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Thanks for downloading this. You'll find it helpful, especially if marketing is new to you and/or you are wondering "what is it that I'm to submit?" Your Marketing Plan FIRST Draft that you submit should focus on three of the first four sections of your Marketing Plan: Executive Summary Product/Service Description, Situation Analysis Target Market Competitors & Substitutes Pricing Channels of Distribution Promotion (Advertising, Sales Promotion, PR, Personal Selling, Direct Marketing) Promotion BUDGET
What about the Executive Summary? That would be completed when you submit the FINAL Marketing Plan Draft. As your Marketing Plan is a "work in progress" and the Executive Summary is a synopsis of all seven sections that follow, you would not want to enter your Executive Summary until Week SEVEN. You'll find additional information about the Executive Summary at the end of this document. Be sure to access the "MM522 Marketing Plan Evaluation Criteria" in DOC SHARING. There, you will find all of the eight (8) component sections that you would want to include in your finished Marketing Plan, which is due in Week Seven.
Importance of RESEARCH
The importance of RESEARCH cannot be overstated. You are in a graduate-level marketing course and, as part of the course measurement, you will demonstrate your assimilation and application of marketing via your diligent efforts to bring a product or service to market. As with any entrepreneur who is considering a venture into the world of business, one should not blindly walk into minefields. You are already aware that the business environment is highly competitive. Thus, the more you know about the market into which you are going, the more you know about the competition, the more you know about similar ventures (successful or not so), the more you have explored the potential market for your product or service, the better prepared you are to create a PLAN that minimizes risk and maximizes the likelihood of success. Do research and plenty of it. Demonstrate in your Marketing Plan that you have done this research. For the same reason you would not purchase stocks blindly and would investigate such a purchase before plunking down your hard-earned money, so is it with a Marketing Plan. Know into what and where you are going.
On the next few pages, let's look at the three sections that you would want to submit for your Marketing Plan's FIRST Draft in Week THREE.
Don't assume the reader understands exactly what it is you are bringing to the marketplace. and any relevant historical data you see as important.W. A STRENGTH is something that you clearly bring to the table. Please review these pages carefully so that you have the benefit of our author’s wisdom when you submit your SWOT Analyses. is an acronym for Strengths-Weaknesses-Opportunities-Threats. If you're lucky.O. including a S. analysis.” that rarely is the case. it is important to break down each of the SWOT elements and look at the company that you have. That you have enthusiastic employees or that they are well-trained is not a STRENGTH. If YOU are going to compete. S. “Drat! I wish we had that… could say that… could do that!” A STRENGTH consists of those things found within your company's “four walls.” It could be your management expertise within the industry… your financial backing… your manufacturing capability. Your competition may be saying. Spend time defining and describing your product/service in detail. Analyses Your Kotler text provides some excellent insight if you go to pages 52-56. Describe the current market situation. The purpose of a SWOT Analysis is to have YOU take a hard. Putting things on paper means that you are facing the reality of “what is. something that no other company has! STRENGTHS: . Consider the “core” product or service.O. Whatever it is. for a product or service to be successful. Situation Analysis You'll want to provide a complete description of the product or service to be offered. Although you may think. any micro and macro environmental influences. Indicate what need your product or service is intended to fulfill. it is time to take an HONEST look at what you are about to face. your STRENGTHS found within your company's four walls are what make you a formidable competitor. it should solve a problem for your target audience..O..” This is not an exercise in fiction writing. Demonstrate a thorough understanding and clear articulation of your product and the market need it fulfills. “you’ve the greatest product since sliced bread.T.W. in effect. This can be a totally new product or a line extension.e.T. candid look at your company.T. i. The first two (Strengths and Weaknesses) are found WITHIN the four walls of your company. along with an explanation of any competitive advantages or challenges. and the product and/or service you wish to bring to market. realistic. S. as well as any related services or components that are a part of the total offering. Describe it in detail. you have a distinctive competency. you will want to offer a situation analysis. Here is a description/examples of each SWOT component..Product/Service Description. STRENGTHS – This is not a list of 101 things that you have going for you.W. Does your description help them understand what you want to bring to market? Don't assume! In addition. Assume the reader may be a Small Business Administration loan officer or a venture capitalist who is in a position to provide funding. the opportunity you plan to address. To help you prepare a good SWOT. Make it clear to the reader what is the problem that your product or service is solving for the target market… and that is not being addressed effectively by other companies. outside your company walls. The latter two items (Opportunities and Threats) are found in the macro environment in which your company operates… in effect.
