Principles of Marketing
MARKETING PLAN GUIDE
Step 1: Introduction ("Business Challenge") Why is this product needed? A marketing plan is to be persuasive; this should be an influential introduction. Define the product or service from a marketing orientation (focusing on how you will satisfy customer wants and needs better than any other competitive alternative).
A. Describe WHAT it is; WHO it will be targeted to; WHY it will be successful
Step 2: The Market Conduct market research and gather information that will specifically affect the marketing plan for your product.
A. Customers - Target Market (address relevant characteristics)
1. Demographics: age, gender, education, income, ethnicity, geographic location
2. Psychographics: values, lifestyles, activities, interests, opinions, VALS2 type, media habits, shopping habits, spending habits, charitable activities etc.
3. Behaviorally: What benefits are they looking for in this type of product/service? How do they use the product?
4. POSITIONING: How will this product brand be positioned in the target customer's mind relative to competition in the marketplace?
B. INTERNAL Strengths and Weaknesses
C. EXTERNAL Threats and Opportunities
Consider:
1. Competition
2. Economy
3. Technology
4. Public/Policy, Legal
5. Socio-cultural (demographic and lifestyle trends)
6. Natural environment
D. Collaborators
E. Competitors
Step 3: Develop Marketing Strategies "How are we going to get there?"
A. PRODUCT Strategy
1. Features, advantages/benefits of product or service
2. Brand name, packaging, "ancillary" services (delivery, warranty, credit, etc.)
B. PRICE Strategy
C. PROMOTION Strategy
1. Promotional campaign information
2. Promotional tools utilized, mediums, timing
D. DISTRIBUTION/SUPPLY CHAIN Strategy
1. Availability of the product/service
2. Type of strategies
3. Intermediaries?
Step 4: Budget
A. Investment for launch
B. Short- and long-term returns
C. Other resources
Step 5: Finishing Touches
A. Provide executive summary at beginning
B. Conclude document at end