Presentation on theme: "FFA Marketing Plan Workshop. Who are we? Overview of Competition State Convention competition ONLY 3 FFA participants per team Team Scored Event – professional."— Presentation transcript:
FFA Marketing Plan Workshop
Who are we?
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
-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 Ps. Marketing & Promotional Tactics -Financials -Monitoring & Measuring -Evaluating business performance thru metrics Overview of Marketing Plan
MyMato: Dwarf cherry tomato plant that can be grown inside, all year round. It can produce hundreds of tomatoes from one plant.
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…. 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? Whats my market potential?
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
Market Trends What is going on in the market that would constitute a need for this product? QUANTIFY your trends Explain RELEVANCE
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
Market: Who is it?? Target Customer Target Market 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?
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
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.
MyMato: Target Market – who would you target?
MyMato Customer Profile – who is the customer?
Competitor Analysis SWOT
Competitor Analysis To start: Identify your products benefits to the customer What is YOUR competitive advantage Research similar/competing products in the market Product Price % Market Share Strengths Weaknesses
SWOT Analysis Strengths- things the company/product does well Weaknesses- things the company/product doesnt 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 StrengthsWeaknesses OpportunitiesThreats Internal External
Key Planning Assumptions Marketing Goals Business Strategy Statement
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 Examples from MyMato: 1.Northern Naturals holds exclusive rights to the patented indoor dwarf cherry tomato plant, MyMato 2.The demand for nutritious, convenient, locally grown produce will continue to grow. 3.Northern Naturals will have access to an adequate supply of seed and production greenhouse space to satisfy the forecasted demand.
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
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.
Action Plan The plan to: 1. Make your customers aware of your product/service 2. Get your customers to buy your product/service
The 4 Ps 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
MyMato 4 Ps
Promotion Mass 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
Example Promotional Tools Print Media Social Media Public Relations Trade Shows/Educational Seminars Internet Marketing Sales Force Product Launch
MyMato Promotions – Year 1
MyMato Promotions – Year 2
MyMato Promotions – Year 3
Why Financials are Important Shows economical feasibility Shows validity of marketing expenses Can we move forward? Cash Flow, Gross Margin, Profit
Monitoring and Measuring Contingency Plan Goals What happens if you exceed your goals? What happens if you dont meet your goals?
Questions? For more information & resources: FFA Resources