It is where you are exposed. Poor location with minimum traffic flow – no “anchor” stores from which to draw. make profit. Cayuga. IMPORTANT: When you submit your MARKETING PLAN FIRST Draft Document.. Competitive marketing from ABC and XYZ companies may accelerate. where is the money opportunity for you? OPPORTUNITIES • • • Create satellite offices in Northumberland. specifically in prototype manufacturing. technology. government/legal. that can have an unwanted effect on your business as you attempt to bring your product/service to market? You need to be aware of these… and never assume “that can’t happen to me. Whatever your WEAKNESSES. It may be where you can build upon your internal strengths to capitalize in your target market.• Strong management experience with over 25 years in the widget industry. City Zoning ordinance may not allow this kind of business on property. Your OPPORTUNITIES are those business niches in which you see yourself exploiting.what is happening with your competition. one weakness may be that you have no BRAND recognition – no one has ever heard of you. or tomorrow? What opportunity exists for your company and on which it can capitalize? In effect. Where is the business that you might develop today. Minimum financial reserves.. Strategic alliance with Goodman Engineering Systems to do manufacturing. For many in our class.” It does… and they do. establish a foothold. It could be your lack of financials.2M financial backing from bank. WEAKNESSES: • • • • • Lack of experienced employees with background in this business. You're vulnerable. environment. and Hillsborough Possible franchise possibilities Expand business to include offering of complementary services. WEAKNESSES – This is your “soft underbelly” at which your competition cackles with glee. and no guaranteed line of credit at the bank. your SWOT analysis should be submitted in BULLET Form! It is not written as an essay. Owner has no previous experience in this kind of business. etc. Patented technology that gives us a competitive lead in the industry. it may be markets that your competition has overlooked or ignored. THREATS – THREATS are those things in your macroenvironment and about which you have virtually no control -. • • • Guaranteed $4. THREATS • • • Recessionary economy means consumers may be unwilling to spend. Opportunities could be "other" target markets that you see as ripe for exploitation. Company has no brand recognition OPPORTUNITIES – This is where you see opportunities to grow your market. these are the things within your company's four walls that you need to address quickly. ..
as well as the strategies likely to be used by each competitor upon your entry into the market. as your communications objectives (promotion) will want to reach those who fall within this target market. income. and other important characteristics. There are other segmentation variables. For your top two (2) primary competitor(s). sustainability. Describe your target market and its characteristics and tell me why you have selected this market. Competitors & Substitutes You will want to take a good hard look at your likely competitors. After all. indicating how you segmented the larger market. If this list is a very long one. that is a problem… and no one is addressing it (or addressing it well). You want to demonstrate a keen understanding of your competition and how they market to their target market (which likely is the same market to which you are promoting). As an example. that when you enter the market. If you haven't clearly defined whom you want to reach. your target market is everyone. Yet. That market WILL be responsive if they see your product or service solving a problem that they have. This is another area in which your diligent RESEARCH should be fruitful. In this section. Be sure to include a description of any related components of your total market offering. It is important that you clearly describe your target market. in theory. they "want or need" a solution. Consider. your promotion will target those with greater incomes. your promotional approach will not target everyone. You will want to provide a complete description of your target market(s).ages.”. When a consumer or business has a problem. What makes the target market you have chosen attractive to you in terms of profitability. is your product of interest to families… or married women ages 25-49 with young children… or senior citizens who have difficulty when they walk? What market segmentation variables have you selected? Chapter EIGHT will be helpful to you. In effect. Indicate the size of the target in dollars or units. etc. Your target market would be identifiable by certain demographics. your competition . education.Target Market The first thing to consider when marketing a product or service is "what is my target market?" A target market should be responsive to that which you are bringing to them. If you have something that is good. tell the reader the problem your product or service solves for the target audience that you have chosen… and to which the target market would say. more education. offer a detailed analysis of their strengths and weaknesses. everyone has to eat. you should include a comprehensive list of current and potential competitors and substitutes. potential for growth. someone else will likely want "in" on your profitable market. your promotional dollars will be wasted. sex. Markets are most easily segmented by demographics -. too. as well as geographic considerations. if you have competition. Clarify the needs and wants of your target market that your product or service addresses. If your restaurant is more upscale. focus on those two (2) competitors that you see as most important and indicate why. and potential for growth? Be as specific and detailed as is appropriate for your product or service to describe and explain why the target market is attractive to you as a marketer. Address any ethical considerations or possible risks. as our Kotler text will share. too. company type or by firm. “yes. etc. This list could be organized by industry. If you decided to open an Italian restaurant.
