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Business Plan Marketing Plan
- 1. BUSINESS PLAN Marketing Plan Spencer Silk Franklin CIO Services, LLC
- 2. MARKETING DEFINED . . . Marketing is anticipating the needs and wants of targeted customers and managing the process through which these needs and wants are satisfied . . . profitably
- 3. A MARKETING PLAN Written document Details the actions to achieve one or more marketing objective Covers between one and five years. Should be part of an overall business plan.
- 4. WHY PREPARE ONE? establish, direct and coordinate your marketing efforts. forces you to assess what's going on in your marketplace and how it affects your business. benchmark for later measurement.
- 5. TYPES OF MARKETING PLANNING Strategic Marketing Encompasses the entire farm strategy Deals with the broader issue of determining firm’s strategic position in the market and how to create value from that position Product Marketing/Pricing Deals with the tactical side of selling a product Similar to a set of standard operating procedures for marketing a particular product.
- 6. THE BUSINESS PLAN AND THE MARKETING PLAN Marketing plan is implementation of the BP Implementation consistent with objectives What are important considerations?
- 7. WHO READS IT? You Your staff Organizations that plan to lend you money Investors in your business require a business plan– your marketing plan is a critical component of that business plan.
- 8. WHEN SHOULD I PREPARE ONE? Ideally, you will develop your first marketing plan at the same time you develop the business plan that will launch your business. If you're already in business without a written marketing plan, however, develop one now with your goals for the next 12 months in mind. Update your plan on a regular basis. Last year's strategy may not work given this year's market conditions. Prepare reminders to review and update your marketing plan about every quarter, but at least annually.
- 9. BUSINESS PLAN VS. MARKETING PLAN if I have a marketing plan, do I need (or want) a business plan too?” “if I have a business plan, do I also need (or want) a marketing plan?”
- 10. CONTENTS Marketing Plan – Industry Profile Focuses on current size and growth potential of the industry. Discusses industry trends and opportunities associated with each. Addresses geographic locations, seasonality, and industry profit characteristics. Identifies existing distribution networks.
- 11. CONTENTS Marketing Plan – Competitive Analysis Identifies direct, indirect, and future competition. Contains matrix to illustrate competitive position in marketplace. Describes competitive advantage.
- 12. CONTENTS Marketing Plan – Marketing Analysis and Penetration Contains customer profile. Contains target markets and size of each. Fully illustrates the image of the company. Describes plans to reach the market, including customer service, location, sales force, licensing and distributing. Addresses plans for advertising and promotion. Includes plans for marketing through technology, including the Internet. Discusses other penetration strategies, including publicity, telemarketing/direct mail, Web site, and trade shows. Describes plans for evaluating market penetration effectiveness.
- 13. OVERALL SCHEDULE Month-by-month schedule Show areas where “ramp up” requires more people, plant, inventory, etc. Identify potential areas where slippage might occur Cost of task Activity Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Year 2 Year 3 Secure Necessary Funds Lease Building Workspace Rennovations Buy Equipment Hiring Process logMEdia Certify Employees Acquire Necessary Insurance Review Logging Process/Find Inefficiencies Gain the Today Show as Client Receive First Payment on Services Prepare for Trade Show Gain Independent Client Attend Trade Show Gain Good Morning America as Client Survey Clients to Ensure Satisfaction Gain Independent Client Gain Dateline as Client Gain Independent Client Gain large Independent as Client Gain 5 New Independent Clients Gain 2 Major News shows Gain 3 Cable Shows Maintain Existing Relationships Increase Logging Share of Existing Clients Begin Planning Process for Expansion into New Markets
- 14. NO PLAN? SO, WHAT? Businesses run day-by-day utilizing non- programmed decision-making Lack of consistency Customers Vendors Employees Wastes money, time, and energy Difficult to plan the “next” step Establishes milestones to review before a big problem occurs Entrepreneurs don’t plan to fail, they just fail to plan...
- 15. PERFORMANCE ANALYSIS The most important elements of marketing performance, which are normally tracked, are: Sales analysis Market share analysis Expense analysis Financial analysis The "bottom line" of marketing activities should at least in theory, be the net profit. There are many separate performance figures and key ratios which need to be tracked: gross contribution<>net profit gross profit<>return on investment net contribution<>profit on sales There can be considerable benefit in comparing these figures with those achieved by other organizations (especially those in the same industry); customer complaints - how many customers complain about the products or services, or the organization itself, and about what
- 16. “IF YOU DON’T KNOW WHERE YOU ARE GOING, ANY PATH WILL GET YOU THERE.”
- 17. EVALUATE AND REVIEW Stay disciplined! Evaluate your actions. Are conditions changing?
- 18. QUESTIONS ?
Editor's Notes
- #5: Often, simply embarking on the process of preparing a marketing plan guides you in developing a successful marketing strategy.
- #8: Just as a road map guides you on a journey, a marketing plan guides you and your staff to reach your goals; it keeps you from getting off- course. Representatives from organizations that plan to lend you money or invest in your business require a business plan–and your marketing plan is a critical component of that business plan.