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Marketing Plan

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LL Bean. Sell good merchandise at a reasonable price; ... Leon Bean, 1911. Collins and Lazier, Managing the Small to Mid-sized Company. Mission Statement ... – PowerPoint PPT presentation

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Title: Marketing Plan


1
Marketing Plan
  • MGMT 610 students
  • Don Harkins is speaking across the hall, in 128
    Chiles. Come on over.

2
Agenda
  • Team Presentations
  • Product or Service Description (3-minutes)
  • Meetings 2 teams meet with Don tonight
  • Other Teams meet with Alan to discuss Marketing
    Plan
  • Team meetings to begin work on Step 3

3
Team Presentations
  • Product or Service Presentation
  • 3 minutes
  • 1-2 questions only
  • Schedule team meetings with Don
  • Breakout

4
Announcements Logistics
5
Entrepreneur on CampusIntels Dave Preston
  • Internal VC in Intels New Business Development
    Group Angel Investor
  • Elevator Pitches 400 pm, 228 Chiles, Thursday,
    January 24
  • First-Years in audience
  • Agenda
  • 2 minutes to pitch your plan
  • Dave will give instant feedback
  • QA

6
Mentoring
  • Don Harkins dharkins_at_cmc.net
  • Market Planning Consultant to all teams
  • Progress in locating a mentor
  • AFS - Bryce Anderson, Crown Capital Securities
  • TreeShavers - Clarke McAllister, PSC
  • HIP and SchlauTech?
  • Spell out expectations

7
Elements of a Successful Business Plan
  • Executive Summary
  • Company Overview
  • Industry and Marketplace Analysis
  • Marketing Plan
  • Operations Plan
  • Management
  • Financial Summary
  • Offering
  • Appendices
  • 5-yr PL
  • 5-yr Balance Sheet
  • 5-yr Cash Flow
  • 1-yr monthly CF
  • Other support docs

8
Business Plan Templates
  • We will all use the same business plan outline
    and organization
  • MS Word template available on course web site
  • Please upload to eProject
  • MS Excel financial spreadsheets available on
    course website
  • Please use them

9
How to write a plan?
Linear Model
Done?
Mktg
Ops
Develop
Iterative Model
Business Plan
10
Iterative ApproachTwelve Steps Ten Weeks
  • Assess Concept
  • Industry Analysis
  • Marketing Plan
  • Operations Plan
  • Development Plan
  • Build Strategy
  • Revenues Expenses
  • Financials
  • Funding
  • Valuation and Offer
  • Publish your Plan
  • Present your Plan

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15
12 Steps, Deliverables, Presentations
  • 12 Step Assignments
  • Parts of the business plan that your team needs
    to work on that week (Tuesday-Monday)
  • Listed on pp. 26-34 of Writing a Successful
    Business Plan
  • Write and insert in Business Plan Template on
    eProject.
  • Deliverables (a subset of 12 Step Assignments)
  • Assignments that I will grade and comment on.
  • Write and insert in Business Plan Template on
    eProject.
  • Presentations (in class)
  • Snippets of the presentation your team will make
    on March 12.
  • I will grade and comment on these as well.
  • Please rotate presenters.

16
Step 2 (last week)
  • See page 26, LM
  • Draft Product/Services Description
  • Deliverable 2, due today.
  • Research your industry, draft 1st two sections,
    Industry Marketplace Analysis
  • Industry Analysis (2/3 page)
  • Marketplace Analysis (2/3 page)
  • Customer Analysis (write this later)
  • Competitor Analysis (write this later)

17
Step 3 (this week)
  • See page 27, LM
  • Write Mission Statement
  • Research and draft Customer Analysis section of
    your plan
  • Industry Analysis (2/3 page)
  • Marketplace Analysis (2/3 page)
  • Customer Analysis (write this now)
  • Competitor Analysis (write this later)
  • Do customer research and draft Intro Target
    Market paragraphs of Marketing Plan Sections
  • Draft Company Overview section
  • Deliverables See Schedule

18
Company Overview
  • Introduction (1 paragraph)
  • Name, location, organization
  • Mission Statement
  • History and Current Status (1 paragraph)
  • Markets and Products
  • Objectives
  • Length about 1 page

19
Mission Statements
  • What is a mission statement?
  • What makes a good mission statement?
  • Examples

20
Mission StatementSemiconductor Equipment
Semiconductor Equipment will become a world
leader in supplying lithography automation and
productivity enhancement products for the
semi-conductor industry through innovative design
and unique customer insights.
21
Mission StatementTech Support Company
Tech Support Company exists to provide
outstanding technical support service and
technical training to its customers. The
Companys target customers are developers of
computer applications, companies with high
demands for technical service and support, and
retail consumers of computer products. We are
committed to becoming the premier provider of
technical help desk solutions and professional
training for IT personnel. Towards this end, our
management has affirmed that it will adhere to
the qualities of integrity, challenge,
innovation, enjoyment, shared leadership and
customer satisfaction.
22
Mission StatementLL Bean
Sell good merchandise at a reasonable price
Treat your customers as you would your friends.
Leon Bean, 1911
Collins and Lazier, Managing the Small to
Mid-sized Company
23
Mission StatementGeneral Electric
Become 1 or 2 in every market we serve and
revolutionize this company to have the agility of
a small enterprise. Jack Welch, 1983
Collins and Lazier, Managing the Small to
Mid-sized Company
24
Mission StatementShipbuilding
We will always build good ships. At a profit if
we can, At a loss if we must, But always good
ships. Bath Ship Works
25
Mission StatementGreat Britain WWII
Our whole people and empire have vowed themselves
to the single task of cleansing Europe of the
Nazi pestilence and saving the world from the new
dark ages. We seek to beat the life and soul of
Hitler and Hitlerism. That alone. That all the
time. That to the end. Winston Churchill, 1941
Collins and Lazier, Managing the Small to
Mid-sized Company
26
Mission StatementsFast Food Industry
To make, distribute and sell the finest quality
all-natural ice cream and related products in a
wide variety of innovative flavors made from
Vermont dairy products. Ben Jerrys To
satisfy the world's appetite for good food, well
served, at a price people can afford. McDona
lds
27
Mission Statements
  • What makes a good mission statement?
  • Compelling
  • Inspiring
  • Clear, measurable objectives
  • Concise

