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FFA Marketing Plan Workshop

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Presentation on theme: "FFA Marketing Plan Workshop"— Presentation transcript:

1 FFA Marketing Plan Workshop
Alicia FFA Marketing Plan Workshop

2 Who are we? Alicia

3 Overview of Competition
State Convention competition ONLY 3 FFA participants per team Team Scored Event – professional marketing judges Written Plan: Must select a local product/service Three-year plan Should not exceed 8 single-sided, 8.5” x 11” pages Presentation: Prelim Round – 5 minute presentation Semifinal Round – 10 minute presentation Final Round – 12 minute presentation Alicia

4 Overview of Marketing Plan
Market Analysis Industry Trends, Market Potential, Target Market, Customer Profile Competitive Analysis Identify Competitors, SWOT Analysis Business Proposition Strategy Statement, Key Planning Assumptions, Marketing Objectives Action Plan 4 P’s. Marketing & Promotional Tactics Financials Monitoring & Measuring Evaluating business performance thru metrics Alicia

5 MyMato: Dwarf cherry tomato plant that can be grown inside, all year round. It can produce hundreds of tomatoes from one plant. Alicia

6 Market Analysis Section
Market Trends & Potentials Market Potential Target Market Customer Profile Ellie

7 What is Market Research? Why is it important?

8 Answers questions like….
Market Research Study of market conditions and trends to determine whether a product has potential and the proper market for the product. Answers questions like…. Ellie Who should I market to? What competition is in the market? Industry trends that would influence my business/product success? How much should I charge? Where should I market the product? When should I launch the product? How should I communicate to my customers? What’s my market potential?

9 Market Research Two forms of Market Research:
Primary You collect the research Secondary Someone else collected the information first What are some forms of each?? Primary: focus groups, interviews, observations, surveys, etc Secondary: USDA, journals, periodicals, research papers, web Ellie

10 Market Trends What is going on in the market that would constitute a need for this product? QUANTIFY your trends Explain RELEVANCE Ellie

11 MyMato: - What is happening (trending) in the fresh produce industry today?
Consumption of fresh market tomatoes has increased Healthier eating (vegetable intense diets) Preferring sweeter tasting tomatoes Food origin is a growing concern for consumers Ellie

12 Market: Who is it?? Target Customer Target Market Market Potential

13 Market Potential Determines how big the market is in terms of:
Dollar value Customer numbers Stage of development the market is currently in- Immature? Mature? Ellie

14 Target Market WHO are you targeting? Segment or narrow your market
Geographic, Demographic, Psychographic, Behavioral Are there any secondary targets? Perhaps key influencers Leads into Customer Profile Ellie

15 Customer Profile Who are they? Age Education Priorities/Values
Where do they get their product information? Often helps to give your target customer an identity. Ellie

16 MyMato: Target Market – who would you target? Ellie

17 MyMato Customer Profile – who is the customer? Ellie

18 Competitor Analysis Competitor Analysis SWOT Alicia

19 Competitor Analysis To start:
Identify your product’s benefits to the customer What is YOUR competitive advantage Research similar/competing products in the market Product Price % Market Share Strengths Weaknesses Alicia

20 MyMato: Alicia

21 SWOT Analysis Strengths- things the company/product does well
Weaknesses- things the company/product doesn’t do well Opportunities- conditions in the external environment that favor strengths Threats- conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses Alicia Strengths Weaknesses Opportunities Threats Internal External

22 MyMato: Alicia

23 Business Proposition Section
Key Planning Assumptions Marketing Goals Business Strategy Statement Alicia

24 Key Planning Assumptions
4-6 Business Assumptions about the marketplace and customers Information should be taken from the research conducted in the Market Analysis section Alicia Examples from MyMato: Northern Naturals holds exclusive rights to the patented indoor dwarf cherry tomato plant, MyMato The demand for nutritious, convenient, locally grown produce will continue to grow. Northern Naturals will have access to an adequate supply of seed and production greenhouse space to satisfy the forecasted demand.

25 Marketing Goals/Objectives
3-5 Business Metrics/Objectives should be set Sales (Units, $), Customers, Satisfaction, Profit Margin Need to be reasonable (within reach) and measurable Examples from MyMato: By Year 3: Gross sales of $14 million 65% brand awareness among our target market Capture 5% of the market in selected grocery stores in targeted area Alicia

26 Strategy Statement 1-Sentence Statement, says: Who we are What we do
Who we do it for Example from MyMato: “MyMato will reward consumers with a desirable sweeter tasting cherry tomato, grown on nothing more than a sunny window-sill, while keeping health and convenience a top priority. My Life, My Health, MyMato.” Alicia

27 Action Plan The plan to:
Make your customers aware of your product/service Get your customers to buy your product/service Darrin / Andy

28 The 4 P’s of Marketing (Marketing Mix)
Product Positioning Physical features or intangible aspects of the product Price Pricing Strategy, Sell Low/Premium Priced? Place Where?, Distribution Channels Promotion Action Plan: Marketing & Promotional Tactics, Sales Promotion Darrin / Andy

29 MyMato 4 P’s Darrin / Andy

30 Promotion Mass Selling Sales Promotion Personal Selling
Advertising- what you pay for Publicity (PR)- free Sales Promotion What you do in-store to get the customer to try it Contests, coupons, free samples Personal Selling Direct contact with potential customer Darrin / Andy

31 Example Promotional Tools
Print Media Social Media Public Relations Trade Shows/Educational Seminars Internet Marketing Sales Force Product Launch Darrin / Andy

32 MyMato Promotions – Year 1
Darrin / Andy

33 MyMato Promotions – Year 2
Darrin / Andy

34 MyMato Promotions – Year 3
Darrin / Andy

35 Financials Andy / Darrin

36 Why Financials are Important
Shows economical feasibility Shows validity of marketing expenses Can we move forward? Cash Flow, Gross Margin, Profit Andy / Darrin

37 Andy / Darrin

38 Monitoring and Measuring
Contingency Plan Goals What happens if you exceed your goals? What happens if you don’t meet your goals? Alicia

39 For more information & resources:
Alicia Questions? For more information & resources: “FFA Resources”

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