- Words: 3027
- Marketing Mix
- Pricing strategies
- Market research
- Digital marketing
- Market Segmentation
- Customer service
- Marketing Strategy
- Marketing Management
- Marketing Research
- Target market
- Global marketing
- Customer Satisfaction
- Marketing Communications
- Competitive Advantage
Marketing Plan for Hypothetical Product-Based Company Sample
Executive SummaryThis study contains a selling program for a new and low-cost fix store in the San Antonio market. The new store will be launched in the market and will be given to all types of customer’s demands. such as ; warm-ups. engine diagnostic ( free ) . oil alteration. engine cleansing. will be an sole high terminal smart ticker. The gold and Pt ticker with marble dial will be launched. The usage of advanced technique with alone styling is an of import characteristic of the high terminal smart ticker market. The alone characteristic of the ticker is the possibility of customization every bit good as personalization of the ticker.
Company’s scheme is to function the upscale niche markets of the ticker industry. It will capitalise on the German technology and fabrication used to construct the tickers. There are many untapped potency markets within this industry that desire high-quality. fashionable goods. but do non believe they can afford them or make non cognize where to buy them.
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It is the firm’s purpose to construct and export its merchandises to the United States and to do Essex watches the figure one merchandising ticker in U. S. To make this the company’s long-run ends are to accomplish a 3 % market portion in the U. S. construct trade name image and trade name equity through selling. accomplish a sustainable 55 % net income border. and finally bring forth luxury tickers in add-on to the initial. moderately-priced line. The Company
Essex Watches is a privately-held international corporation. Production takes topographic point in Unites States- New York and gross revenues and selling are focused throughout United States. Ownership of the company is divided among three chief persons who are seting up the initial investing. These include: Todd Goodwin – caput of production section. Josephine Abiog – caput of gross revenues and selling division. and Elizabeth Zelster – frailty president of organisation.
The mill is located at 215 Wessey Street. US. The mill is 1. 000 square metres and should be big plenty for the first three old ages of the company’s growing. The tickers are sold though upscale ticker shops in Unites States. Company has strong direction squad with important experience in ticker industry.
Company believes that developing new and enhanced services and engineering is necessary to stay competitory. The company intends to go on to do investings in research and development. including developing. licensing and geting new engineerings. The company expects that its continued growing and profitableness will depend on its ability to increase its trade name consciousness. Additionally. the company intends to utilize engineering to present an outstanding service offering. Objective
To capture 3 % market portion in U. S by constructing trade name image and trade name equity through selling Situation Analysis Most of the purchasers of branded tickers are between 18 and 34 old ages of age. The primary market sections are the childs which purchases more tickers per capita than older people. The ticker buying is unprompted in nature. The purchase requires strong point of purchase support. Watch purchases are more likely by consumers in the nor’-east and Midwest. Seventy five per centum of the market has strong competition from Swatch. Espirit. Fossil. and Guess. We have huge experience for industry of advanced. high quality merchandises allowing us to offer the consumer value in a branded manner ticker. The 70 per centum of the branded tickers are being distributed through branded mercantile establishments. The market program is based on supplying consumers with a high quality. advanced ticker. The smart tickers will be offered in a assortment of unisex manners. The high terminal smart ticker is one of several undertakings with the potency to better Essex’s growing rate. Market Analysis
The Essex ticker will vie straight with several other branded manner tickers. The market size for branded manner tickers is forecast to be $ 524 million retail dollars in 1998. turning to $ 721 million by 2002 ( as cited in Kotler & A ; Keller 2011 ) . Annual market growing is expected to transcend six per centum through 2002. transcending our current one-year gross revenues growing. Company Analysis
Essex presently distributes its merchandises through direct channels such as through Retail mercantile establishments accounting for 75 per centum of ticker gross revenues. Branded advanced ticker gross revenues are turning faster than our current merchandise lines. Essex’s advanced merchandise scope. strong fabrication accomplishments. merchandise design accomplishments. and huge experience in administering consumer tickers provide an chance for entry and growing in this market. Environmental Analysis
Competitive ForcesThe concentration of the rivals in the ticker industry is increasing twenty-four hours by twenty-four hours. Swatch. Fossil. Guess. and Espirit are strong rivals. keeping 75 per centum of the market portion. Guess and Espirit have less extended distribution webs but strong trade name acknowledgment in market. while Fossil and swatch have strong fabrication and distribution accomplishments. Fossil and Swatch are strong at the lower monetary value lines. Smart tickers are comparatively new merchandise class in the market. The market is chiefly taken up by Swatch. but there is considerable chance for new entrants in the market. Economic Forces
In the current economic system a big portion of the income of people is spent on the basic demands. The purchase of ticker is considered as privation instead than necessitate. The income degree of the people is low. and the population of in-between category is diminishing. The wealth distribution among people is unequal and salvaging rate is low. The people are either really rich or really hapless. and their ingestion behaviour varies consequently. Legal Forces
There are no limitations for the new entrants. Government is back uping the ticker industry by supplying gross revenues revenue enhancement freedom for 2 old ages ( as cited in Kotler & A ; Keller 2011 ) . The freedom is given to companies to demo their committedness towards the new investing made. Technological Forces
The technological promotion is taking a crisp bend in the ticker industry. So the companies must make huge research and besides take up client feedback for conveying up advanced merchandises with latest engineering. Keeping in position the mark market. our company has to look for chances instead than wait for the rivals to come up the merchandise with latest engineering. Social cultural Forces
Traditionally childs have more involvement in utilizing the advanced tickers. This signifies that most of the ticker ingestion is by childs instead than the old 1s. Marketing MixMerchandiseThe high terminal smart tickers will be introduced in market in 20-30 different designs in the first twelvemonth when the new scope will be launched. The tickers will be waterproof with the digitalized touch show. The ticker will hold characteristics such as built-in memory for salvaging the information. MP3 Player. Voice Recorder etc. We will plan a scope with modern expression for the mark market section of pupils. professionals. executives with different business grade and instruction degrees. Monetary value
The smart ticker will be sold for a suggested retail monetary value of $ 50. We believe that we manufacture merchandise with high quality and supply characteristic advantages to client. So the clients are willing to pay monetary value higher than that of the rivals. This pricing scheme. coupled with our efficient production methods. helps in accomplishing our comparatively high market portion for a new merchandise entry. Topographic point
We will present smart tickers in the nor’-east but within the first twelvemonth of launch the merchandise will be available to be sold in the national market. With our current strong distribution channels nationwide covering 75 per centum of ticker gross revenues ; we will restrict our possible if we restrict our distribution to specific regional markets. The merchandise will be sold in about 70 per centum of locations in the United States. The bing normal distributer markups will be used for selling the new merchandise. Promotion
The merchandise will be promoted by utilizing both push and pull scheme. The push publicity scheme will be implemented by engaging six new gross revenues representatives to help in the development of new distribution mercantile establishments. A gross revenues trainer will be hired to develop the gross revenues force in the new merchandise. The publicity of the new merchandise will be done through advertizements on media. societal networking sites and through different web sites. Consumers will non cognize our trade name hence ; we will hold to publicize more sharply to accomplish trade name consciousness. The budget for advertizement should be more than the rivals so that the advertizement can be done on a wide graduated table. Media will be targeted to our major market sections ; work forces and adult females between 18 and 24 and between 25 and 34. Smaller sums will be directed to other mark sections. SWOT Analysis
StrengthsLoyal client base.Advanced methods of production provide high potency for new designs. Experience in distribution channels for timekeepers.Maintain Quality criterions.FailingsMonetary values for everybody. so rich people could desire to travel in a store merely for them. No experience in marketing the high terminal expensive merchandise.No experience in distribution to the jewellery shops.After gross revenues service slow.OpportunitiesExpand by developing the trade name in a new market.Open new base entirely shops in metropoliss centre.Consumer demand for advanced merchandises creates a demand for the high terminal smart merchandises. Capture the competitor’s market portion.MenacesStrong competition with concentrated market portions of rivals. Possibility of new market entrantsNew Brand better than our trade name with lower monetary valuesTranscripts of our trade names ( Forgery )Selling SchemesEssex will present a new merchandise. the advanced Spear ticker. utilizing incursion pricing. extended advertisement. and expanded distribution in order to increase our grosss and growing rate. Cleavage
