Date post: | 03-Jan-2016 |
Category: |
Documents |
Upload: | silvia-johnson |
View: | 213 times |
Download: | 0 times |
Why do you need to write a marketing plan? Provides a basis to compare expected
and actual performance
What is a Marketing Plan?
A marketing plan is the central instrument for directing and coordinating the marketing effort.
It operates at a strategic and tactical level.
Levels of a Marketing Plan
Strategic– Target marketing
decisions– Value proposition– Analysis of
marketing opportunities
Tactical– Product features– Promotion– Merchandising– Pricing– Sales channels– Service
Three V’s Approach to Marketing
Define the value segmentDefine the value segment
Define the value propositionDefine the value proposition
Define the value networkDefine the value network
Situational AnalysisProvides reader with
analysis of the environment in which the organization must operate
“The only constant is change”
–Must evaluate factors that will influence your business
Market Summary
Geographic segmentation– Region of country, County
size, City size Demographic segmentation
– Age, Gender, Marital Status, Education, Income, Life style, Occupation
Consumer/Demand trends– What’s hot, what’s not– New product or new and improved
product?
Market Summary
Technological Trends– How does technology affect your services?– What new amenities will you provide?
Economic Trends– Every industry is vulnerable to changes in
economy– Customer discretionary
income is used to purchase products
Market Summary
Competition Analysis
– Buy your competitors’ products
– Frequent your competitors’ territory
– Read industry publications
– Don’t forget to focus on your own business
Who are your Competitors?
First level – Specific brands which are direct competitors to your product
or service, in your geographic locality
Second level – Competitors who offer similar products in a different
business category or who are more geographically remote
Third level– Competitors who compete for the “same-occasion” dollars
Toots– 1st Other sports bars– 2nd Other sit down restaurants– 3rd Fast food or convenience stores
Competition AnalysisColorado Bearcats 1st level competitors: Other professional sports teams
– Denver Broncos– Denver Nuggets– Colorado Avalanche
2nd level competitors: Collegiate sports and geographically remote professional teams– Kansas City Chiefs– University of Colorado athletics– Air Force Academy athletics– Colorado Springs Sky Sox
3rd level competitors: Other businesses competing for money– Rocky Mountain Motorcycle Museum– Pro Rodeo Hall of Fame– World Figure Skating Hall of Fame