. indicate this. Please note that fact again! Marketing Plans are not an editorial essay and they are not written in the FIRST person. are that the Executive Summary should include a synopsis of the seven (7) sections that follow. the upper class seems impervious to the impact of economic downturns and I know the money is there. factual. It will be important that you clearly delineate why people in your target market would buy your product/services instead of the others offered in the same general category by your competition. your. home-baked cookies in the Atlanta area to the more demanding market that is willing to pay premier pricing for a premier cookie. Crispy Cookie Company. Your Executive Summary will be submitted as part of your FINAL Marketing Plan in Week SEVEN. Your Marketing Plan will be written in the THIRD Person. In addition. i. and includes key information from each of the other seven sections on which you are being evaluated.. A good rule of thumb: a short paragraph for each section.will likely respond to your entry into the market. discuss strengths and weaknesses of those substitutes compared to your offering. the upper class seems impervious to the impact of economic downturns. et cetera should not appear. my. image. Are there any substitutes for your service or product offering? Identify the primary substitutes. however. her. What will they likely do and how will you counteract their new ventures? Provide as much relevant information as you can find about your chief competitors: size. Be sure to address substitutes. Executive Summary Although your Executive Summary will not be submitted as part of your FIRST Draft. where it is located. they should not attempt to promote the product or service. Correct: The Crispy Cookie company will market delicious. Marketing plans are written in the THIRD person.). A Marketing Plan is crisp. Incorrect: My company. target markets. growth. let's focus on it for just a moment. If you don't have competition. target market. as outlined in the Marketing Plan evaluation criteria. In effect. and any other data you consider important. marketing strategy. how you plan to differentiate your product from the competition. our. home-baked cookies in the Atlanta area to the more demanding market that is willing to pay me premier pricing for a premier cookie. Some things to remember. Who will likely compete? How will they compete with you? What will be your response to their likely competitive effort? Discuss how your product/service compares (features and benefits. Your Executive Summary should clearly communicate what your company does. current market share. and other key items. financial stability. it is a mini-version of your Marketing Plan. etc. you. me. product quality. I chose this market because even in hard economic times.e. If there are no substitutes. Marketing Plans are not a "hype" for the reader. The market was chosen because even in hard economic times. and demonstrates critical thinking. his. you will! Any successful company spawns other companies that want "in" on the action. Additional thoughts… Remember that marketing exists to solve consumer/business problems with a SOLUTION. The words I. will market delicious. what you are bringing to market.
they should know what your company does and its business. That criterion lists eight (8) specific content areas. That's fine.. You can work with an existing market offering or a new idea you'd like to develop. Graduate-level writing. Define that market in detail and cover each of the marketing plan components thoroughly. as found in the DOC SHARING area. based on the MM522 Marketing PLAN Evaluation Criteria that is found in Doc Sharing. including grammar. You may choose to do your plan on a for-profit organization or its services.. Some in the class may be focusing on personal consulting -. punctuation. don't try to do the marketing plan for Nike.. Don't bite off more than you can chew. A good Mission Statement tells the world what business you are in.. Last but not least. please ensure that you select a topic on which you can retrieve adequate research . Marketing Plans not submitted on time in Week THREE risk forfeiture of their points.. but is very "doable. Completion of all three sections.. Your evaluation is based on the thoroughness of your DRAFT content.when submitted in Week SEVEN -. You can approach the marketing of SERVICES in the same focused manner.that has its own challenges... spelling... the various content areas will begin to make more sense.will likely run 15-20 pages. such as pricing and break-even analysis. /40 Points /10 Points Submitting your Marketing Plan Your FINAL Marketing Plan -. along with the values important to your company.. These concepts apply to not-for-profits. 20% of your submission's evaluation will be based on correct grammar. but be prepared to cover all of the graded components of the assignment. Evaluation of your Marketing Plan FIRST Draft Your Marketing Plan FIRST Draft is worth 50 points." Others want to establish a small business for themselves. As you journey through each MM522 week.g. When a person is done reading the Mission Statement. and spelling... In addition. with appropriate content (40 Points) 80%. In addition. as expected of a graduate level university student... punctuation. does your Executive Summary tell the reader WHAT it is that your Marketing Plan is designed to measurably accomplish in dollars sold or units and within what window of time? A Marketing Plan without a measurable goal cannot be measured for success. and syntax (10 Points) 20%.Don't forget to create a good Mission Statement… this is different than the company's mission. but on first glance may seem somewhat less clear. you are asked to use the format found in the MM522 Marketing Plan Evaluation Criteria. How to increase the likelihood of a successful marketing plan? Focus on a narrow target market niche instead of a general "mass marketing" approach.. Again... as long as it is not a "hobby" business or a day care center.. e... the first of which is the Executive Summary and the last is the Promotion Budget. too... Please ensure your completeness of each section's content in accordance with the content criteria for each section.
syntax.child day care centers or services similar to this that -.Writing Tips for Success. please contact me by phone or email. This allows me to ensure that you are not biting off more than you can chew… and also allows me to offer you any initial suggestions to help you get off to a good start. This is important. and poor punctuation. FINALLY: Your writing should reflect a GRADUATE level of effective communication." You'll find it helpful! Marketing Plans should be submitted double-spaced.data. they cannot grow and are simply "maintained. Please do not submit papers that have not been proofread for typographic errors. If you have any questions. This should be done during Week ONE. 12 Point Times New Roman. your OWN Marketing Plan. An ideal situation: Bring your OWN product or service to market." Think "bigger" and demonstrate your ability to perform at the graduate level and to apply a marketing mix via a well-planned. Send me email and I will respond." You are in a graduate-level course and are here to master the creation of a graduate-level marketing plan at a "corporate level. I'm looking forward to receiving your Marketing Plan FIRST Draft in Week THREE! .once they reach their physical capacity. Thinking about starting your own business? What a great way to get professional input on that which you create. please go to the DOC Sharing area and download the "MM522 . You are asked to provide your instructor a description of your product or service that you want to bring to market.. spelling. If writing is not your strong point. especially those who wish to look at creating their own marketing plan to do personal consulting.. with 1" left and right margins. executable battle plan that maximizes your likelihood of success in the market. The only topic that I will not accept as a marketing plan topic -.
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