The purchase behaviour for tickers is expected to differ among age sections and by gender. Young males and females in the 18 to 24 age group are expected to be intense buyers. This group is considered to be manner witting. Womans and work forces in the 25 to 34 age group will be our 2nd important section. expected to purchase more tickers than any other age section. The tickers will be designed as per the cleavage standards. Target Market
The ticker industry. peculiarly the upscale markets. is turning faster than of all time. Potential ticker purchasers are willing to pass moderate to high sums on tickers because they can do the client expression good and hence feel good about them. The mark market for the new merchandise will be pupils. professionals. executives with different business grade and instruction degrees. The tickers will be designed otherwise for the different mark population. Positioning
Before composing a rollout program for launch. get down making positioning and messaging statements for the merchandise. or execute planned launch activities. it is of import to make a clear mark client definition ( Mastan. 1990 ) . The merchandise will be positioned by company as supplying quality merchandise with the advanced design and latest engineering. The new merchandise will be positioned in the head of clients as high terminal merchandise. The merchandise will besides be positioned on the footing of the extra characteristics such as memory infinite. MP3 Player. voice recording equipment and fashionable designs. 5Cs of Marketing
CustomerCustomers are really design oriented when purchasing branded tickers. Watch attributes that we consider most of import for clients include ticker and trade name design. packaging. monetary value. and lastingness ( as cited in Kotler & A ; Keller 2011 ) . Customers are attuned to fast trade name exchanging for tickers. Thepurchase of tickers by clients is unprompted is nature. The designs and the characteristics of the ticker compared with the offering from rivals. Company
The Spear ticker has strong merchandise benefits compared to current market offerings. To accomplish our aims we will offer our alone ticker in a assortment of designs. Company will concentrate more on advertizement as compared to rivals to make an image in the heads of the client. Strong advertizement will increase the gross revenues of the company. Competition
The concentration of the rivals in the ticker industry is increasing twenty-four hours by twenty-four hours. Swatch. Fossil. Guess. and Espirit are strong rivals. keeping 75 per centum of the market portion. To crush the competition the merchandise will be targeted in the market with its USPs. The USP of the merchandise are built-in memory. MP3 Player and voice recording equipment. Confederates
The Company can join forces with the jewelry makers for selling their high terminal merchandise. The ticker is gilded and Pt plated so it can be sold along with the decorations in the shops. Essex has to put up linkages for the sale of their merchandise. Context
There are no legal and political issues linked to the new merchandise being launched in the market. Performance AnalysisThe last measure in the Marketing program includes rating of the scheme consequences and execution plan utilizing selling prosodies. Prosodies are used to project the hereafter and explicate why things happened. The house can find why it achieved or did non accomplish its public presentation ends with the aid of these prosodies. Understanding the causes of the public presentation. regardless of whether that public presentation exceeded. met. or fell below the firm’s ends. enables houses to do appropriate accommodations ( as cited in Grewal & A ; Levy 3rd Edition ) . Tracking download of website content
Making and uploading the content on web site is a critical measure. You can’t merely direct gross revenues a new PowerPoint deck when you launch. Buyers want to larn about your merchandise before they talk to Gross saless ( Burnes. 2013 ) . The merchandise is launched the no of visitants downloading the merchandise inside informations must be tracked. The information will assist to measure the consciousness among the clients. The figure of downloads will assist to measure the figure of clients that might the ‘Spear’ ticker. Website visitants
The footstep on the web site will assist to measure the figure of people which might purchase the merchandise in close hereafter. For the spear tickers if the website visitants are about 500 in a twenty-four hours so the likely goon of merchandise being accepted by clients is high. Increase in market portion
The Essex market portion will increase with the launch of the new merchandise. The company must seek to capture the rivals market every bit good as new clients. Customer battleThe new merchandise launched will prosecute clients more by offering characteristics non offered by rivals in the ticker industry. Qualitative Aim:The intangible qualitative facets of the launch procedure can do or interrupt a launch. and are of import to a successful launch ( Mastan. 1990 ) Increase the Perceived value of merchandiseKeep the quality criterions of merchandiseTo estimate whether clients are cognizant of new merchandise in the market place. Business’ non-operational activities such as whether it reasonably embraces competition Quantitative ObjectiveTo make a strong societal media presence by edifice and keeping a LinkedIn presence. making a Facebook page or set uping a Twitter history To capture 3 % of market portion in first twelvemonth of merchandise launch To track the visitants on web site during first twelvemonth
Gross saless of $ 8. 5 million in first twelvemonthFiscal analysis and Expected consequencesWe expect to accomplish a market portion of three per centum and gross revenues of $ 8. 5 million in the first twelvemonth. The Spear tickers undertaking will break-even in the first twelvemonth. We do non anticipate any ticker engineering breakthroughs during this period. Competition is expected to be based on design. monetary value. and accomplishing widespread distribution. countries in which we expect to be really competitory. In decision. we will put one million dollars in the Spear ticker undertaking. We can accomplish sufficient market portion to accomplish our fiscal and selling aims. During the following five old ages the market is expected to turn and our costs are expected to worsen with experience increasing unit part. Our greatest challenge will be tracking the market tastes in ticker design and meeting and taking these with creative and advanced designs. Pro-forma Income statement at $ 50 Price
Eventuality PlanIt is non expected that there will be increased monetary value competition due to the entry of the Spear ticker. Increased advertisement. nevertheless. might take to an addition in industry advertisement. A sensitiveness analysis of the consequence of increased advertisement on our break-even twelvemonth and cumulative net incomes appears in Table below. Increase in advertisement in stairss of an extra $ 500. 000 dollars up to $ 4 million. presuming no extra additions in market portions ; have reasonably limited consequence on our public presentation. Therefore. in the event that there is increased industry advertisement. we are prepared to increase our advertisement by every bit much as $ 1. 500. 000 yearly. Our addition advertisement besides will let us to respond to lower than expected consumer consciousness. fewer distribution mercantile establishments than planned. or less than expected consumer credence of Spear watch Impact of Advertising Levels on Financial Results
Feasibility StudyFeasibility survey is done to into the possibility of success for an thought or venture. The survey is done to analyse whether the launch will be successful or non. The quantitative study will be done to quantify whether the launch of the merchandise will be successful or non. The survey will be done by aiming the population as per the mark section and the cleavage standards. For Survey a random sample of 100 respondents will be chosen from Young males and females in the 18 to 24 age group those are expected to be intense buyers and other section from 25 to 34 age group. The below mentioned inquiries will assist to clear up the purchasing wonts of the merchandise for specific audience section. Questions
How much will you pay for the smart tickers in the market?How make you take determination while purchasing tickers?How much internal memory infinite you want in the ticker?How many tickers you will purchase in individual purchase?Will you urge ticker to friends/colleagues if your experience is good? Now. after following up with several audience sections in different parts. the subsequent information shows that. slightly surprisingly. 25-34 old ages age group are more interested in buying the smart tickers being offered by Essex. This information will supply more accurate anticipations of net incomes as good borders within the feasibleness survey. Now we can supply better design of themerchandise. packaging. and publicizing to make that section.
MentionsKotler. P. & A ; Keller. K. . ( Feb 2011 ) . Marketing Management. 14th Edition Grewal. D. & A ; Levy. M. . Marketing. 3rd edition retrieved from hypertext transfer protocol: //www. inkling. com/read/marketing-dhruv-grewal-michael-levy-3rd/chapter-2/the-marketing-plan Burnes. R. . 14 Essential Elementss of a Flawless Product Launch ( Sept. 2013 ) retrieved from hypertext transfer protocol: //blog. hubspot. com/marketing/elements-flawless-product-launch-li Mastan. J. . Effective Marketing & A ; Product Launch Best Practices ( 1990 ) retrieved from hypertext transfer protocol: //www. rossla. org/article. hypertext markup language? aid=141
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- 2.3 Purpose and Structure of the Marketing Plan
- 1 Unit Introduction
- In the Spotlight
- 1.1 Marketing and the Marketing Process
- 1.2 The Marketing Mix and the 4Ps of Marketing
- 1.3 Factors Comprising and Affecting the Marketing Environment
- 1.4 Evolution of the Marketing Concept
- 1.5 Determining Consumer Needs and Wants
- 1.6 Customer Relationship Management (CRM)
- 1.7 Ethical Marketing
- Chapter Summary
- Applied Marketing Knowledge: Discussion Questions
- Critical Thinking Exercises
- Building Your Personal Brand
- What Do Marketers Do?
