Part I: Product/service, the Industry, and the Competition
Over the next several weeks you will be developing a marketing plan for your product/service. This will be Part 1 of that plan and will look at the product/service, the industry and the competition.
· Mission your company and/or product/service mission.
· Product Value Proposition describe the core value of your product/service; typically, this is your competitive advantage.
· Product Description a formal description of what your product/service does.
· Marketing plan objectives what are the SMART goals for this plan, including financial objectives and/or market share goals.
· Market Summary
· Market Analysis
· SWOT a table describing each, in detail.
· PEST – a table describing each, in detail.
· Competitive Analysis – a table describing each, in detail. This should be real competitors and/or technologies that compete even if they arent the same product as yours. For example, an indirect, but important competitor for Apple Watch is the status quo of using a traditional Smart Phone.
Part III: Marketing and Selling Strategies, Financials and Controls
This is part three of your marketing plan and there are two parts:
Part A: Marketing and Selling Strategy
· Marketing Strategy:
· Marketing Objectives these are the objectives from the beginning of the plan, restate and follow it up with the rest of this section will be writing about in Marketing Mix.
· Target Markets reiterate from above.
· Positioning how does your product sit within the market landscape? A diagram like the one in your MKTG11 book is appropriate here.
· Marketing Mix all the marketing tools you will be using to launch and commercialize your product. Ads, PR, social media, commercials, etc.
· Sales Cycle (add specifics and mock-ups for each marketing element make sure you have estimated the cost of these items, based on credible sources, to use in your financial objectives section in upcoming modules):
· Describe your type of sale relationship for your product/service.
· Describe the sales strategy
· Outline the steps in the sales process (aligned to buyer behavior)
· Identify sales metrics and intended targets
· Outline customer empowerment and loyalty strategies for your product/service.
Part B: Financials and Controls
This portion of the marketing plan should consist of a table (conversely you can use an Excel file as an Appendix or embed an Excel file into this section), as well as a narrative describing the outcome. Be sure to specify your pricing strategy with its justification. This is a very theoretical part of your plan but do your research and be sure you are estimating costs based on realistic information; please list your sources for your estimates. Your written narrative should be three to five pages, double-spaced. Please use proper APA format and citations, as applicable.
Please review Marketing Plan Overview & Instructions as necessary to see the marketing plan in its entirety. For this section, include the following:
· Price: Document your pricing strategy and justify it; then tell us how much it will cost.
· Break-Even (B/E) Analysis: How many do you need to sell to break even?
· Sales Forecast: This is typically a spreadsheet that show the price of your product and sales, over time. This must be a feasible forecast based on market data.
· Expenses Forecast: This is typically a spreadsheet and must be based on actual cost estimates of the marketing mix you proposed in your last section. Document your sources for cost information. Be sure your Sales Forecast can support your Expense Forecast.
· Marketing Expense Budget
· Contribution Margin: (sales marketing = contribution margin)
· Implementation: When and how will this plan be implemented? Who is involved and who will manage it?
· Milestones: When will this plan be evaluated, how, and by whom? What are the key metrics you are looking for during those check-ins?
· Marketing Organization: Who are the people who work in your department and what are they responsible for in this plan?
· Contingency Planning: What happens if this plan doesnt seem to be working out? What do you do?
Part II: Targets and Forecasting
This is part two of your marketing plan, this part will focus on the target market, market trends as well as how you will position your product for the market.
· Target Markets detailed description of your target market(s)
· Market Demographics age, gender, etc. This must be specific and backed by credible data sources. It must size the market, numerically.
· Buying Cycle who is your buyer and how do they buy?
· Market Analysis
· Market Needs what does the market your target need and how does your product meet this need?
· Market Trends what trends are influencing your product?
· Market Forecast
· Market Growth what is the upside of your product opportunity? Numeric estimates, backed by credible sources.
· Knowing your competitors and your target, create a value proposition for your product? Specify benefits as well as features. Some of you may be able to include a perceptual map to show where you are positioning yourself.
· Key product/service branding statement and critical attributes (what will it do?)
· Where are you in the product lifecycle progression? Where do you anticipate being in 2-3 years.
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