Writing a Marketing Plan

Writing a Marketing Plan

Lecture 1: Introduction

Marketing New Product
Services or Yourself

Marketing Framework
1. Analysis
2. Strategy
3. Tactics
4. Measurements
5, Financials


Targeting: Selecting which customer segments to go after.
Strategy Section: Where you describe your plan to win in the marketplace.
Product (or Services)
Price
Promotion
Place


Market Team Roles:
Finance
* Tracks budget dollars
* Measures results
* Helps you improve
Marketing Research
* Help you understand customers' needs
* Tests product concepts
* Tests marketing messages
* Manufacturing/Operations
* Builds your products or service
* Provides customer feedback/insights


Creative Brief Steps
1. Give an overview
2. Describe the objective
3. Describe target audience
4. Describe value proposition
5. Include schedule and budget

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Prepping for Your Marketing Plan
Lecture 1: Understanding why a marketing plan is important
Marketing Plan is provide the ROAD-MAP for running and coordinating marketing programs.
A formal written marketing plan is a great way to planning process documents.

A Marketing plan Answers
1. Where are we now?
2. Where are we going?
3. How do we get there?



Marketing Plan
1. Run you test
* Market
* Competition
* Customers
2. A tool to help align the organization
3. Lays out programs, schedules and budgets

A written marketing plan, is dynamic document and lead in Marketing of Company.


Lecture 2: Understanding the Planning Process
5 Steps to Writing a Marketing Plan

1. Analysis
* Analyze the market
2. Strategy
3. Tactics
4. Measurements
5. Financials

Some companies Plan the marketing plan first and use it in his Business Plan where as some fisrt Business Plan first.

Marketing Planning First

* Begins at middle of fiscal year
* Forecasts prepared for products
* Budgets developed to archive forecasts
* Combined into company-level forecast/budget

Business Planning First

* Company develops overall revenue/spending goals
* Numbers divided among teams
* Teams develop programs accordingly


Lecture 3: Assembling a team
Marketing Team Roles
Finance
* Tracks budget Dollars
* Measures results
* Helps you improve
Marketing Research
* Helps you understand customers' need
* Tests products concepts
* Tests marketing messages
Technical Team
* Develops products and services
Sales
* Works directly with customers
* Provides feedback/insights
Manufacturing/Operations
* Builds your products or services
* Provides customer feedback/insights


External Marketing Team Roles
* Advertising agency
* Branding company
* Public relations firm
* Marketing consultant

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Writing Your Business Plan

Lecture 1: Writing the situation Analysis
Situational Analysis: Gaining a better understanding of the marketplace, your customers, and your competition. There are 4 parts of
1. Market Analysis
Estimating how many potential customers you might be able to sell your products and services to.
Type of Customers
1. Already buy from you
2. Buy same product from competitor
3. Potential customers not yet buying

Use Competitive Matrix for Comparison.

Lecture 2: Writing the Strategy Section
The hardest part of Marketing plan is Strategy Section: Where you describe you plan to win in the marketplace.
Strategy section have 3 parts
1. Segmentation
Breaking customers into homogeneous groups.
- Demographic Segmentation
* Income
* Age
* Gender
* Height and weight
- Geographic Segmentation
Grouping customers by where they are, physically
- Behavioral Segmentation
Grouping customers by the things they do.
- Pshchographic Segmentation
Grouping customers by how they think or by their attitudes about the benefits they seek in a product.

2. Targeting
Selecting which customer segments to go after.
Targeting Example - Shampoo
40 years old
Red hair
Live in certain metropolitan areas
Purchase shampoo once a month
Desire natural-looking hair color


3. Positioning
Determining how you want your customers to think about your products vs your competitions's.
(Positioning happening in Mind of Customers)
RTSs = Reasons to believe

Lecture 3: Writing the Tactical
A great marketing strategy only come to live When you take action.

1. Product (or Service)
2. Price
3. Promotion
4. Place

Product and Services Programs Includes
* Design
* Feel
* Packaging
* Staff
* Customer Services

Customer Buying Experience
1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchasing
5. Post-purchase behaviors

Pricing Involves
1. Setting the actual price
2. Communicating price in an effective way

Including Price in Your Plan
Price you intend to charge
Explanation for price
Description of communication plan

Promotion
All the things you say to the market (Outside of the company)
Including Promotion in Your Plan
* Value proposition
* Advertising
* In-store Promotions
* Email campaigns
* Social media
* Sales promotion

Distribution
Programs that create a pathway to get your product into customers's hands.

Including Distribution in Your Plan
* Buying locations
* Online Distributors


Chapter 4: Writing the Implementation Section
Tactac need to implementations
1. Communicating the details
* Identify audience(s) and individuals
* Write in dates and locations
2. Marketing Programs
* Who is responsible
* What the timeline is for completion
* When to implement
* Where implementation occurs
* How you'll implement the program
3. Key Performance Indicators (KPIs)
* Quantifiable
* Measurable
KPI Components
Target
High threshold
Low threshold

KPI
New Customers per Month
Target: 500
High threshold: 600
Low threshold: 400
Over 600: Reduce advertising spending
Below 400: Increase sales incentives


Lecture 5: Writing the Budget and Forecast Sections
Marketing takes Time and Money
Budget: Allocating the right amount of resources to the right marketing programs to make the most impact.
Budgeting Methods
Decide how much you have to spend, and then allocate it.
Develop marketing program budgets; then combine those into company-level budget.

Writing the Budget Section
Consider the 4Ps (Product, Price, Promotion and Place)
Estimate required spending for each
Forecast
What you expact to achieve as a result of your marketing plan.
Goal Criteria
1. Specific
2. Measurable
3. Attainable
4. Relevant
5. Time-bound

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Use Your Marketing Plan
Lecture 1: Understanding different formats for marketing plan

Presenting to Senior Leasers
1. Lead with a story
2. Share what's changed in the marketplace
3. Share the process
4. Give credit to team members
5. Be brief
6. Be upfront with weaknesses and risks
7. Share revenue forecasts and budgets
8. Ask for their support


Lecture 2: Leveraging your Plan
Sales Force Must Understand
* Strategy
* Value proposition
* Target market

Sales Force Tactical Tools
* How the product works
* How it compares to competition
* How price is determined
* How to sell using new tools

Creative Brief
* What needs to be created
* How it will be used
* What the deliverable are
* When the deadlines are

Creative Brief Steps
1. Give an overview
2. Describe the objective
3. Describe target audience
4. Outline value proposition
5. Include schedule and budget

Final Taught
Find the right balance between planning and doing