- Marketing Plan Exercise
- Closing Company Case
- 2.1 Developing a Strategic Plan
- 2.2 The Role of Marketing in the Strategic Planning Process
- 2.4 Marketing Plan Progress Using Metrics
- 2.5 Ethical Issues in Developing a Marketing Strategy
- 2 Unit Introduction
- 3.1 Understanding Consumer Markets and Buying Behavior
- 3.2 Factors That Influence Consumer Buying Behavior
- 3.3 The Consumer Purchasing Decision Process
- 3.4 Ethical Issues in Consumer Buying Behavior
- 4.1 The Business-to-Business (B2B) Market
- 4.2 Buyers and Buying Situations in a B2B Market
- 4.3 Major Influences on B2B Buyer Behavior
- 4.4 Stages in the B2B Buying Process
- 4.5 Ethical Issues in B2B Marketing
- 5.1 Market Segmentation and Consumer Markets
- 5.2 Segmentation of B2B Markets
- 5.3 Segmentation of International Markets
- 5.4 Essential Factors in Effective Market Segmentation
- 5.5 Selecting Target Markets
- 5.6 Product Positioning
- 5.7 Ethical Concerns and Target Marketing
- 6.1 Marketing Research and Big Data
- 6.2 Sources of Marketing Information
- 6.3 Steps in a Successful Marketing Research Plan
- 6.4 Ethical Issues in Marketing Research
- 7.1 The Global Market and Advantages of International Trade
- 7.2 Assessment of Global Markets for Opportunities
- 7.3 Entering the Global Arena
- 7.4 Marketing in a Global Environment
- 7.5 Ethical Issues in the Global Marketplace
- 8.1 Strategic Marketing: Standardization versus Adaptation
- 8.2 Diversity and Inclusion Marketing
- 8.3 Multicultural Marketing
- 8.4 Marketing to Hispanic, Black, and Asian Consumers
- 8.5 Marketing to Sociodemographic Groups
- 8.6 Ethical Issues in Diversity Marketing
- 3 Unit Introduction
- 9.1 Products, Services, and Experiences
- 9.2 Product Items, Product Lines, and Product Mixes
- 9.3 The Product Life Cycle
- 9.4 Marketing Strategies at Each Stage of the Product Life Cycle
- 9.5 Branding and Brand Development
- 9.6 Forms of Brand Development, Brand Loyalty, and Brand Metrics
- 9.7 Creating Value through Packaging and Labeling
- 9.8 Environmental Concerns Regarding Packaging
- 9.9 Ethical Issues in Packaging
- 10.1 New Products from a Customer’s Perspective
- 10.2 Stages of the New Product Development Process
- 10.3 The Use of Metrics in Evaluating New Products
- 10.4 Factors Contributing to the Success or Failure of New Products
- 10.5 Stages in the Consumer Adoption Process for New Products
- 10.6 Ethical Considerations in New Product Development
- 11.1 Classification of Services
- 11.2 The Service-Profit Chain Model and the Service Marketing Triangle
- 11.3 The Gap Model of Service Quality
- 11.4 Ethical Considerations in Providing Services
- 12.1 Pricing and Its Role in the Marketing Mix
- 12.2 The Five Critical Cs of Pricing
- 12.3 The Five-Step Procedure for Establishing Pricing Policy
- 12.4 Pricing Strategies for New Products
- 12.5 Pricing Strategies and Tactics for Existing Products
- 12.6 Ethical Considerations in Pricing
- 13.1 The Promotion Mix and Its Elements
- 13.2 The Communication Process
- 13.3 Integrated Marketing Communications
- 13.4 Steps in the IMC Planning Process
- 13.5 Ethical Issues in Marketing Communication
- 14.1 Advertising in the Promotion Mix
- 14.2 Major Decisions in Developing an Advertising Plan
- 14.3 The Use of Metrics to Measure Advertising Campaign Effectiveness
- 14.4 Public Relations and Its Role in the Promotion Mix
- 14.5 The Advantages and Disadvantages of Public Relations
- 14.6 Ethical Concerns in Advertising and Public Relations
- 15.1 Personal Selling and Its Role in the Promotion Mix
- 15.2 Classifications of Salespeople Involved in Personal Selling
- 15.3 Steps in the Personal Selling Process
- 15.4 Management of the Sales Force
- 15.5 Sales Promotion and Its Role in the Promotion Mix
- 15.6 Main Types of Sales Promotion
- 15.7 Ethical Issues in Personal Selling and Sales Promotion
- 16.1 Traditional Direct Marketing
- 16.2 Social Media and Mobile Marketing
- 16.3 Metrics Used to Evaluate the Success of Online Marketing
- 16.4 Ethical Issues in Digital Marketing and Social Media
- 17.1 The Use and Value of Marketing Channels
- 17.2 Types of Marketing Channels
- 17.3 Factors Influencing Channel Choice
- 17.4 Managing the Distribution Channel
- 17.5 The Supply Chain and Its Functions
- 17.6 Logistics and Its Functions
- 17.7 Ethical Issues in Supply Chain Management
- 18.1 Retailing and the Role of Retailers in the Distribution Channel
- 18.2 Major Types of Retailers
- 18.3 Retailing Strategy Decisions
- 18.4 Recent Trends in Retailing
- 18.5 Wholesaling
- 18.6 Recent Trends in Wholesaling
- 18.7 Ethical Issues in Retailing and Wholesaling
- 19.1 Sustainable Marketing
- 19.2 Traditional Marketing versus Sustainable Marketing
- 19.3 The Benefits of Sustainable Marketing
- 19.4 Sustainable Marketing Principles
- 19.5 Purpose-Driven Marketing
By the end of this section, you will be able to:
- 1 Explain the purpose of a marketing plan.
- 2 List and discuss elements that should be included in a marketing plan.
Purpose and Structure of a Marketing Plan
A company’s marketing plan ( Figure 2.10 ) is without a doubt one of the most important planning tools in business. You might think that it’s an activity that generates an impressive, colorful document that sits in a desk drawer until the next time it gets revised, but you’d be wrong.
If you’re a new business seeking funding, the bank will want to see and understand your marketing plan before parting with funds. If you have an existing business that you want to grow, investors will likely go over your marketing plan with a fine-tooth comb to understand how additional funding will generate a positive return. Even if you’re not seeking external funding, you still need a marketing plan to help you establish and achieve your sales and marketing goals in the most effective manner. That’s because the marketing plan will set forth the specific actions that marketing team members need to take in order to reach target customers, build brand awareness, and of course, generate increased revenue.
If you like sports analogies, think about marketing plans as being akin to playbooks in football. A football playbook sets forth what needs to be done to win the game. The playbook breaks the team’s strategy into actionable plays and defines who is responsible for what in order to win the game. That’s exactly the purpose of a marketing plan as well!
Structure of a Marketing Plan
Do a quick Internet search on “structure of a marketing plan,” and you’ll get countless results. To make this even more confusing, there is little agreement within marketing about the precise structure of a marketing plan. Some marketing “experts” argue for 10 components, others for 5 or 6 components. For our purposes in this book, we’re going to use a 12-element marketing plan comprising the elements shown in Figure 2.11 , each of which will be discussed in detail.
If your professor has assigned the semester-long marketing plan template assignment, these next sections will provide you with excellent guidance for completing each of the sections. So let’s dive right in.
As the name suggests, the executive summary of your marketing plan provides those who will be reviewing your plan with a brief overview (usually one to two pages). It’s going to give the reader a quick synopsis of the main parts of the plan—an overview of what your company has done, what it plans to do, and how it plans to do it.
Think of the executive summary as being an “elevator pitch” of the plan. If you’re not familiar with elevator pitches, they’re persuasive, concise introductions that provide the listener with the information they need to know within just a short period of time—usually the length of the average elevator ride.
The executive summary of your marketing plan should succinctly cover the main parts of the plan. It should contain information about the company, brand, products/services, the market itself, and the overall marketing direction of the company.
It’s important to keep in mind that a marketing plan is typically written in sections separated by headings or subheadings. That’s not the case with the executive summary. You’ll write the executive summary as a series of paragraphs, and each paragraph will focus on a different section of the marketing plan.
Instead of talking about the executive summary strictly in abstract terms, let’s see how this plays out in an example.
This marketing plan is presented for ABC Company, a manufacturer of electronic components for a variety of industries. We have developed a new product for the health care industry, and this marketing plan will demonstrate that ABC Company has a unique opportunity to expand into this dynamic, growing market.
ABC Company was founded in 2002 and is based in Park City, Utah. The company produces electronic components for a variety of industries. When the company was founded, it produced electronic apparatuses primarily for the automotive industry. Its product line has expanded over the past 20+ years to include electronic apparatuses for the appliance and heating, ventilating, and cooling (HVAC) industries. Key Team Members: Khadija Simone, founder and CEO—Khadija has over 30 years of experience in the electronic apparatus industry, having managed divisions of two Fortune 500 companies before founding ABC Company. Khadija has a BS in electrical engineering from Purdue University and a master of business administration from the University of Chicago. Tanasha Turner, vice president of marketing—Tanasha has 20 years of sales and business development experience from working with several start-up companies that she helped grow into large businesses. She joined ABC Company in 2016 and has spearheaded the entry of the company into the appliance industry. Tanasha has a BA in marketing from the University of Pennsylvania and a master’s in business marketing from California Coast University.
