The Marketing Plan: Your guide to a more successful product launch. Caterpillar

Transcription

1 Caterpillar The Marketing Plan: Your guide to a more successful product launch 1

2 Statistics How Successful Are New Products? Ø Why do you think many new products fail? 2

3 Statistics Pre-Launch Phase 1. Market research is lacking on the product or the market. 2. Most of the budget was used to create the product; little is left for launching, marketing, and selling it. 3. The product is interesting but lacks a precise market. 4. The product s key differentiators and advantages are not easily articulated. 5. The product defines a new category, so consumers or customers will need considerable education before it can be sold. 3

4 Statistics Pre-Launch Phase 6. The sales force doesn t believe in the product and isn t committed to selling it. 7. Because the target audience is unclear, the marketing campaign is unfocused. 8. Distribution takes longer than expected and lags behind the launch. 9. Sales channels are not educated about the product and thus slow to put it on shelves. 10. The product lacks formal independent testing HBR 4

5 Role of Marketing Marketing plays a significant role in the success of a new product launch. To illustrate this point, let s listen to a story about selling condoms in the Congo. 5

6 Definition A marketing plan outlines the specific actions that will be taken to interest potential customers in the product/ service and persuade them to purchase it. Ø The what, how, and to whom sales will be made 6

7 Levels 7

8 Components Title Page Table of Contents Executive Summary Mission Statement/Goals & Objectives Market Overview & Situation Analysis Product/Brand Strategy Marketing Programs & Tactics Financials/Budget/Forecast Monitors and Controls Appendix & Exhibits 8

9 Executive Summary ü Prepare last, after rest of plan is written Provides a high-level summary/overview of the plan. Introduces the offering and explains the major points of the plan. Summarizes the marketing goals and objectives of the plan. Ø Tell decision-makers the key things they need to know about the plan 9

10 Mission Statement/ Goals & Objectives Brief description of the purpose and marketing goals and objectives of the offering Company objectives (if appropriate) Marketing objectives Ø What you want to achieve with the offering 10

11 Market Overview and Situation Analysis Market overview, definition, analysis Profile socio-cultural, political, legal, economic and technological environments Company and competitor analysis Description of market drivers & dynamics Comparative SWOT analysis Market shares Profile of target audience/segments Demographics Size Their wants & needs How they will decide to adopt and use the offering Support requirements, etc. 11

12 Product/Brand Strategy Ø How you plan to achieve the objectives Present core strategy (yours will be one of the following): Ø Ø Ø Ø Ø Market development Technological innovation New product-new market New product-same market Product line extension State the value proposition Describe the product positioning and rationale 12

13 Caterpillar Marketing Programs and Tactics Ø Application of the 4 P s Describe the offering, including features and benefits and competitive advantages and disadvantages Describe pricing and rationale Describe the distribution and rationale (dealers, distributors, sales people, etc.) How and where customers will have access to the offering Describe the tactics of how the offering will be promoted and rationale Advertising Personal selling Sales promotion Public relations Publicity 13

14 Financials/ Budget/Forecast Budget to achieve plan goals and objectives Sales forecast Profit & loss statement 14

15 Monitors and Controls Market research Customer feedback Market share analysis Financial and accounting analyses Sales call reports, etc. 15

16 Caterpillar Key Considerations 16

17 Marketing Plan Exercise 1. What is your value proposition? What is the unmet need you are filling? What is your business model? 2. How does your product support the corporate goals and objectives? How does this compare to your marketing goals and objectives? 3. Identify your Macro Environment: What are the uncontrollable factors that will impact your product? (e.g. Political-Legal, Economic, Social- Cultural, Technology) 4. Define your Market: How would you define your industry, market, segment where you will compete? Analyze Market Trends. How large is this market? How much potential growth is there? How is it structured? Conduct a Competitive Analysis: Who are your competitors and what advantages do you offer? 17

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