MARKETING PLANWomen In ActionJune 2015

Presentation Outline

What is Marketing

A Simple Plan

Marketing Mix: 4P’s

Promotional Mix: A.P.S.P.

Market Segmentation

Target Audience

SWOT Analysis

Market Research

Positioning

Branding

Detailed Marketing Plan

Tracking Results

What Is Marketing?

“The process of planning and executing the conception, pricing, promotion

an distribution of ideas, goods and services to create exchanges that

satisfy individual and organizational goals.”

Definition by American Marketing Association

“If the marketer does a good job of identifying consumer needs,

developing appropriate products, and pricing, distributing, and promoting

them effectively, these goods will sell very easily.”

Philip Kotler stated in Principles of Marketing

Simple Marketing Plan

Sometimes, a simple yet focused plan is enough.

Sentence 1: explains the purpose of the strategy.

Sentence 2: explains how to achieve this purpose; it should describes

the competitive advantage and benefits.

Sentence 3: describes the target market — or markets.

Sentence 4: outlines the marketing weapons to be employed.

Sentence 5: describes the niche — the positioning.

Sentence 6: reveals the identity of the business.

Sentence 7: states the budget, which should be expressed as a

percentage of projected gross revenues.

Marketing Mix & Promotional Mix

The 4 Ps & A.P.S.P.

Marketing Mix

The 4P’s of Marketing: Product , Price , Place , Promotion

Marketing Mix: Product

Types of Product: A good is something someone can touch -Food, Clothing, Electronic, Hardware… A service is providing an intangible benefit to

customers -Bank, Hotel, Restaurant, Transportation, … An idea can include concepts or images -Music, Story, Advertising Creative… or any combination of the above.

Added Values : brand name, packaging, labeling, trademark,

warranties…

Business products & consumer products

Marketing Mix: Price

Key: Choose a price that will earn a fair profit, ANDthat equates to the perceived value to target customers.

Elasticity of Demand: Elastic Demand is when consumer demandis very sensitive to changes in price. Inelastic Demand is when a change inprice will not significantly affect demand.

Pricing Models: Markup Pricing Break-Even Pricing Profit Maximization Pricing Penetration Pricing Skim Pricing

Marketing Mix: Place

Distribution Method – Direct: Face-to-face / Sales rep. / Online Indirect: Intermediary (Wholesaler / Retailer)

Geographic – Local / National / Global

Logistics – Distribution Process Channel Management Inventory Control Costs

Marketing Mix: Promotion

Promotion consists of 4 elements known as the Promotional Mix Advertising Print, TV, Radio, Direct mail, Email Campaign, Internet Public Relations Press Releases, Community Outreach Sales Promotion Rebates, Contests, Sweepstakes Personal Selling Face-to-face, Sales Representative

The New Marketing Guerrilla Marketing WOM Marketing Freemium Marketing Social Media Marketing Viral Marketing

Market Segmentation & Target Audience

To Whom We Sell

Market Segmentation : Reasons

Definition: “The process of dividing a market into meaningful, similar andidentifiable groups.”

Why Segmentation Is Important: Enables marketers to identify customers with similar needs, buying behavior. Allows for the tailoring of the “Marketing mix” to specific segments (also cost effective). Consistent with marketing concept of satisfying customer wants and needs.

Market Segmentation : B2C

Segmentations for Consumer Markets: Geographic By region, country, climate. Demographic By age, gender, income, ethnicity, education, family

lifecycle. Psychographic By value, attitude, lifestyle. Benefit By the benefits customers seek. Usage-rate By the amount of product bought or consumed.

Market Segmentation :B2B

Segmentations for Business Markets:

Company Characteristics By location, type of company, size of company, product use. Buying Processes By purchasing criteria such as price, quality, service. Customer Relationship By the type/significance of the relationship they have with their customer.

Target Audience

SWOT Analysis & Market Research

Understanding of the Company and Potential

SWOT Analysis

A “snapshot” of thecompany’s current internalstrengths & weaknesses(management, personnel,financial marketing,manufacturing, R&D) AND

The assessment of futureopportunities and threatsrelating to all theenvironments external to thefirm (technological, social,political/legal, economic,competitive, natural).

Market Research : Information Needed

Information Needed: Proof of viability of idea/market. Feedback on 4 Ps, including media consumption (i.e. what consumer/tradejournals are read, internet sites visited, list serve affiliations). Association memberships and trade show attendance. Buying process, duration, and decision makers. Competitors and market shares.

Who to Target for Research: Potential customers (target market) – consumers or businesses. Potential buyers (often different than customers or “users”). Potential channel members.

Market Research: Primary & Secondary

Secondary data can be obtained quicker and at lower costs. When collecting secondary data, evaluate it carefully to make sure that it is: RELEVANT ACCURATE CURRENT IMPARTIAL

Primary data can be very costly and time consuming to gather. Many ways to collect primary data.

The most common methods: Observational approach Survey approach Experimental approach

Positioning & Branding Unique Selling Proposition

Positioning A concept to position a product in the mind of the customer. Strategy is thereforeplanned in the mind, not the marketplace. This approach is needed because consumers are bombarded with a continuousstream of high-volume advertising. The consumer's mind reacts to this high volume of advertising by accepting onlywhat is consistent with prior knowledge or experience. In an over-communicated environment, the advertiser should present a simplifiedmessage and make that message consistent with what the consumer alreadybelieves by focusing on the perceptions of the consumer rather than on thereality of the product. It is more than just a slogan. It conveys the idea that no other company, productor service compares. Highlight a feature or benefit that only your product or service contains.

Positioning: Unique Selling Proposition

Branding

Why Branding is important? A solid brand reverses the sales process. An established brand generates trust. A strong brand removes customer objections. We have moved from a selling world to a buying world. We are selling to the overwhelmed. Familiar brands are predictable and trustworthy.

What builds a brand? Image Visibility The Perception of Being the Best

Marketing PlanA focused Strategy

A Simple Marketing Plan

Sometimes, a simple yet focused plan is enough.

Sentence 1: explains the purpose of the strategy. Sentence 2: explains how to achieve this purpose; it should describes thecompetitive advantage and benefits. Sentence 3: describes the target market — or markets. Sentence 4: outlines the marketing weapons to be employed. Sentence 5: describes the niche — the positioning. Sentence 6: reveals the identity of the business. Sentence 7: states the budget, which should be expressed as a percentageof projected gross revenues.

A More Complex Plan

In some cases, a more in-depth marketing plan is needed.

This plan can be structured in the following format. Executive Summary Challenges Situation Analysis SWOT Market Segmentation Target Audience Selected Marketing Strategy 4Ps / Positioning / Branding Short & Long-Term Projections Conclusion Appendix

TrackingMonitoring the Results

Tracking: Monitoring the Result

“The best predictor of the future is the past!” – Judith Greer Essex

ROI: Return of Investments Sales is the ultimate tracking data

Other metrics: Ask the customers Obtain stats from web host Look at stats for key word campaign Add a squeeze page to the website Add a sub-domain to the ads or materials Use different contact numbers for each ad Use “Ask for” for each ad

ENDDisclaimer: Adapted from presentation of Asian women in business