There are several large players in the electronic apparatus industry, including EAC Industries and Antwell Industries, as well as a few smaller companies that sell similar products to the automotive, appliance, and HVAC industries. The rapid pace of innovations in the industry is stimulating demand for newer and faster apparatuses. Digital technologies such as 5G mobile communication networks and 3D printing are expected to aid in the development of innovative electronic apparatuses.
As noted above, ABC Company has created a new electronic apparatus for the health care industry. The success of this product would provide the company with an inroad to a new industry that uses the sophisticated technology developed by the company. This new product would provide the health care industry with improved efficiencies and cost savings vis-à-vis those that are offered by existing products on the market. Although there are similar products designed for other industries, there are currently no competitors for this type of product designed specifically for the health care industry.
The target market for ABC Company’s new product is large health care providers, including hospitals, research laboratories, and clinics. This marketing plan will outline its campaign to reach this target market through a combination of direct sales and social media marketing.
ABC Company has experienced significant sales growth in the appliance and HVAC industries since the company’s inception in 2002. Its sales revenue from these industries last year exceeded $23.4 million. Our marketing budget for the coming year in connection with entry into the health care industry is estimated to be $150,000.
ABC Company has developed a marketing plan that will enable it to quickly make inroads into the health care industry and become the premier provider of electronic apparatuses to this growing market. We intend to use our experience and expertise in selling to the appliance and HVAC industries to showcase how this electronic apparatus can benefit the health care industry.
The next section of your marketing plan will be the mission statement of your company. You’ll recall from Section 2.1 that a mission statement is an action statement that clearly and concisely declares the purpose of the organization and how it serves its customers. It defines the what, why, and who of the organization. Once again, a picture (or in this case, an example) is worth a thousand words. Earlier in this chapter, we examined the mission statements of a couple of well-known businesses, so let’s take a look at some mission statements for some other well-known companies:
- Pinterest : “Help people discover the things they love, and inspire them to go do those things in their daily lives” 52
- Spotify : “To unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it” 53
- BBC : “To act in the public interest, serving all audiences through the provision of impartial, high-quality and distinctive output and services which inform, educate and entertain” 54
Keep in mind that most mission statements are one to three sentences, almost never exceeding 150 words. You want to be succinct in letting people know what you do and who you do it for.
But how do you write a mission statement? You might start out by asking yourself four fundamental questions—what does the company do, how does it do it, who does it do it for, and why does it do what it does? The answers to these questions will likely give you enough information to synthesize and condense it into a meaningful mission statement. Remember that your mission statement should be more than just a meaningless string of “feel good” business jargon. It should be ambitious but realistic. It should be clear and concise. It should be focused on what the company does for its customers. Finally, it should keep employees focused on the organization’s objectives.
The next section in your marketing plan will include a SWOT analysis. We’ve covered the concept of a SWOT analysis in some detail earlier in this chapter, so we won’t review it here. Suffice it to say that the SWOT analysis as part of your marketing plan is crucial in identifying key internal and external influences in your company’s current position so that you can take advantage of the strengths and opportunities, mitigate the threats, and address your internal weaknesses.
Objectives and Issues
As noted earlier in this chapter, marketing plan objectives should be SMART—specific, measurable, actionable, realistic, and time-bound. Within your marketing plan, these objectives should be written in such a manner that they communicate precisely what needs to be achieved and who is responsible for each activity. For example, if you were writing this section of the marketing plan for ABC Company, an objective statement such as “Increase revenue by introducing a new product in the health care industry” would be too generic and not actionable. How much do you want to increase market share and during what time period? A better objective may be “Generate $1.7 million in sales in the health care industry by the end of the next fiscal year.” Remember that writing specific goals and objectives can help you more clearly define and address the issues outlined in your marketing plan. You should also keep in mind that the marketing plan objectives aren’t limited to just revenue. You may have objectives like increasing leads, in-store foot traffic, conversion rates, etc. Just make certain that each of these objectives is SMART.
Market Segmentation and Target Market
Essentially, what you will define in this section of the marketing plan is your target audience and your most likely buyers. We will cover market segmentation and targeting in more detail later in this textbook, but we’ll give you a sneak peek into these concepts. Market segmentation is the process of dividing a target market into smaller, more defined categories of people or businesses with common needs and/or wants who are expected to respond similarly to a marketing action. Ultimately, the purpose of segmenting a market is to highlight the differences between groups of customers so that you can decide which group(s) upon which to focus your marketing efforts and resources—that’s your target market.
Your marketing plan should include a description of the market for the product or service, the segments in this market, and how the plan will address the target market strategy.
The intricacies of buyer personas will also be covered in more detail in a later chapter, but your takeaway here is that a buyer persona is a semi-fictional representation of your “ideal customer” that helps you understand and relate to the audience to which you want to market your product and/or services. Buyer personas help marketers visualize the person to whom the company is selling so that marketing messages can be fine-tuned because brands that feel “human” to their target market usually succeed in building a rapport with them, improving the brand reputation for both existing and new customers.
This section of the marketing plan should address who your buyer personas are (and you can have several). These are one-page visual profiles outlining the demographics of your ideal customer, such as age, gender, motivations, and needs. For example, let’s assume that your company sells outdoor apparel and hiking equipment. One of your buyer personas may be “On-the-go-Evan,” a Gen Z male who enjoys being outside and participating in noncompetitive sports and relies on blog posts, influencers, and reviews to get unbiased information about the equipment he needs. 55
Buyer personas aid marketers in bringing the target customer to life in a way that both inspires marketing strategies and prepares sales teams for conversations with customers that connect them in a meaningful way. How many buyer personas should you create? According to LinkedIn, although there isn’t a “magic number,” in most cases three to eight buyer personas are adequate. 56
Link to Learning
Creating buyer personas.
Creating buyer personas is an integral part of marketing, and it can be fun. For more information on steps to creating buyer personas, check out this tool from HubSpot that describes buyer personas and provides an interactive tool for creating them.
Similarly, positioning will be covered in more depth in a later chapter. Remember that you first will have segmented the market by dividing it into distinct groups of customers and determined which customer group(s) you want to target. Positioning now defines where your product or service fits into the marketplace and why it is better than your competitors’ products.
Product positioning is typically illustrated on a perceptual positioning map that uses two determinant attributes (those factors customers use in making their purchase decision) on the vertical and horizontal axes, and the marketer places his or her product offering on the map, along with those of the major competitors.
Once you’ve developed the map, you’ll have a clearer idea of where your product or service stands in relation to the competition. The questions to address in your marketing plan might include the following:
- Do consumer attitudes toward your product or service match what you want them to think about it?
- Do consumer attitudes toward your competitors’ products or services match what you perceive?
- Who are the competitors that consumers perceive as offering products or services that are close to yours?
- Are there holes or gaps in the map, indicating the potential for new offerings?
Creating a Perceptual Positioning Map
See an example of a perceptual positioning map as applied to the fast-food industry.
An important aspect of these maps is understanding how your products and your competition are perceived by customers, and this video shows you how to process and map this information.
Check out this example using chocolate. If you’re interested in using Excel data to create the map, watch this video example.
Current Marketing Situation
This section of your marketing plan should provide the reader with a clear description of the current state of the marketplace, including your target market and the competitive environment. It should include a synopsis of the research into and analysis of your target market, your competitors, challenges in the marketplace, and the company’s competitive differentiators. Some of the key items to address in the plan are as follows:
- Market Description. This isn’t intended to be a comprehensive list, but this section should address things like statistics about the size of your target market; whether it is growing, shrinking, or staying the same; if it is changing; and why. 57
- Product Review. The product review section of your marketing plan summarizes the main features of your company’s products, including information about sales, price, and gross margins.
- Competitive Analysis. This section should include a discussion of your top competitors and how they fare in the marketplace vis-à-vis your company’s products and/or services. This typically involves researching major competitors to glean insights into their products or services, sales, marketing tactics, product quality, pricing, market share, and distribution.
