Marketing Plan

Marketing Plan

by: Dannah Maricar P. Ramos. MBA, LPT

At the end of this lesson, you are expected to be:

1. Integrate the marketing concepts and techniques learned by

preparing a marketing plan.

2. Present a mini-marketing plan orally

Open Ended

Answer the following.

1. Give examples of MICRO and MICRO Environment

2. What is your greatest goal in life?

3. How can you achieve your goal?

Marketing Plan

• It is a comprehensive document or blueprint that outlines a company’s advertising and marketing efforts for the coming year.

• It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

• The purpose of marketing plan is to clearly show what steps or actions will be taken to achieve the plan goals.

Below is a brief outline of a mini-marketing plan:

• I. Executive summary

• II. Study Background

  a. Brief history of the company

  b. Mission and Vision

  c. Product/service offerings

• 
  

Continuation..

• III. Macro-environmental analysis

  a. Economic

  b. Politico-legal

  c. Socio-cultural

  d. Demographic

  e. Technological

  f. Natural 

• IV. Opportunities and Threats

  
  

Continuation..

• V. Micro-environmental Analysis

  a. The company

  b. Suppliers

  c. Marketing Intermediaries

  d. Customers

  e. Competition

  f. Publics

• VI. Strengths and Weaknesses

• VII. The Market

  a. Market size

  b. Market needs

  c. Market trends

Continuation..

• VIII. Marketing Objectives

• IX. Marketing strategies

  A. Product/service strategy

  1. Target Market

  2.Brand positioning

  B. Pricing strategy

  C. Distribution strategy

  D. Advertising and promotions strategy

• 
  

Continuation..

• X. Tactical Implementation

• XI. Marketing Budget

• XII. Feedback and Control

• XIII. Financial projections

I. Executive summary

The executive summary presents, in a very concise manner, vital

information contained in the marketing plan such as its marketing

objectives, strategy recommendations, marketing budget, projected

sales, and profitability. A well-written executive summary is usually

no longer than one or two pages.

II. Study Background

• A. Brief history of the company

  As the starting point for your paper, select a product brand. Identify its manufacturer and write a brief history of this company. Most companies’ historical background can be found in the internet.

• B. Mission and vision

  Research on the company’s mission and vision through the internet. These statements ca give you a vital information on its business philosophy and long-term directions.

C. Product/service offerings

• C. Product/service offerings

  List down the company’s current product offerings, classifying them by type (hair care, personal care, home care, etc) and also

  indicate their suggested retail prices (SRP). This product listing can determine the specific role your selected product brand plays in the company’s entire product offering or product portfolio.

• 
  

III. Macro-environmental analysis

Make an assessment on each of the company’s macro-environments. Get the latest data possible. A marketing plan of a particular product is a plan of action for the future and is intended to be implemented in the coming year. It is therefore important that after accessing current information, secure also authoritative information on how figures may look like in the following year.

Macro-environmental analysis

• A. Economic

• B. Politico-legal

• C. Socio-cultural

• D. Demographic

• E. Technological

• F. Natural

IV. Opportunities and Threats

Enumerate identified opportunities and threats from the macro-environment analysis. Arrange them chronologically. Relate them directly to a specific macro-environmental factor and justify

why they classified as opportunities or threats.

V. Micro-environmental analysis

The six micro-environmental factors assessed and evaluated. Because the micro-environment is not expected to change dramatically over the short-term, it is largely unnecessary to project the situation to the following year. The only aspect which may situationally require projection is the competitive situation. It may be possible that there is public knowledge of the entry of new competitor that may affect the industry’s competitive landscape.

Micro-environmental analysis

• A. The company

• B. Supplier

• C. Marketing intermediaries

• D. Customers

• E. Competition

• F. Publics

VI. Strengths and Weaknesses

Enumerate the identified strength and weaknesses from the micro-environmental analysis. Arrange them chronologically. Relate them directly to a specific micro-environmental factor and justify why they are classified as strength and weaknesses.

VII. The market

A. Market size

Show the size of your market. The total market is the sum total of the group f individual or organizational consumers who have both the willingness and financial capability to purchase a particular product or service.

continuation The Market..

B. Market needs

Know your market intimately to be able to serve its needs. Understand and express what exactly the market is looking for in the product that you are offering. Describe the market needs and wants and its value perceptions of various product/service attributes.

C. Market trends

Based on the historical trend, the segment or t=sub-segment’s growth rate is projected over the plan period. Trends are also identified with the respect to market needs and preferences.

VIII. Marketing objectives

In this section state the marketing objectives. Arrange the objectives in sequence. Marketing objectives may include brand awareness target and sales revenue objectives. They must be specific, measurable, attainable, realistic and time-bounded.

An example of marketing objective pertaining to brand awareness is as follows:

“To attain a brand awareness level of 65 % by 

IX. Marketing strategies

In this chapter, marketing strategies are proposed based n a thorough analysis of opportunities and threats, strengths and weaknesses, and the market for the proposed product/service. Strategies must collectively be able to achieve all marketing objectives.

