Marketing Plan

• Marketing Plan


  A plan that outlines a company's marketing strategy and goals
• Gerald C. Coldedera, LPT, MATH/IT & ABM Department, CED-IDS, MSU-IIT, A. Bonifacio Ave., Tibanga, Iligan City, Philippines, 9200
• Goals for Marketing Plan


  • Compelling "story" that there is a need in the market
  • Need flows logically from industry analysis
  • Identify your customers and demonstrate how you will solve problems for customers (Product/service designed to fulfil market needs)
  • Advertising, price, distribution, and sales all flow logically, convincingly from characteristics of the market
  • Describe how you will reach customers –advertising sales
  • Convince reader that there is an eager market for your product or service
• Marketing Plan Outline


  • Introduction
  • Target Market
  • Marketing Strategy
  • Product
  • Pricing
  • Place/Distribution
  • People
  • Packaging
  • Positioning Strategy
  • Sales Forecast
  • Marketing Budget
• Introduction


  1. The first sentence tells the purpose of the marketing strategy

  2. The second tells how you'll achieve this purpose, focusing upon your benefits

  3. The third tells your target market – or markets

  4. The fourth, the longest sentence, tells the marketing weapons you'll employ

  5. The fifth tells your niche

  6. The sixth tells your identity

  7. The seventh tells your budget, expressed as a percentage of your projected gross revenues
• Target Market

  The specific market niche you will serve, including the benefits to that target market and the problems you solve or needs you fulfil
• Marketing Strategy


  A component of a marketing plan which discusses the target market, its segments, and the marketing mix that will satisfy their needs
• Marketing mix


  A set of elements that companies or businesses consider in order to successfully create and sell their product
• Product


  Anything that can be offered to a market for attention, acquisition, use or consumption to satisfy a want or need. Can be tangible or intangible.
• Major product classifications


  • Goods
  • Service
  • Idea
• Products can also include events, place or organization
• Sometimes, products are sold as a bundle, meaning we get the products as well as its complementary services
• Levels of Product


  • Core or Generic Product
  • Actual Product
  • Extended Product
  • Modified Product
  • Potential Product
• Core or Generic Product


  The functional essence of a product, the reason why a customer purchases it in the first place
• Actual Product


  The basic features of a product that make it usable, most evident in the product's packaging and labels
• Extended Product


  Additional features added to the product to attract customers
• Modified Product


  Additional product features that will meet new demands and needs of customers
• Potential Product


  Product features that will be added or changed in the future
• Classification of Products According to Use


  • Consumer Goods
  • Industrial Goods
• Consumer Goods


  Products that are personally used by customers for consumption
• Industrial Goods


  Products purchased in order to make other goods, to serve as a raw material or input in the production of other goods
• Types of Consumer Products


  • Convenience Goods
  • Shopping Goods
  • Specialty Goods
  • Unsought Goods
• Convenience Goods


  Products that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation
• Shopping Goods


  Products purchased less frequently than convenience foods, are relatively more expensive
• Specialty Goods


  Products distributed exclusively by an authorized distributor that require unusually large effort on the part of consumers to acquire
• Unsought Goods


  Goods and services that consumers may not consider highly necessary in their lives, but companies can successfully sell them through extensive marketing or personal selling
• Types of Industrial Products


  • Raw Materials
  • Equipment
  • Supplies
• Raw Materials


  Goods that firms process or assemble to create new products
• Equipment


  Machines and tools used in creating products or providing services
• Supplies


  Products which may not necessarily be used in creating products, but are important in the daily operations of a firm
• Product Line


  A set of multiple related products that suits the various needs of their customers and has similar function
• Price


  • The amount that consumers are willing to pay for a product
  • The amount of money expected, required, or given in payment for something
  • The value or money customers give up in exchange for a particular offering that would serve to satisfy their needs and wants
  • The measure of the value that a customer exchanges to purchase an offering
• Price is the only component of the marketing mix that provides revenue for the company
• Factors affecting pricing decisions


  • Product Cost
  • Competitors
  • Overall Marketing Strategy
  • Economic Condition
  • Government Laws And Regulation
• Price skimming


  A pricing strategy where the product's selling price is way above its unit cost
• Penetration pricing


  A pricing strategy where the new product is priced only marginally above its unit cost
• Odd pricing or psychological pricing


  A pricing method premised on the theory that consumers will perceive products with odd price endings as lower in price than they actually are
• Price Lining


  A pricing strategy designed to simplify a consumer's buying decision by releasing multiple versions of the same product or service at different price points simultaneously
• Time-based Pricing


  A strategy where companies consider a certain time frame in setting prices
• Location-based Pricing


  Marketers consider proximity and the quality of the area in setting prices