Now let’s get to the heart of the matter. This section of the marketing plan essentially sets forth the broad marketing strategy or game plan for achieving the objectives previously set forth in the plan. It should consist of specific strategies for target markets, positioning, the marketing mix (i.e., product, price, place, and promotion), and anticipated marketing expenditure levels. 58
- Product Strategy. This is the “road map” that you’ll use to develop your product(s) or features(s), including all tasks needed to achieve the objectives set forth in the marketing plan. The product strategy essentially outlines how the product(s) or service(s) will benefit the business, what problem it will solve, and the impact that it will make on customers and the business. It’s only when this strategy has been set forth in straightforward terms that it can act as a baseline upon which you can measure success before, during, and after production. 59
- setting a price that sends the right message in terms of quality and value in the minds of your target market,
- setting a price that supports your promotion strategy (to be covered below), and
- setting a price that maximizes profit. 60
- Promotion Strategy. Your promotion strategy sets forth the tactics you intend to implement in your marketing plan in order to increase demand for your product(s) or service(s). List the methods you will use to gain awareness and interest in your product from those in your target audience. Methods of reaching potential consumers abound—company websites, social media networks, trade shows, and radio/television/website advertising. You’ll want to list the advantages and disadvantages of each method and indicate why and how much it will cost to employ the method(s) you have selected.
- Distribution Strategy. Your distribution strategy describes how customers in your target market will purchase from you. Will they buy directly from your website, from a storefront, or through distributors or retailers? What are the costs involved in this type of distribution, and why do you believe your distribution strategy will enable you to get the right product into the hands of the right consumer at the right time?
You’re getting to the end of the plan (finally). The marketing strategies outlined in the section above should now be translated into specific action programs that indicate what is to be done, when it is to be done, by whom it will be done, and the cost involved. The action program should list when activities will be started, reviewed, and completed.
The action plans outlined in the section above should enable you to make a supporting marketing budget that is essentially a projected profit-and-loss (P&L) statement. If you’ve previously taken an accounting course, you’ll know that a P&L statement summarizes the revenues, costs, and expenses incurred during a specified period.
On the revenue side, this statement should indicate that forecasted number of units to be sold during the period outlined in the marketing plan and the average net price for revenues. On the expense side, this statement should indicate the cost of production, physical distribution, and marketing expenditures. 61
Controls to Monitor Progress
Controls is the last section of the marketing plan. This section will outline the control methods that will be utilized to monitor the action programs outlined in the plan. The reason you’ll want to monitor these metrics during the time period of the marketing plan is to see where things may have fallen outside the desired range, at which time you’ll want to dig into the details, perform an analysis of the root cause of the problem(s), and make adjustments to get back on track.
There are numerous online examples of marketing plans. To be a great marketer, it would be wise to review and study marketing plans and how they tell a unique company story. Here are several to check out:
- Shopify blog: “7 Inspiring Marketing Plan Examples (and How You Can Implement Them)”
- University of Illinois
- Visit Baton Rouge
- Bizfluent example for a generic restaurant
There’s also a free marketing plan template available from HubSpot .
It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.
- Description of products or services being marketed
- Description of customer base and related marketing activities
- Description of company and team
- Description of market factors and trends
- Strengths and opportunities
- Weaknesses and threats
- Strengths and weaknesses
- Opportunities and threats
- A perceptual map indicates the relative strength of competitors in the market segment.
- A perceptual map indicates the relative market share and market growth of a product portfolio.
- A perceptual map illustrates product positioning vis-à-vis the competitors.
- A perceptual map displays the product, pricing, promotion, and distribution strategy of the product or service.
- Objectives and issues
- SWOT analysis
- Buyer personas
- Current marketing situation
- Target market
- Mission statement
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Marketing Plan For Hypothetical Product-Based Company
Filed Under: Business plans Tagged With: market
This report contains a marketing plan for a new and affordable repair shop in the San Antonio market. The new shop will be launched in the market and will tend to all types of customer’s needs, such as; tune-ups, engine diagnostic (free), oil change, engine cleaning, will be an exclusive high end smart watch. The gold and platinum watch with marble dial will be launched. The use of innovative technique with unique styling is an important feature of the high end smart watch market. The unique feature of the watch is the possibility of customization as well as personalization of the watch.
Company’s strategy is to serve the upscale niche markets of the watch industry. It will capitalize on the German engineering and manufacturing used to build the watches. There are many untapped potential markets within this industry that desire high-quality, stylish goods, but do not think they can afford them or do not know where to purchase them.
It is the firm’s intention to build and export its products to the United States and to make Essex watches the number one selling watch in U.S. To do this the company’s long-term goals are to achieve a 3% market share in the U.S, build brand image and brand equity through marketing, achieve a sustainable 55% profit margin, and eventually produce luxury watches in addition to the initial, moderately-priced line. The Company
The Research paper on The Swatch Group Industry Watch Market
Maryam TahririhaGSB 576 L. Grant Swatch and the Global Watch Industry Case Analysis July 13, 2005 THE SWATCH GROUP: COMPETING IN AN INCREASINGLY GLOBAL MARKET FOR WATCHES Nicholas Hayek and Ernst Thome formed the Swatch Group (the Group) in 1983 by merging two bankrupt watch-making groups. The merger gave the Group ownership of many of the Switzerland's dominant watch brands. Swatch, their first ...
Essex Watches is a privately-held international corporation. Production takes place in Unites States- New York and sales and marketing are focused throughout United States. Ownership of the company is divided among three principal individuals who are putting up the initial investment. These include: Todd Goodwin – head of production department, Josephine Abiog – head of sales and marketing division, and Elizabeth Zelster – vice president of organization.
The factory is located at 215 Wessey Street, US. The factory is 1,000 square meters and should be large enough for the first three years of the company’s growth. The watches are sold though upscale watch stores in Unites States. Company has strong management team with significant experience in watch industry.
Company believes that developing new and enhanced services and technology is necessary to remain competitive. The company intends to continue to make investments in research and development, including developing, licensing and acquiring new technologies. The company expects that its continued growth and profitability will depend on its ability to increase its brand awareness. Additionally, the company intends to use technology to deliver an outstanding service offering. Objective
To capture 3% market share in U.S by building brand image and brand equity through marketing Situation Analysis Most of the buyers of branded watches are between 18 and 34 years of age. The primary market segments are the youngsters which purchases more watches per capita than older people. The watch purchasing is impulsive in nature. The purchase requires strong point of purchase support. Watch purchases are more likely by consumers in the northeast and Midwest. Seventy five percent of the market has strong competition from Swatch, Espirit, Fossil, and Guess. We have vast experience for manufacture of innovative, high quality products permitting us to offer the consumer value in a branded fashion watch. The seventy percent of the branded watches are being distributed through branded outlets. The market plan is based on providing consumers with a high quality, innovative watch. The smart watches will be offered in a variety of unisex styles. The high end smart watch is one of several projects with the potential to improve Essex’s growth rate. Market Analysis
The Essay on International Market Products Chinese Companies
1. INTRODUCTION There is no doubt that England acts an important role in the world! s market system, especially in Europe. But it seems that English products have little effects on Chinese market. To research the influence of English companies and products in China, I make a hypothesis that is! ^0 there is just a few Chinese consumers realize that English companies and products are famous in ...
The Essex watch will compete directly with several other branded fashion watches. The market size for branded fashion watches is forecast to be $524 million retail dollars in 1998, growing to $721 million by 2002 (as cited in Kotler & Keller 2011).
Annual market growth is expected to exceed six percent through 2002, exceeding our current annual sales growth. Company Analysis
Essex currently distributes its products through direct channels such as through Retail outlets accounting for 75 percent of watch sales. Branded innovative watch sales are growing faster than our current product lines. Essex’s innovative product range, strong manufacturing skills, product design skills, and vast experience in distributing consumer watches provide an opportunity for entry and growth in this market. Environmental Analysis
The concentration of the competitors in the watch industry is increasing day by day. Swatch, Fossil, Guess, and Espirit are strong competitors, holding 75 percent of the market share. Guess and Espirit have less extensive distribution networks but strong brand recognition in market, while Fossil and swatch have strong manufacturing and distribution skills. Fossil and Swatch are strong at the lower price lines. Smart watches are relatively new product category in the market. The market is mainly taken up by Swatch, but there is considerable opportunity for new entrants in the market. Economic Forces
In the current economy a large part of the income of people is spent on the basic needs. The purchase of watch is considered as want rather than need. The income level of the people is low, and the population of middle class is decreasing. The wealth distribution among people is unequal and saving rate is low. The people are either very rich or very poor, and their consumption behavior varies accordingly. Legal Forces
There are no restrictions for the new entrants. Government is supporting the watch industry by providing sales tax exemption for 2 years ( as cited in Kotler & Keller 2011).
The Essay on International Gray Markets Manufacturers Market Products
Reference: Prince, Melvin and Davies, Mark. "Seeing Red Over International Gray Markets", Business Horizons, March-April 2000. pp. 71-74. Summary/Description: International gray markets pose a real threat to manufacturers and their licensed retailers and they also represent a legit market that is just trying to get the end consumer the best quality product at the lowest price. It's all a matter of ...
