marketing plan should include:
How intermediaries (if they are used) will be persuaded to carry the new product
Supply chain issues
Licensing
Importing or exporting
Layouts and configurations of retail outlets
Knowledge of exchange rates between currencies and distribution options
The Pricing Section
Pricing decisions will set an acceptable exchange value on the total product or service.
This section of the marketing plan should include:
The cost of bringing the product or service to the customer, including calculations for production and marketing costs
Customer acquisition costs – The amount spent to attract each new customer who purchases the company.
Break-even computations, which indicate the points where revenues and costs are equal, should be included for alternative pricing.
Forecasting methods used for analysis in this section should be consistent with those used in preparing the market analysis section.
The pricing objective is to determine what purchasers are willing to pay for the product or service, then work backward to ensure that it can be produced and distributed in a way that allows the business to profit.
The Promotion Section
Promotional activities will communicate the necessary information to target markets.
This section of the marketing plan should include:
A description of the approach to creating customer awareness of the product or service
Explain why customers will be motivated to buy the product or service.
An outline of how many salespeople will be employed and how they will be compensated.
A list of the specific media to be employed and a description of advertising themes.
Technological advances significantly impact how firms promote products and how customers obtain information.
Many new options have reduced promotion costs and extended their reach.