Marketing strategies

• A. Product/Service

• B. Target Market

• C. Brand positioning

• D. Pricing strategy

• E. Distribution Strategy

• F. Advertising and promotional strategy

A. Product/Service

Product or service should be fully explained. Indicate any innovations you plan to implement in your product or service; e.g. a change in packaging label, supplements on your service offering, etc.

Identify the value proposition or unique selling proposition of the product/service.

B. Target Market

Describe in detail the target market of the product/service. Use as many or a few segmentation variables as necessary to outline the target market’s geographic, demographic, and psychographic profile.

Quantify the size of your target market. If you plan to expand, contract, or totally change your brands present target markets, indicate the changes and justify it convincingly.

C. Brand positioning

State the current positioning of the brand/service. Fully explain if you think it is relevant for use.

If revision is needed, state the proposed alternative brand positioning. Fully justify the proposed brand positioning and explain convincingly why it is more appropriate than the current one.

Remember that positioning of your proposed product/service must be unique, beneficial and credible, and must revolve around a product or a service attribute that is relevant to your target market.

D. Pricing strategy

Based on the marketing objective formulated, decide on a general pricing strategy for the brand.

It is possible to implement general pricing strategies for a brand during an operating year.

For example, a brand may have a general strategy of going-rate-pricing but implement promotional pricing during the last quarter of the year.

E. Distribution Strategy

Review the brands current distribution strategy to determine if it is still applicable for the marketing plan’s implementing period.

When adjustments or modification are required, give recommendations as to how the selected brand can be distributed more efficiently.

F. Advertising and promotional strategy

In this section, propose your advertising and promotion strategy. Based on the advertising and promotional objectives and target

audience profile, decide on the message, creative style, vehicles, media you will utilize.

Provide details of media and promotional plan, including locations for advertising placements, their frequency and approximate cost.

Also indicate the mechanics of the trade and consumer promotions. If any, their corresponding costs. Select media carefully, giving consideration on cost effectiveness.

X. Tactical implementation

Develop tactics for each strategy. Some strategies may only require a little a two tactical plan, while others may need to be supported by

five or more tactics.

In essence, there is no precise number of tactics per strategy. There should be as many tactics as necessary to ensure the success of the strategy, but no additional tactics may be proposed if it does not contribute to successful strategy implementation.

IX. Marketing Budget

• In this chapter, indicate the total cost involved in the implementation of the proposed marketing plan. Only third party expenditures are to be included in the marketing budget.

• Capital expenditures like retail outlet construction expenses and the purchase of packaging, machinery, are excluded from the marketing budget.

XI. Feedback and Control

The purpose of this section is to ensure that each of the tactics is carried out as planned. There should be feedback and control write

up for each of your tactics.

In paragraph for discuss individual tactic benchmark or milestone to indicate that the tactics is implemented according to plan.

Corrective measures that can be taken to ensure adherence to plan must be developed; e.g. reporting procedures and forms, coordination among parties 

An example is shown below:

Action plan: Hire and train Cebu store personnel

Timetable: September 2020

By the end of August 2020, personnel required for all position in the Cebu store should already have been screened and prequalified. If this deadline will not be met, the company should contact a local employment office to fill in missing positions. At the latest, this should be completed by September 10.

XII. Financial projections

At the point, present the financial viability of your proposed marketing plan. The latest available incoming statement of your company can be used. Begin by calculating the expected revenues to be generated by your marketing plan.

Add the expected amount of your average historical sales of the company. The sum is the total sales generated for the year. Using the same percentage of costs of sales from the latest available income statement, deduct the percentage amount of the total sales to obtain the gross profit. The difference is the income before tax. Deduct income tax (currently at 30 % of income for corporations) from the gross income. The resulting amount is your income.

SUMMARY

A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market.

A marketing plan is a report that outlines your marketing strategy for the coming year, quarter or month.

A marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given time period.

Assessment

Answer the following

Multiple Choice

The company’s distribution network is illustrated and explained in this section.

• Customers

• Company

• Suppliers

• Marketing intermediaries

Multiple Choice

It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

• Marketing plan

• Marketing research

• Marketing management

• Financial Statement

Multiple Choice

These statements can give you a vital information on its business philosophy and long-term directions.

• Study Background

• Brief history of the company

• Mission and vision

• Product/service offerings

Multiple Choice

Based on target market, cite current and relevant figures that

may affect the marketability of the product.

• Demographic

• Economic

• Politico-legal

• Socio-cultural

Multiple Choice

It is evaluated in terms of its organizational ability to implement marketing strategies.

• Supplier

• Marketing intermediaries

• Customers

• The company

Multiple Select

The following are example of Market, EXCEPT

• Market size

• Market research

• Market needs

• Market trends

Multiple Select

Strategies must collectively be able to achieve all marketing

objectives, EXCEPT.

• Political

• Product/Service

• Target Market

• Brand positioning

Multiple Select

The following are Macro-environmental analysis, EXCEPT.

• Natural

• Demographic

• Publics

• Technological

Congratulations and Thank you!!!

See you to the next lesson...