The exemption is given to companies to show their commitment towards the new investment made. Technological Forces
The technological advancement is taking a sharp turn in the watch industry. So the companies must do vast research and also take up customer feedback for bringing up innovative products with latest technology. Keeping in view the target market, our company has to look for opportunities rather than wait for the competitors to come up the product with latest technology. Social cultural Forces
Traditionally youngsters have more interest in using the innovative watches. This signifies that most of the watch consumption is by youngsters rather than the old ones. Marketing Mix
The high end smart watches will be introduced in market in 20-30 different designs in the first year when the new range will be launched. The watches will be waterproof with the digitalized touch display. The watch will have features such as inbuilt memory for saving the data, MP3 Player, Voice Recorder etc. We will design a range with modern look for the target market segment of students, professionals, executives with different occupation degree and education levels. Price
The smart watch will be sold for a suggested retail price of $50. We believe that we manufacture product with high quality and provide feature advantages to customer. So the customers are willing to pay price higher than that of the competitors. This pricing strategy, coupled with our efficient production methods, helps in achieving our relatively high market share for a new product entry. Place
We will introduce smart watches in the northeast but within the first year of launch the product will be available to be sold in the national market. With our current strong distribution channels nationwide covering 75 percent of watch sales; we will limit our potential if we restrict our distribution to specific regional markets. The product will be sold in almost 70 percent of locations in the United States. The existing normal distributor markups will be used for selling the new product. Promotion
The product will be promoted by using both push and pull strategy. The push promotion strategy will be implemented by hiring six new sales representatives to assist in the development of new distribution outlets. A sales trainer will be hired to train the sales force in the new product. The promotion of the new product will be done through advertisements on media, social networking sites and through different websites. Consumers will not know our brand therefore; we will have to advertise more aggressively to achieve brand awareness. The budget for advertisement should be more than the competitors so that the advertisement can be done on a broad scale. Media will be targeted to our major market segments; men and women between 18 and 24 and between 25 and 34. Smaller amounts will be directed to other target segments. SWOT Analysis
The Business plan on Starbucks Coffee Market Customer
Starbucks Corporation History Of Starbucks Gordon Bowker, Jerry Baldwin and Ziv Siege founded Starbucks in 1971. Their goal was to sell the finest quality whole beans and ground coffees (Starbucks timeline and history, 2004). In 1982, Starbucks had grown to five stores and started serving coffee to restaurants and espresso bars. Harold Schultz was employed as the director of retail operations and ...
Loyal customer base.
Innovative methods of production provide high potential for new designs. Experience in distribution channels for timepieces.
Maintain Quality standards.
Prices for everybody, so rich people could want to go in a shop only for them. No experience in marketing the high end expensive product.
No experience in distribution to the jewelry stores.
After sales service slow.
Expand by developing the brand in a new market.
Open new stand alone stores in cities centre.
Consumer demand for innovative products creates a demand for the high end smart products. Capture the competitor’s market share.
Strong competition with concentrated market shares of competitors. Possibility of new market entrants
New Brand better than our brand with lower prices
Copies of our brands (Forgery)
Essex will introduce a new product, the innovative Spear watch, using penetration pricing, extensive advertising, and expanded distribution in order to increase our revenues and growth rate. Segmentation
The purchase behavior for watches is expected to differ among age segments and by gender. Young males and females in the 18 to 24 age group are expected to be intense purchasers. This group is considered to be style conscious. Women and men in the 25 to 34 age group will be our second significant segment, expected to buy more watches than any other age segment. The watches will be designed as per the segmentation criteria. Target Market
The Business plan on Range Of Products Pokemon Market Product
... defending the products position in the market place and increasing promotional activity focused upon encouraging pervious customers to repurchase newer products. The range ... / globalization The Pokemon creators, along with Nintendo, first launched Pokemon for the world's best-selling Game Boy video ... game system in Japan in 1996 and watched the original 150 creatures evolve a global cultural ...
The watch industry, particularly the upscale markets, is growing faster than ever. Potential watch buyers are willing to spend moderate to high amounts on watches because they can make the customer look good and hence feel good about them. The target market for the new product will be students, professionals, executives with different occupation degree and education levels. The watches will be designed differently for the different target population. Positioning
Before writing a rollout plan for launch, begin creating positioning and messaging statements for the product, or execute planned launch activities, it is important to create a clear target customer definition(Mastan,1990) .The product will be positioned by company as providing quality product with the innovative design and latest technology. The new product will be positioned in the mind of customers as high end product. The product will also be positioned on the basis of the additional features such as memory space, MP3 Player, voice recorder and stylish designs. 5Cs of Marketing
Customers are very design oriented when buying branded watches. Watch attributes that we consider most important for customers include watch and brand design, packaging, price, and durability (as cited in Kotler & Keller 2011).
Customers are attuned to fast brand switching for watches. The
purchase of watches by customers is impulsive is nature. The designs and the features of the watch compared with the offering from competitors. Company
The Spear watch has strong product benefits compared to current market offerings. To achieve our objectives we will offer our unique watch in a variety of designs. Company will focus more on advertisement as compared to competitors to create an image in the minds of the customer. Strong advertisement will increase the sales of the company. Competition
The concentration of the competitors in the watch industry is increasing day by day. Swatch, Fossil, Guess, and Espirit are strong competitors, holding 75 percent of the market share. To beat the competition the product will be targeted in the market with its USPs. The USP of the product are inbuilt memory, MP3 Player and voice recorder. Collaborators
The Essay on Shows Anytime People Product Watch
Ti Vo is the hottest in the United States today. Millions of people from all over the states buy something that finally is for once convenient for them. Many people in their households have at least some type cable server instead of basic television. The mission statement for Ti Vo should be providing viewers the control of what they watch and when they want to watch it. Putting viewers in control ...
The Company can collaborate with the jewelers for selling their high end product. The watch is gold and platinum plated so it can be sold along with the ornaments in the stores. Essex has to set up linkages for the sale of their product. Context
There are no legal and political issues linked to the new product being launched in the market. Performance Analysis
The last step in the Marketing plan includes evaluation of the strategy results and implementation program using marketing metrics. Metrics are used to project the future and explain why things happened. The firm can determine why it achieved or did not achieve its performance goals with the help of these metrics. Understanding the causes of the performance, regardless of whether that performance exceeded, met, or fell below the firm’s goals, enables firms to make appropriate adjustments(as cited in Grewal & Levy 3rd Edition) . Tracking download of website content
Creating and uploading the content on website is a critical step. You can’t just send sales a new PowerPoint deck when you launch. Buyers want to learn about your product before they talk to Sales (Burnes, 2013).
The product is launched the no of visitors downloading the product details must be tracked. The data will help to evaluate the awareness among the customers. The number of downloads will help to evaluate the number of customers that might the ‘Spear’ watch. Website visitors
The footfall on the website will help to evaluate the number of people which might buy the product in near future. For the spear watches if the website visitors are approximately 500 in a day then the likely hood of product being accepted by customers is high. Increase in market share
The Essex market share will increase with the launch of the new product. The company must try to capture the competitors market as well as new customers. Customer engagement
The new product launched will engage customers more by offering features not offered by competitors in the watch industry. Qualitative Objective:
The intangible qualitative aspects of the launch process can make or break a launch, and are important to a successful launch (Mastan, 1990) Increase the Perceived value of product
Maintain the quality standards of product
To gauge whether customers are aware of new product in the marketplace. Business’ non-operational activities such as whether it fairly embraces competition Quantitative Objective
To create a strong social media presence by building and maintaining a LinkedIn presence, creating a Facebook page or establishing a Twitter account To capture 3% of market share in first year of product launch To track the visitors on website during first year
Sales of $8.5 million in first year
Financial analysis and Expected results
We expect to achieve a market share of three percent and sales of $8.5 million in the first year. The Spear watches project will break-even in the first year. We do not expect any watch technology breakthroughs during this period. Competition is expected to be based on design, price, and achieving widespread distribution, areas in which we expect to be very competitive. In conclusion, we will invest one million dollars in the Spear watch project. We can achieve sufficient market share to achieve our financial and marketing objectives. During the next five years the market is expected to grow and our costs are expected to decline with experience increasing unit contribution. Our greatest challenge will be tracking the market tastes in watch design and meeting and leading these with creative and innovative designs. Pro-forma Income statement at $50 Price
It is not expected that there will be increased price competition due to the entry of the Spear watch. Increased advertising, however, might lead to an increase in industry advertising. A sensitivity analysis of the effect of increased advertising on our break-even year and cumulative profits appears in Table below. Increase in advertising in steps of an additional $500,000 dollars up to $4 million, assuming no additional gains in market shares; have fairly limited effect on our performance. Therefore, in the event that there is increased industry advertising, we are prepared to increase our advertising by as much as $1,500,000 annually. Our increase advertising also will allow us to react to lower than expected consumer awareness, fewer distribution outlets than planned, or less than expected consumer acceptance of Spear watch Impact of Advertising Levels on Financial Results
Feasibility study is done to into the possibility of success for an idea or venture. The study is done to analyze whether the launch will be successful or not. The quantitative survey will be done to quantify whether the launch of the product will be successful or not. The study will be done by targeting the population as per the target segment and the segmentation criteria. For Survey a random sample of 100 respondents will be chosen from Young males and females in the 18 to 24 age group those are expected to be intense purchasers and other segment from 25 to 34 age group. The below mentioned questions will help to clarify the buying habits of the product for specific audience segment. Questions
How much will you pay for the smart watches in the market?
