Presentation on theme: "What is a Marketing Plan?"— Presentation transcript:
1What is a Marketing Plan? A marketing plan is a road map that provides direction for your marketing strategy – What to do and why you are doing itA marketing plan is the practical application of your marketing strategyA marketing plan details what you want to accomplish and helps you meet your objectivesA marketing plan can be part of a larger business plan but can also be used as a stand alone piece without a larger business plan
2What is a Marketing Plan? Tracks costs and measures valueHelps with focusCharts marketing strategiesServes as a handbookCaptures your thinking on paperReflects a the big pictureBecomes a document to build on
3Do I Need a Marketing Plan? If you build it, they wont necessarily comeYour opinion or the opinion of a friend or family member is not a strong enough basis to launch a business/projectWould you go on a trip to a destination without knowing how to get there?Marketing plans are crucial for obtaining investment!
4Where Do I Start? Evaluate where you are now. What is your product/service/project?How are you positioned in the market?How do your customers see you?What is you vision?Do you have a mission statement?Strengths, Weaknesses, Opportunities, Threats (SWOT)
5The Plan: Getting Started ResearchWho are your customers?Where are your markets?Who are your competitors?What type of marketing activities are your competitors engaged in?Current trendsHow will you pay for marketing?Current situation – what do you do now? What works? What does not work?
6Marketing Plan Template There are many different ways to write a marketing plan1000’s of templates available onlineFree document templates and paid business planning “wizard” softwareThere is no right or wrong way to write a marketing plan but there are some best practices to keep in mind
7#1 The Business About your business Who are you? History of your businessProduct/Services/ProjectsBrand manifesto ( a public declaration of principles and intentions)Core intentions of you business
8#2 VisionWhere do you see your business in 3, 5, 10 years down the road?Articulate your dreams and hopes in the futureYour vision is your inspiration and framework for your marketing planYour vision does not detail how you are going to get where you are going but it sets the direction you are going in.
9#3 Mission Statement Why does your business exist? Mission statements are as varies as the businesses they describeWhat they all have in common, however, is a broad description of business capabilities, customer focus, activities and make –upMission statement is your present state and a vision statement is your futureEvery business should have a mission statement and is a crucial component of your marketing planIt ensures everyone is “on the same page”
10#4 Year in Review Sales history Marketing initiatives Marketing conversionsMarketing conversion overviewIt is important to collect data for future planning.Your marketing plan is a living and breathing document
11#5 SWOT AnalysisThe SWOT is a powerful tool used to understand you marketing strengths and weaknessesIt also assists in identifying opportunities and threats that you may faceUncover opportunities that you are well placed to take advantage ofUnderstanding weaknesses helps manage and eliminate threats that would otherwise catch you off guardApply the SWOT to you and your competitorsFacilitates a marketing strategy that will distinguish you from your competitorsHelp identify promising new customers
12A) Strengths - internal What advantages to you have?What do you offer better than others?What unique or low cost resources do you have access to?What do customers and competitors perceive as your strengths?
13B) Weaknesses - internal What can you improve?What marketing and business practices should you avoid?What do customers and competitors perceive as your weaknesses?
14C) Opportunities - external What positive opportunities are you facing now?What are the interesting trends that you can take advantage of?
15D) Threats - external What obstacles do you face? What is your competition doing?Are the specifications to your sector in regard to how you market your product and services changing?Can you weaknesses seriously threaten your business?
16#6 SWOT Analysis Overview Recap and examination of the internal strengths and weaknesses and external opportunities and threats determine the appropriate course of actionAction may include:Communications standards policyProduct diversificationMarketing strategy that captures a particular target market
17#7 Measurable Objectives Increase sales over year priorExpansion of target marketPricing incentives (discounts, bundles)Introduce new product offeringCreate new collateralConcentration on existing customersRe-brandYour marketing objectives should be based on understanding your strengths and weaknesses, and the business environment in which you operate in. They should also be linked to your overall business strategy.For example, suppose your business objectives include increasing visitation by 10 percent over the next year. Your marketing objectives might include targeting a promising or emerging new market segment to help achieve this growth.As with any strategic initiative a marketing plan should start with objectives. Your marketing objectives will guide your entire marketing initiative and be used for evaluation. Without objectives you may get off-track and will not know when you have reached your ultimate goal.Your objectives often focus on your specific target market(s). Objectives must:• Be measurable in quantitative terms, such as number of visitors, sales volume, and so forth. By having quantitativeobjectives, you will have a clear target to strive toward and will know when the objective has been achieved.• Be framed within a specific time period.• Be outcome based. In other words, what is the end result you are looking for?
18#8 Market and Brand Position Transform your passion into a positionBe a big fish in a small pondPerceptual location of where your product/service/project fits in the marketplaceIdentify your greatest strength and use it to position and define your product/service/projectEffective positioning puts you front of mind to potential customersKey elements to positioning: price, value, quality, service, distribution, packaging
19#9 Market ShareWhat is the size is the market for you product/service/project offering?Identify your current market share over a specified time periodDefine the potential market share your plan aspires to over a specified time periodTo calculate your market share: your sales divided by total sales of your industry over a specified time periodThis metric is an indication of your relative competitiveness
20#10 Target MarketGroup of customers you are directing your marketing efforts towardA well defined target market is critical in your marketing strategyKey segmentation of target marketsGeographicDemographicPsychographic (lifestyles)Behavioural (occasions, loyalty)Primary and secondary target markets
21#11 Marketing Objectives and Strategies Creating experiential events and brand leveraging programsGreat special events and activities engage the consumer creating an emotional connection with a brand. Oceanview Garden Centre and Landscaping will produce special events that are integrated into the marketing plan which will create long lasting memories with the target market.Oceanview Garden Centre and Landscaping will engage the consumer by placing gardening lifestyle experiences face-to-face with the target market in a manner which reinforces the Oceanview brand experience.StrategiesConnect art and culture to the Oceanview brand – Artists by NatureShow local art in retail areasLive acoustic performances by local singer/song writersOn-site treasure hunts for childrenPainting contests inspired by natureEducational field trips for schoolsMoonlight garden partiesSaturday BBQ’sHalloween pumpkin carving
22#12 The Marketing Mix The 4 P’s of Marketing Product – detailed description of your product/service/projectPromotion – tactics of your marketing plan. Getting your product/service/project known. The nuts and bolts of the marketing planPrice – How much does it cost?Placement – distribution and location
23#13 Critical Path/Project Management Schedule and manage your marketing planIdentify key tasks and when they must be executedIdentify interdependenciesMany tools available to employ tasks and schedule activitiesOutlook, Excel spread sheets, word docs, Marcato, Base Camp
24#14 BudgetAll marketing plans will be subject to your marketing budgetAlthough this will be the last page of your plan it is the first thing you should considerSWOT analysis should serve as a useful tool in determining what you can afford and what low cost opportunities are available to you