GB 530 Unit 5 Assignment Developing a Marketing Plan Updated
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GB 530 Unit 5 Assignment Developing a Marketing Plan Updated
A Template for
Analysis and Strategy
This template is designed for the analysis and planning phases of marketing strategy development. You mustresearch and understand the product and/or organization before using this document. By working through the first half of the template, you will develop a comprehensive customer, competitor, organizational and environmental analysis. This sets the stage for an effective strategy planning discussion. Remember: Strategy is often inaccurate until the analysis phase is satisfactorily completed. The rest of the document is designed for the actual strategy development phase of marketing planning and should be used only after the analysis is complete. By working through these pages you will develop a comprehensive plan for a successful business and marketing strategy.
I. Executive Summary
II. Action Plan
III. External Forces
IV. Internal Factors and SWOT Analysis
V. Marketing Goals and Objectives
VI. Marketing Strategy and Objectives
VII. Financial Projections
I. EXECUTIVE SUMMARY.
II. ACTION PLAN
1. What is it, precisely, that you hope to accomplish. (who, what, where, when, why and how)
2. History of your idea.
3. Your qualifications and those of your partner(s), if any.
4. Why should investors trust you?
5. What is your timeline.
III. EXTERNAL FORCES
Answer these five questions first:
1. Economic Growth and Stability â€“ How do economic factors affect this market, product and our customers? Consider factors that are relevant (recession, prosperity, employment level, interest rates, inflation rate, median family income, stock market performance, etcâ€¦)
2. Political Trends and Legal and Regulatory Factors â€“ What governmental issues affect our product, industry, and customers? Are there elections, legislative proposals, or legal issues that will affect our strategies? How?
3. Technology Issues – What are the technology trends that are affecting this industry and product? How has technology affected our customers, competitors and operations?
4. Cultural Trends – What general attitudes, beliefs, and values are affecting this industry and product? How does our product and industry fit with cultural issues of concern to our customers and non-customers?
5. Corporate Citizenship Expectations â€“ How do norms and obligations expected in the business context and relationships affect our industry, customers, and products? Consider employee and consumer rights, environmental issues, and community concerns.
Then analyze competitors and customers, as follows.
COMPETITOR ANALYSIS (who are your primary competitors?)
A. Four Levels of Competition
1. Brand Competition (involves products of the same type; very similar attributes)
2. Product Competition (relates to products in same general category)
3. Generic Competition (fulfills same general need/want)
4. Total Budget Competition (competes for same consumer dollar)
Similarities to your product
Differences from your product
Competitive edge over your product
Deficiencies relative to your product
Positioning of the competitor
CUSTOMER ANALYSIS (who is going to buy what youâ€™re selling?)
1. Who are they? (demographics, socioeconomics, geographic location, buyers vs. users, current and potential customers)
2. What will they do with your product or service? (product benefits, product uses, complementary products, heavy vs. light users)
3. Where will they buy? (physical location, type of store, type of distribution channel)
4. When will they buy? (seasonality, emergency situation, family life cycle, process, budget cycle, effect of promotional strategy)
5. Why and how will they buy? (motivations, attitudes, psychographics, customer value, payment methods, problem solving methods, individual or group decision-making)
6. Why will your potential customers not buy? (not aware, donâ€™t like, wrong marketing mix, etcâ€¦)
7. Will they buy again? Tell me why.
IV. INTERNAL FACTORS AND SWOT ANALYSIS
Capabilities Analysis (what are your own capabilities in the following categories?)
1. To Conceive and Design
2. To Actually Produce
3. To Market
4. To Manage
5. To Finance
6. What is Your Will and Intensity to Succeed?
SWOT ANALYSIS (of yourself)
V. MARKETING GOALS AND OBJECTIVES
(Goals and objectives are defined by customer needs and organizational needs and thus, result from a thorough analysis. Goals are broad, inspirational statements. Objectives focus on results and are stated with a time frame in mind. Both should be achievable, use resources wisely, but also stretch the organization and its people to a higher level.)
What are your goals? (product and service quality, brand image, customer attitudes and opinions, social performance etc.) Usually stated inqualitative terms.
What are your objectives? (market share, # of customers, # of units delivered/sold, # of prospects reached, # of prospects converted to customers, profits, other measures) Usually stated in quantitative terms.
VI. MARKETING STRATEGY AND OBJECTIVES
1. Target Market Segment/Customer Group for this Strategy
1. Benefits Sought by this Target Market Segment/Customer Group
1. Basic Theme and Focus of the Marketing Strategy
1. Specific Elements of the Marketing Strategy (Marketing Mix)
a. Recommendations for Product(s) (how does product help reach marketing objectives?)
b. Recommendations on Tangible and Intangible Elements of Product
c. Brand, Packaging, Warranty/Guarantee, Returns/Allowance Elements
a. Actual Value and Pricing Policy (how does price help reach marketing objectives?)
b. Environmental influences on pricing policy (what affects this price?)
c. Competitor actions/reactions to pricing policy
Placement and Distribution Strategy
a. Distribution Outlets/Retailer Activities (how does this help reach marketing objectives?)
Promotion and Integrated Marketing Communications Strategy
a. Theme of campaign(s) (To communicate what? How does it support the marketing strategy and help reach marketing objectives?)
b. Personal Selling Activities (person to person activities that support marketing strategy)
c. Advertising Activities (paid-for mass communications that support marketing strategy)
d. Sales Promotion Activities (customer and employee incentives that support marketing strategy)
e. Public Relations/Publicity Activities (non-paid mass communications that support marketing strategy)
f. Packaging Activities (if applicable)