How do you take decision while buying watches?
How much internal memory space you want in the watch?
How many watches you will buy in single purchase?
Will you recommend watch to friends/colleagues if your experience is good? Now, after following up with several audience segments in different regions, the subsequent data shows that, somewhat surprisingly, 25-34 years age group are more interested in purchasing the smart watches being offered by Essex. This data will provide more accurate predictions of earnings as well margins within the feasibility study. Now we can provide better design of the
product, packaging, and advertising to reach that segment.
Kotler, P. & Keller, K., (Feb 2011), Marketing Management, 14th Edition Grewal, D. & Levy, M., Marketing, 3rd edition retrieved from https://www.inkling.com/read/marketing-dhruv-grewal-michael-levy-3rd/chapter-2/the-marketing-plan Burnes, R., 14 Essential Elements of a Flawless Product Launch (Sept, 2013) retrieved from http://blog.hubspot.com/marketing/elements-flawless-product-launch-li Mastan, J., Effective Marketing & Product Launch Best Practices (1990) retrieved from http://www.rossla.org/article.html?aid=141
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Northwestern University Customer Customers Marketing
... companies with many low-margin customers will practice basic marketing; at the other extreme, in markets with few customers and high ... increase total customer value by strengthening or augmenting the product, ... and two other companies launched the Nectar ...
Marketing plan for a hypothetical product-based company
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part B of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s mission, introduction and branding, and information collected from Step 5 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Read also New City Home Care Marketing Plan
Write a four to five (4-5) page paper in which you:
- Revise your executive summary from Assignment 1, based on feedback from your instructor.
- Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.
- Develop a marketing strategy for your product and determine an appropriate time table for execution of the plan (e.g., phase 1, phase 2, etc.). Provide a rationale for your response. Read also 7 Page Marketing Plan – Star Mobiles Inc
- Develop a positioning statement which should include, at a minimum, a benefit, user, competitive, or innovative statement about your product. Provide a rationale for your time frame for execution of your positioning statement.
- Examine the relevant marketing science of customer behavior for your product.
- Develop your company’s mission statement and company introduction.
- Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Read more on What A Marketing Plan is and Components of A Marketing Plan
The specific course learning outcomes associated with this assignment are:
- Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.
- Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
- Evaluate the basis for market segmentation and approaches to segmentation.
- Evaluate target customer segments and positioning products within these segments.
- Develop branding strategies for existing and new products.
- Use technology and information resources to research issues in marketing management.
- Write clearly and concisely about marketing management using proper writing mechanics.
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Marketing Plan for a hypothetical product-based company, marketing homework help
You will create a marketing plan for a hypothetical product-based company. Each assignment focuses on a different section of the overall marketing plan. For Assignment 1, you will compile information on the company’s background information, an environmental analysis, your company’s short and long-term goals, and a SWOT analysis.
For information on Website analytics, visit Google Analytics at http://www.google.com/analytics/why/ .
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
Write a five to six (5-6) page paper in which you:
- Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides.
- Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Determine the primary and secondary target markets for your company. Next, analyze the primary and secondary target markets that you identified for your company. Be sure to cover the 4Ps, 5Cs and STP.
- Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
- Develop both a SWOT analysis and needs analysis for your product. Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company.
- Use at least four (4) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note : Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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Marketing Plan – Describe your hypothetical company, its location
For this assignment, you will document your hypothetical company’s background information and mission statement, your company’s short- and long-term goals, an environmental analysis, and a SWOT analysis.
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Note: You should create and / or make all necessary assumptions needed for the completion of this assignment.
Create the first part of your marketing plan:
- Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides, and introduce the contents of your marketing plan.
- Develop your company’s mission statement.
- Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals.
Note : Consider the following metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product /service adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
- Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Develop both a SWOT analysis and needs analysis for your product / service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company.
- Use at least three academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other websites do not qualify as academic resources.
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MARKETING 500: MARKETING PLAN FOR A HYPOTHETICAL COMPANY
- Similar Questions
Assignment 1: Part A: Your Marketing Plan
Due Week 4 and worth 400 points
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part A of your marketing plan. You are required to submit a marketing plan for a hypothetical company. Your plan must include the company’s background information, as well as information collected from Steps 1-4 of the Interactive Marketing Plan, located in the course shell.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Write an eight to ten (8-10) page paper in which you:
- Construct a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. The relevant outcomes include profitability, shareholder returns, and return on investment.
- Conduct an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Specify the primary and secondary target markets for your company.
- Develop a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension.
- Conduct a performance analysis with set benchmarks of 50% to 75% per annualized plan. Your analysis should include at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Develop four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics.
- Conduct both a SWOT analysis and needs analysis for your product/service.Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company.
- Develop a marketing strategy for your product / service and determine an appropriate time frame for execution of the plan, i.e., 5, 10, 15 years. Provide a rationale for your time frame for execution.
- Develop a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Provide a rationale for your time frame for execution of your positioning statement.
- Examine the relevant marketing science of customer behavior for your product / service.
10. Use at least four (4) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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Mkt 500 marketing plan part a b c, i need an a+ on this, mkt500 assignment 1. part a. your marketing plan, marketing assignment, from the start of this course, you have accessed the interactive marketing plan tool and used the step-by-step guide to complete part a of your marketing plan. you are required to submit a marketing plan for a hypothetical company. your plan must include, marketing management.
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Ex-prosecutor spells out in alarming detail what trump’s planning next.
Former U.S. Attorney Joyce Vance explained in her email newsletter why she believes that if Donald Trump wins the 2024 election: “We lose the Republic.”
“That’s not drama, and that’s not overstatement. That’s what Trump is promising,” Vance wrote Thursday in the latest installment of “ Civil Discourse.”
“The writing on the wall is clear. But far too many people remain unaware of Trump’s 2025 plan, or they don’t take it seriously,” Vance warned. “People who love democracy need to make sure they do.”
Vance pointed to a new article in The Washington Post , which detailed Trump’s plan to punish critics, politicize the civil service and “potentially invoke the Insurrection Act on his first day in office to allow him to deploy the military against civil demonstrations” should he win back the White House.
“It sounds positively Stalinist,” feared Vance.
But the ideas are “not new,” and “people simply aren’t paying attention,” she said. She called Trump’s plans “the stuff of a banana republics” and “a menu for the end of democracy,” which Trump “plainly wants to end.”
Vance added, “That’s not being alarmist. It’s just the truth.”
Despite facing four criminal trials, Trump remains the clear front-runner in the race to become the Republican 2024 presidential nominee.
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The New York Times/Siena College polls released on Sunday suggested Joe Biden trails Trump in hypothetical replays of the 2020 election in five key swing states.
But some commentators have suggested not so fast, highlighting how polling so far ahead of the vote can be misleading.
Read Vance’s full analysis here.
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Hypothetical Marketing Plan
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Within the assignment we are recommended to include the following: ? Situation analysis ? Marketing objectives ? Strategies ? Tactics ? Financial considerations ? Timetable for implementation I have an idea along the lines of marketing my own t-shirt company is this considered a hypothetical marketing plan since t-shirts is a real product? Any help would be greatly appreciated. I know the 6 steps. I just need an idea of what a hypothetical plan is.
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The solution helps create a hypothetical marketing plan.
