The Marketing Plan
Strategic Planning
The Marketing Plan
1.
2.
3.
4.
5.
Mission Statement
Situation Analysis
Objectives
Target Market and Positioning
Marketing Strategy
a)
b)
c)
d)
Product
Price
Place
Promotion
6. Timetable for Implementation
7. Evaluate Performance
Step 1: Mission Statement
• Answers the following:
– What type of business are we?
– What business are we in?
– What do we need to do to accomplish our goals
• Not too broad, not too narrow
• Focuses on markets rather than on offering
Step 1: Mission Statement Examples
• DunkinDonuts: to lead and build great brands
• Starbucks: aims to inspire and nurture the
human spirit – one person, one cup and one
neighborhood at a time
Step 2: Situation Analysis
2a. SWOT Analysis
+ Strengths
- Weaknesses
+ Opportunities
- Threats
Internal
You control
External
You don’t control
Identify firm’s
Competitive
Advantage
Step 2a: SWOT Analysis
• Evaluate company and product
• Consider: costs, skills, financial resources,
brand image, technology available, HR, and
the External Environment
• Industry analysis  CDSTEP
– Culture, competition, demographics, social,
technology, economic and political/legal
Step 2b: Industry Analysis
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Culture
Competition
Demographics
Technology
Economic
Political/Legal
Culture
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Shared meanings, beliefs, values, customs
Country
Regional
Subcultures or Lifestyles
• ie. snowboarders, skateboarders, grunge, so called
urban tribes, etc.
Competition
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Who
Sales – competition and the category
Market share
Positioning in market vs. you
Direct and indirect competion
Demographics
• Generational Cohorts
– Seniors
– Baby Boomers
– Gen Y
– Teens
– Tweens
Tweens
Teens
Gen Y
Gen X
Baby
Boomers
Seniors
Age
8-12
13-17
18-33
34-47
48-66
67+
Population
20 M
25M
60M
40M
75M
39M
Spending
$50B
$150B parents
$58B
$200B
Information
Attitude
Access to Info
Sophisticated
past age
Home Decor
Connected
Shopping is a
social sport
Shop in stores
Clothes/shoes
Accesories
Emphasize
balancing work
and live
Inquisitive
Diverse
Opinionated
Multitaskers
Brand
engagement
$50B on
grandkids
“latchkey kids”
Independent
Resilient
Adaptable
Cautions
Skeptical/cynic
80% use social
media
Mass
merchandisers
Affluent
Experienced
Flexible
Postpone
retirement
Youth obsessed
Not loyal
Quality
Time to shop
Complain
Money
Browse b4 buy
Loyal
Quality
Value
Ethnicity/Race
• Hispanics
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$1.5T purchasing power
Will be 33% of population
60% Mexican
Non homogeneous group
• African-Americans
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$1.2T purchasing power
Youngest group
Radio friendly
30% of HH led by single women
• Asian-Americans
– $775B purchasing power
– Highest family income & education
– Adopt latest gadgets
Social Trends
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Prince Sensitivity
Health and Wellness
Green consumers
Time poor society
Privacy concerns
Component Lifestyles
Changing gender roles
Technology
• “Weisure” Time
– Smartphones/tablets are leading people to work
during playtime
• Technology advancements
– Constant Internet access
– “ubiquitous” computing and shopping
– Mobile coupons and boarding passes
– Barcode scanning
– RFID for tracking
Economic
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Inflation
Recession
Income
Purchasing Power
Political/Legal
• Federal Regulation
• State Laws
• Government Regulatory Agencies
– FDA
– FTC
– CSPC
Step 3: Objectives
• What is to be accomplished
– Realistic
– Measurable
– Time Specific
– Compared to a benchmark
Target Market and Positioning
• Need to choose which customers you will
serve
• Break the market into segments
– Groups with different wants, needs,
characteristics
• Can target more than one segment
Segmentation Illustrated
Step 4: Target Market and Positioning
• Positioning
– How do you want customers to see you?
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Luxury
Cheap
Quality
Convenient, etc.
– Turn the product attributes into benefits matched
to the Target Market
Step 5: Marketing Mix
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Product
Price
Place
Promotion
Step 6: Timetable
• You have objectives
• You have a plan
• Need a schedule of the
– What
– When
– Whom
Step 7: Evaluate
• Are you on target to accomplish your
objectives?
– WHAT will you measure WHEN with what
METRIC?
– Next Steps
– Evaluate your position periodically
• Growth Strategies
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Market Penetration
Product Development
Market Development
Diversification