THE Marketing Plan. SCORE Chapter 37 Houston, Texas

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1 THE Marketing Plan SCORE Chapter 37 Houston, Texas 1

2 Why Plan? Establish direction Identify obstacles Set goals & objectives Take an objective view Communicates owner s ideas - Tells a story 2

3 Part of the Business Plan The Marketing Plan is a major part of the Business Plan Sometimes it is as big or bigger than the Business Plan 3

4 The Marketing Plan Research Analysis Niche Customers Demographics Competition USP Strategy Marketing Mix Products/Services Place Price Position Branding Advertising Promotion Promotional Budget 4

5 Research The value lies in the process Two types of research: Secondary research Primary research 5

6 Secondary Research Published information Public libraries Industry associations Chambers of Commerce Vendors who sell to your industry Government agencies 6

7 Primary Research Gather your own data Surveys Yellow Pages Internet Observation (Intel) Focus Group 7

8 Market Analysis Who is the Customer? What are needs? Problems? Who needs it? Where are they? Where do they shop/buy? How do they get information? What community events do they attend? 8

9 Market Analysis Features & Benefits What Do Customers Really Buy? benefits, not features promises solutions to their problems you, your employees, your service department your guarantee other people s opinions selection freedom from risk, granted by your warranty convenience neatness comfort 9

10 Market Analysis - Caristristics Total size of your market Trends in target market Growth potential Barriers to entry 10

11 Niche A niche can be defined by: a consumer's age gender ethnic background occupation hobbies other interests A niche can also be created by: a need a want a preference 11

12 Customers Identify your targeted customers Identify the most important groups Create demographic profiles 12

13 Demographic Profiles Consumers Age Gender Location Income level Social class and occupation Education 13

14 Competition Industry Overview List major competitors Strengths Weaknesses 14

15 Unique Selling Proposition What distinguishes the business, the product or service from competition? Quality Quantity Made in USA/Texas 24/7 15

16 Marketing Strategy Conduct a S.W.O.T Analysis Internal Strengths Weaknesses External Opportunities Threats Then describe the approach to the marketplace consistent with your niche 16

17 Marketing Mix The right Product or Service Sold at the right Price In the right Place Using the most suitable Promotion 17

18 Products and/or Services Customers point of view What is special about it? (Features) What will the product do for the customer? (Benefits) How will you satisfy your customers needs and wants? [1] Future products? When? Added value [1] Business Plan Pro 18

19 Place How will customers access the product or service? Retail Wholesale Internet Catalog Trade Fairs Sales force 19

20 Price Price is the one (aspect), which creates sales revenue - all the others are costs. [1] Method or methods of setting prices Cost basis Parity price and compete on quality and service Price as a competitive factor? What will be your customer service and credit policies? [1] Wilson and Wilson Publishing Ltd

21 Position Clear understanding in the market Unique products/services Advantageous products/services Low end, mid range or high end pricing 21

22 Branding What image do you want to project? Must be: Consistent Intrusive Invasive 22

23 Advertising How will you get the word out to customers? Media Mix Electronic Print Direct mail Public Relations Point-of-sale How will each be used in your marketing strategy? (Handout) 23

24 Advertising Methods Low-cost methods Word-of-mouth (how will you stimulate it?) Twitter Networks Other methods Trade shows Catalogs Dealer incentives Blog 24

25 Promotion Customer relations Community relations Couponing Product sampling Sales literature 25

26 Promotional Budget How much will you spend on the items listed previously? Before startup? Ongoing? 26

27 Sales Forecast Month-by-month projection Two forecasts: 1) a "best guess", which is what you really expect 2) a "worst case" low estimate that you are confident you can reach no matter what happens 27

28 Implementation Implement the plan. Don t shelve it! Use it as a measurement tool Review, update and revise it at least monthly 28

29 SCORE Chapter 37 scorehouston.org Register for Counseling Business Resources Business Plan Templets Financial Templets Information on Educational Classes: Marketing Plan templet Information on Taxes Information on Franchising Information on Insurance And Much More 29