1. Executive Summary
The executive summary is a synopsis of the overall marketing plan. On a single side of a sheet of paper, outline the major issues and recommendations covered in your plan. Generally, one or perhaps two elements are vital to the success of a proposal. Make sure these points come through loud and clear in the summary. If you can get these major issues down on one page, you’re usually well on your way to developing an effective marketing plan. The executive summary is easier to write if you do it last
2. Situation Analysis
Research all the facts and information listed below. Then cut away the unimportant information and get down to the real basics of the plan. In terms of content the following points should be covered or at least considered:
a) Relevant history of the product/brand: Organisational mission, what business are they in, what are some key objectives?
b) Marketing Environment: Identify and describe major changes occurring in the organization’s micro- and macro-environments and how these are affecting its performance, operations, customers, etc. What opportunities or threats are exposed? Discuss only those environments that are relevant to your product/brand.
c) Product Evaluation:
· Describe the product/brand in terms of core, actual and augmented product.
· Is it an industrial or consumer good? Is it a convenience good, shopping good, specialty, unsought?
· Where is the product in its lifecycle?
· Comment on branding, the perception of the brand, the extent to which line extensions have been used etc Comment on brand equity/how well known the brand is.
· Comment of packaging/labelling
· How does the product compare to competition in terms of features, ingredients, uses, consumer acceptance, etc.? What has been added or improved in the last few years, deleted or dropped, new uses, new markets, etc.?
Is distribution widespread? Is the product available? How do retailers feel about the product? Do they want to stock and sell it? Is distribution adequate?
What about service, if provided with the product?
What problems do consumers have with the product, if any? Are they correctable?
How has the product performed in the past? What is the its current sales volume, market share, profitability, etc.? (Use estimates if actual figures are unavailable).
What are the product’s overall strengths and weaknesses?
Is there anything in the product or features that is unique or different from competitors?
d) Consumer Evaluation:
· Customer profile: Describe customers in terms of demographic, geographic, psychographic and behavioural characteristics. Combine your results to develop several potential consumer segment profiles eg males, aged 21-30, who are experiencers that have high product consumption.
· Analysis of present customer’s behaviour in terms of:
- Type of purchase decision
- Information on consumption such as social influences, where used, how used, frequency of use, average amount used, etc.
- Attitudes about products such as product quality, price, packaging, styling, brand’s reputation, etc
- What problems does the product solve for the consumer? Is the consumer aware of these benefits?
- How loyal are present customers? Does brand-switching occur? If so, among this brand or others?
- Who are the best prospects for the brand? Where are they located? Can they be influenced?
· In short, include any and all relevant information about the present customers, and prospects that you have identified for the product or brand.
e) Competitor Analysis:
· Direct and indirect competition
· What are the strengths and weaknesses of the direct competitors- think in terms of product, price, promotion and distribution?
· Who are likely to be the major competitors in the future- what replacement products may threaten the future of the product?
3. Marketing Objectives
State the marketing objectives that the company would like to attain during the plan’s term. Marketing objectives should be specific, measurable, with a time frame for completing the objective and consistent with the firm’s goals and mission. These are outcomes required from the marketing plan.
4. Marketing Strategy
Outlines the broad marketing logic by which the business unit hopes to achieve its marketing objectives. It includes the following elements:
a) Select Target Market(s): Describe general characteristics and needs of the target market(s). Why does this target market(s) have the greatest potential? Here is where you outline in general terms the demographic and psychographics of the target market, identify whether they are present users, users of competitive products or non-users in the product category. You will also want to support your recommendations for selecting this particular segment of the population here.
b) Develop Marketing Mix to meet needs of each target market selected: Outline specific strategies/recommendations for each marketing mix element. Keep in mind that your recommendations should relate to the marketing objectives and be designed to achieve those objectives. ** Don’t forget that this section is worth 50% of all the project marks!!
· Product strategies – what are your recommendation concerning packaging, branding, labelling, extensions, product line length, width, depth and provision of augmented aspects?
· Pricing strategies – what will influence your pricing changes in the future, what price adjustments may be beneficial, what type of product mix pricing strategies could boost profits?
· Distribution strategies – how intense is it currently, where do you want to be? Is it direct, or indirect, or dual – and how can this be adapted to penetrate markets in the future?
· Promotion strategies – where should promotional expenditure be concentrated? PR, Advertising, Sales Promotion, Personal Selling, Direct communications? Why?
· Also, detail how strategies will be turned into specific action programs: what will be done (activity), when will it be done (target completion date) and who is responsible (responsibility)?
5. Evaluation, Monitoring and Control
APPENDIX 4: MARKETING 100 Written Project Assessment Guidelines
Mark Awarded Total Executive Summary
5%
/2.5
Situation Analysis
History
2%
Marketing Environment
8%
Product Evaluation
10%
Consumer Evaluation
10%
Competitor Analysis
5%
/35
Marketing Objectives
5%
/5
Marketing Strategies
Target Market(s)
10%
Product Strategies
10%
Pricing Strategies
10%
Distribution Strategies
10%
Promotion Strategies
10%
/50
Evaluation, Monitoring and Control
5%
/2.5
Format, Written Expression & Referencing
5%
/5
TOTAL MARK
/100
Additional Comments:
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Credit:ivythesis.typepad.com
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