28
Next Week
  • Business Plan Competition Video
  • Deliverables
  • Mission Statement
  • Industry, Marketplace, and Marketplace Buyer
    Analysis
  • Seven-sentence marketing strategy
  • Target Market Strategy
  • Team meetings

29
Team Presentations
  • Mission Statement, 7-sentence marketing plan,
    Marketplace Buyer Analysis
  • 3 minutes -- strictly enforced
  • 1-2 questions only

30
Marketing Plan
31
Marketing Plan Objectives
  • Most important piece of your plan
  • Build on industry and marketplace analysis
    define your niche
  • Identify your customers
  • Demonstrate how you will solve problems for
    customers
  • Describe how you will reach customers
    advertising, sales
  • Convince reader that there is an eager market for
    your product or service

32
Marketing Plan Outline
  • Introduction
  • Target Market
  • Product/Service Strategy
  • Pricing Strategy
  • Distribution Strategy
  • Advertising and Promotion
  • Sales Strategy
  • Sales and Marketing Forecasts

33
Introduction
  • Seven sentence introduction
  • The first sentence tells the purpose of the
    marketing strategy.
  • The second tells how youll achieve this purpose,
    focusing upon your benefits.
  • The third tells your target market or markets.
  • The fourth, the longest sentence, tells the
    marketing weapons youll employ.
  • The fifth tells your niche.
  • The sixth tells your identity.
  • The seventh tells your budget, expressed as a
    percentage of your projected gross revenues.

34
Introduction Example
The purpose of Prosper Press is to sell the
maximum number of books at the lowest possible
selling cost per book. This will be accomplished
by positioning the books as being so valuable to
free-lancers that they are guaranteed to be worth
more to the reader than their selling price.
The target market will be people who can or do
engage in free-lance earning activities.
Marketing tools to be utilized will be a
combination of classified advertising in
magazines and newspapers, direct mail, sales at
seminars, publicity in newspapers and on radio
and television, direct sales calls to bookstores,
and mail-order display ads in magazines. The
niche to be occupied is one that brings together
valuable information that helps free-lancers
succeed. We will become the ultimate authority
for free-lancers. Our identity will be one of
expertise, readability, and quick response to
customer requests. Thirty percent of sales will
be allocated to marketing.
35
Target Market Strategy
  • Identify the market niche you will serve
  • Be as specific as possible
  • Better to be too specific
  • Benefits to target market
  • What problems do you solve?
  • What needs do you fulfill?

36
Two Types of Benefits
  • Emotional
  • Hope, fear, love, guilt, greed, convenience
  • Financial
  • Increased profit, value pricing, save money,
    payback period

37
Talk to Your Customers
  • Imperative that you talk with customers!
  • Casual conversations
  • Interviews
  • Surveys
  • Focus groups
  • Identify needs
  • Listen!
  • NOTE see The New Market Research (online INC
    article)

38
Target Market Questions
  • What buy now? How get service?
  • Would you be interested in ?
  • Would you buy?
  • Where would you expect us to advertise?
  • Who do you consider our competition?
  • Other comments?

Levinson, Guerrilla Marketing 3rd edition
39
Product/Service Strategy
  • Describe how the design of your product/service
    fulfills unmet marketplace needs
  • Differentiate your product/service from the
    competition
  • Explain why and how customers will switch to your
    product or service
  • Describe how you will defend your product or
    service from competition

40
Product Attribute Map
Attribute 1
Competitor 3
You
Competitor 1
Attribute 2
Competitor 2
41
Pricing Strategy
  • Describe and justify your pricing strategy
  • Provide evidence that your target market will
    accept your price
  • Position your strategy relative to current and
    potential competition
  • NOTE Low price often is NOT a good strategy for
    a startup!

42
Advertising/Promotion
  • Describe how you will communicate with current
    and potential customers
  • Advertising
  • Public relations
  • Personal selling
  • Printed materials
  • Other means of promotion
  • Explain why this strategy is most effective in
    reaching your target market
  • Note See Guerrilla Marketing

43
Distribution Strategy
  • Explain how you will deliver your product or
    service to your customers
  • How will your customers acquire your product or
    service?
  • Describe and justify the distribution channels
    you will use
  • Describe how you will gain access to your planned
    distribution channels

44
Sales Strategy
  • Describe to whom you must sell your product or
    service (not always obvious)
  • Explain how you will sell
  • An internal sales force
  • Manufacturer's representatives
  • Telephone solicitors
  • Describe how you will support your sales effort
  • internal staff
  • service operations

45
Goals for Marketing Plan
  • Compelling story that there is a need in the
    market
  • Need flows logically from industry analysis
  • Product/service designed to fulfill market needs
  • Advertising, price, distribution, and sales all
    flow logically, convincingly from characteristics
    of the market
  • WOW! What a great idea! I wish I had thought of
    that

46
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