Marketing Plan Reviewer PDF

Marketing Plan Reviewer Marketing Plan Outline 1. Introduction 2. Target Market 3. Product/Service Strategy 4. Pricing Strategy 5. Distribution Strategy 6. Advertising and Promotion 7. Sales Strategy 8. Sales and Marketing Forecasts Introduction Seven-sentence struct...

Marketing Plan Reviewer Marketing Plan Outline 1. Introduction 2. Target Market 3. Product/Service Strategy 4. Pricing Strategy 5. Distribution Strategy 6. Advertising and Promotion 7. Sales Strategy 8. Sales and Marketing Forecasts Introduction Seven-sentence structure: 1. State the purpose of the marketing strategy. 2. Explain how the purpose will be achieved (focusing on benefits). 3. Identify the target market. 4. List the marketing tools to be employed. 5. Define the market niche. 6. Establish the identity of the product/service. 7. Specify the marketing budget as a percentage of projected revenue. Target Market Strategy Identify the market niche to be served. Be highly specific in defining the target market. Highlight the benefits offered to the target market. Focus on the problems solved and needs fulfilled. Two types of benefits: o Emotional (e.g., hope, fear, love, guilt, convenience) o Financial (e.g., cost savings, increased profitability)  Importance of customer research: o Casual conversations o Interviews o Surveys o Focus groups Key questions to ask: o What products/services do they currently buy? o How do they access these products/services? o What advertising channels reach them? o Who are the competitors? Creating New Market Space (Kim & Mauborgne - HBR) Eliminate: Factors the industry has taken for granted. Create: New factors never before offered. Raise: Factors that should be above industry standards. Reduce: Factors that should be below industry standards. Product/Service Strategy How does the design fulfill unmet marketplace needs? Differentiation from competitors. Why and how customers will switch to the product/service. Defensive strategies against competition. Product Attribute Map Compare key product attributes against competitors. Pricing Strategy Justify the chosen pricing model. Provide evidence of target market acceptance. Position the price relative to competitors. Note: Low pricing is often NOT a good strategy for startups. Advertising & Promotion How to communicate with customers: o Advertising (print, digital, TV, radio, etc.) o Public relations (media outreach, press releases, etc.) o Personal selling o Printed materials o Other promotional means Justify the most effective promotional strategies. Distribution Strategy Explain how customers will acquire the product/service. Justify chosen distribution channels. Plan for gaining access to these channels. Sales Strategy Identify key buyers and decision-makers. Sales approach: o Internal sales force o Manufacturer’s representatives o Telephone sales Supporting the sales effort: o Internal staff o Service operations Goals for the Marketing Plan Establish a compelling market need. Logical industry analysis leading to the need. Product/service positioned to meet market demand. Advertising, pricing, distribution, and sales strategies align with market characteristics. Objective: "WOW! What a great idea! I wish I had thought of that!"