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What is a Marketing Plan?

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Presentation on theme: "What is a Marketing Plan?"— Presentation transcript:

1 What 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 it A marketing plan is the practical application of your marketing strategy A marketing plan details what you want to accomplish and helps you meet your objectives A 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

2 What is a Marketing Plan?
Tracks costs and measures value Helps with focus Charts marketing strategies Serves as a handbook Captures your thinking on paper Reflects a the big picture Becomes a document to build on

3 Do I Need a Marketing Plan?
If you build it, they wont necessarily come Your opinion or the opinion of a friend or family member is not a strong enough basis to launch a business/project Would you go on a trip to a destination without knowing how to get there? Marketing plans are crucial for obtaining investment!

4 Where 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)

5 The Plan: Getting Started
Research Who are your customers? Where are your markets? Who are your competitors? What type of marketing activities are your competitors engaged in? Current trends How will you pay for marketing? Current situation – what do you do now? What works? What does not work?

6 Marketing Plan Template
There are many different ways to write a marketing plan 1000’s of templates available online Free document templates and paid business planning “wizard” software There 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 business Product/Services/Projects Brand manifesto ( a public declaration of principles and intentions) Core intentions of you business

8 #2 Vision Where do you see your business in 3, 5, 10 years down the road? Articulate your dreams and hopes in the future Your vision is your inspiration and framework for your marketing plan Your 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 describe What they all have in common, however, is a broad description of business capabilities, customer focus, activities and make –up Mission statement is your present state and a vision statement is your future Every business should have a mission statement and is a crucial component of your marketing plan It ensures everyone is “on the same page”

10 #4 Year in Review Sales history Marketing initiatives
Marketing conversions Marketing conversion overview It is important to collect data for future planning. Your marketing plan is a living and breathing document

11 #5 SWOT Analysis The SWOT is a powerful tool used to understand you marketing strengths and weaknesses It also assists in identifying opportunities and threats that you may face Uncover opportunities that you are well placed to take advantage of Understanding weaknesses helps manage and eliminate threats that would otherwise catch you off guard Apply the SWOT to you and your competitors Facilitates a marketing strategy that will distinguish you from your competitors Help identify promising new customers

12 A) 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?

13 B) Weaknesses - internal
What can you improve? What marketing and business practices should you avoid? What do customers and competitors perceive as your weaknesses?

14 C) Opportunities - external
What positive opportunities are you facing now? What are the interesting trends that you can take advantage of?

15 D) 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 action Action may include: Communications standards policy Product diversification Marketing strategy that captures a particular target market

17 #7 Measurable Objectives
Increase sales over year prior Expansion of target market Pricing incentives (discounts, bundles) Introduce new product offering Create new collateral Concentration on existing customers Re-brand Your 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 quantitative objectives, 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 position Be a big fish in a small pond Perceptual location of where your product/service/project fits in the marketplace Identify your greatest strength and use it to position and define your product/service/project Effective positioning puts you front of mind to potential customers Key elements to positioning: price, value, quality, service, distribution, packaging

19 #9 Market Share What is the size is the market for you product/service/project offering? Identify your current market share over a specified time period Define the potential market share your plan aspires to over a specified time period To calculate your market share: your sales divided by total sales of your industry over a specified time period This metric is an indication of your relative competitiveness

20 #10 Target Market Group of customers you are directing your marketing efforts toward A well defined target market is critical in your marketing strategy Key segmentation of target markets Geographic Demographic Psychographic (lifestyles) Behavioural (occasions, loyalty) Primary and secondary target markets

21 #11 Marketing Objectives and Strategies
Creating experiential events and brand leveraging programs Great 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. Strategies Connect art and culture to the Oceanview brand – Artists by Nature Show local art in retail areas Live acoustic performances by local singer/song writers On-site treasure hunts for children Painting contests inspired by nature Educational field trips for schools Moonlight garden parties Saturday BBQ’s Halloween pumpkin carving

22 #12 The Marketing Mix The 4 P’s of Marketing
Product – detailed description of your product/service/project Promotion – tactics of your marketing plan. Getting your product/service/project known. The nuts and bolts of the marketing plan Price – How much does it cost? Placement – distribution and location

23 #13 Critical Path/Project Management
Schedule and manage your marketing plan Identify key tasks and when they must be executed Identify interdependencies Many tools available to employ tasks and schedule activities Outlook, Excel spread sheets, word docs, Marcato, Base Camp

24 #14 Budget All marketing plans will be subject to your marketing budget Although this will be the last page of your plan it is the first thing you should consider SWOT analysis should serve as a useful tool in determining what you can afford and what low cost opportunities are available to you

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