Please see the attached document - it is far more than you need but hopefully you will be able to pare it down and utilize all parts.
b-Green, Inc. : b-Refreshed Marketing Plan Executive Summary b-Green, Inc. is an environmentally friendly company who is introducing an innovative new product: b-Refreshed. The product allows consumers to produce their own sports and energy drinks in the comfort of their own home. Not only can the consumer produce the drinks they are also able to fully customize the ingredients by combining various flavors and nutritional additives to their liking. The b-Refreshed product is targeting Generation Y & Z males who drink the most sports and energy drinks. This target market is also concerned with their health, communicating with their friends, being involved in the community, politics, and utilizing the Internet to the utmost including social networking. Through various advertising channels b-Green, Inc. will assist the target market in not only satisfying their needs but also building the b-Green, Inc. brand and b-Refreshed market share. This will be accomplished their various vehicles including eco-vertising, social networks and a youth advisory board. It is the goal of b-Green to revolutionize the way parents and youth view sports and energy drinks by offering healthy alternatives. In additional to the offering b-Green, Inc. is committed to changing communities to become healthier though education and various community events. Success will be reflected not only but a sizable capture of market share, while strategically carrying the company up to the top spot as the market leader in the drink segment but also by reducing the carbon footprint of its consumers and giving back to the community. Company Description b-Green, Inc., began with a vision to provide healthy drinks and a green alternative for consumers. Founded in 2009 it was the product of sheer frustration as two sisters were tired of running to the store to purchase their energy/sports drinks. They were spending money on gas, and if they didn't buy in bulk (which was heavy and took up room in their apartment) they were buying singles, which didn't make much financial sense, not to mention their recycle bucket was always overflowing with plastic bottles. The Carlin sisters knew there had to be a better way for consumers to get the products they love while being environmentally friendly. The b-Refreshed system was born. The system allows consumers to carbonate water, add flavor, and create personalized healthy energy/sports drinks at home. b-Refreshed drinks is a bottled beverage and is positioned to consumers as the only make at home energy/sports drink on the market. This product presents many benefits to the consumer including cost savings and being an environmentally friendly product. More detailed benefits including the following: Cost effective: cost savings vs. purchasing single use drink bottles. Customization and Personalization: Make the drinks you want with the flavors and nutritional additions based on your needs and wants. Simplicity: No need to purchase from convenience stores or purchase in bulk packaging from wholesale stores. Sustainable Product - b-Refreshed drink system provides environmental benefits by minimizing the carbon footprint of consumers who purchase single serving drinks. There are 5 components that make up the b-Refreshed system: drink maker machine, flavors, nutritional additives, bottles and carbonators. The b-Refreshed drink maker machine is made from 50% post consumer recycled material and its sleek design is a wonderful decorative addition to any kitchen. The drink maker is easy to use; just fill the container with tap water, slip it into the b-Refreshed drink maker, push the carbonation button a few times (more for more carbonation and less for less carbonation), next you add the flavors from the flavor packets, then any nutritional additives you desire put the cap on, give it a shake and VOILA a nutritious energy/sports drink is born. Flavors offer the customer the opportunity to customize their own drink. The initial flavor offering includes orange, lemon-lime, orange, grape, plain and strawberry. b-Refreshed has plans to add future flavors such as cranberry, raspberry, watermelon, tangerine and mango within the first year. Additional flavors will be added but they will be based up on requested from customer via the website and/or customer service. Nutritional additives bring something different for the customer to consider when making their drink. Now they can add ginseng, bee pollen, Goji berry and Aloe Vera based on their particular nutritional needs or energy wants. b-Refreshed is committed to providing its customers with the most up to date nutritional additives available. The b-Refreshed system revolves around being green and cutting down on waste, namely individual plastic bottles thus the system is equipped with high pressure-resistant bottles. These bottles are environmentally friendly, dishwasher safe and last up to 5 years. There are two sizes a 2-liter and 1 liter bottle which both fit into the b-Refreshed system without any adjustments. Just as the bottles have two sizes so do the carbonators. These carbonators are made out of recycled aluminum and consumers send them in when they are empty to receive back a full one. This is another way the b-Refreshed system stays green while saving the consumer green too. SWOT Analysis Strengths: healthy alternative, environmentally friendly, customizable, rate of growth of industry, sustainable competitive advantage through improvision. Weaknesses: brand recognition, market penetration, Opportunities: global opportunities, brand extension, rising environmental awareness, global expansion Threats: competition entering the market, substitutes, volatile fuel prices Industry Analysis As the economy tightened at the end of 2008 and into 2009 the non-alcoholic beverage industry faced new challenges as well as new opportunities. Consumer spending is down and they are watching their wallets. b-Refreshed alleviates the cost of purchasing single serving energy/sports drinks. The middle class is looking for beverages with improved nutrition and products they can feel good about purchasing. The industry as a whole anticipates a continuation of a long-term trend toward the consumption of healthier, nutritious foods and beverages. Consumers are more price-conscious thus private labels are gaining market share. In early November 2008, Standard & Poor's was projecting a US economic contraction that would last until about mid-2009, with the unemployment rate peaking at 7.8% in the second half of 2009, compared to an average of just 4.6% for all of 2007. Consumers are looking for ways to cut down on consumption and innovative ways to pinch pennies. This means fewer trips to the grocery store, purchasing more in bulk and price shopping. Energy drinks have experienced a 53% increase and sports drinks a 19% increase over the past couple of years. Industry giants Coca Cola and Pepsi continue to diversify their portfolios into the energy and sports drink market with the purchase of Glaceau's vitaminwater and Fuze, as well as, Izze Natural Soda respectively. Functional beverages are by far the hottest segment driven by energy drinks. Red Bull continues to be the leader in their category but Monster and Rockstar are challenging and overtaking in some markets. (See Appendix) With the wants and need of the consumer to be healthier the "super-fruits" continue to capture the attention of wellness enthusiasts. They offer a significant dose of antioxidants and other elements that address a myriad of health concerns. Pom Wonderful led the super-fruit movement with its pomegranate blends while Bossa Nova features the powerful Oprah endorsed Acai berry from the depths of the South American rain forests. Additional nutritional additives of interest are Goji berries, Aloe vera, bee pollen, cacao, flaxseed and agave nectar. Goji berries pack a pretty antioxidant punch and help to attack the free radical in the environment around us. Aloe Vera provides less potent detoxifying ability yet it aids in healthy digestion and immune support and function. Aloe vera and bee pollen both help with vitality, stamina and elastin repair. All of these benefits are very important to everyone as we grow older. The interest in companies supporting sustainability and protecting the environment is also growing. Consumers are concerned with reducing their carbon footprint, precycling, and eco-friendly behavior. Looking ahead b-Green, Inc. believes that environmentally focused consumers will ask the beverage manufacturers and retailers to use packaging that is biodegradable, can be recycled, and/or uses less energy in the manufacturing process. Target Market According to Beverageworld.com males between the ages of 13-19 consumer the most energy and sports drinks. There are a total of 147,129,583 males according to the US Census Bureau and 7.2%, roughly 11 million, fall into the range of 15-19 year olds. Approximately 27.6% of the population consists of people less than 20 years of age. The youth of today have an income and purchasing power of $233 billion. Generation Y & Z (ages 13-19) are generations like no other. Generation Y has been tagged the Net Generation. Gen Y is in touch with their parents, uses technology and have become multitasking junkies. (see Appendix B) Generation Z are very active and educated consumer. They are very important in influencing various household purchases and the objects that they surround themselves with are of great importance. Their purchases are viewed as symbols of who they are and what they desire to be. Customization and personalization are very important to this age group as it acts as a way to stand out. They are conscious of what their friends may have purchase and look to their friends for cues as to what is acceptable. While friends may play a major role in influencing purchases, advertising also plays an important part. Youth and young adults pay particular attention to advertisements to ensure they are purchasing the right things and celebrities are key. Teens feel like they know celebrities since they are so connected to the world and information/ gossip is constantly flowing albeit on facebook, the latest blog, or TMZ. Teens and young adults read magazines, listen to rhythmic CHR (top 40), go to movies, surf the Internet and make more and more purchases online. ...
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Okay, student this is my hypothetical business marketing plan . This is going to give you a good idea on how to write your plan .
Developing a Marketing Plan
The key to any good marketing plan is knowing what you are looking to achieve. You have the benefit of a completely hypothetical product, with a few parameters. However, the good news is, you get to make up a lot of things.
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Large-Scale Fish Rearing Business: An Essay On A Hypothetical Start-up.
Features of the organization.
Discuss about the Hypothetical Business.
A hypothetical business is a conjecture business. It means an imaginary business and in this context that if all the resources were made available I would venture in. This essay explores this hypothetical business that I would begin after provision of the necessary resources like time, funds and drive in terms of size, organization structure, company, business environment among other related factors. In the identification of this hypothetical business, it is very important to consider a few things like the availability of resources, government policy and market among other things(Rainelli Weiss, 2016). After this consideration, a large-scale rearing of fish is this business that I would pursue as a start-up. The term start-up means a new business to venture. Aquaculture is one of those fields that generally generate a lot of income and hence beginning such a business will likely lead me to success
Business size is a key feature to consider about any organization. The floor space covered by a particular business determines its capability and can be used as a ranking tool. My firm would involve the large-scale production of fish that covers a really substantial area. In fact, it would be one of the biggest aquariums if not the biggest in the world. In the business context, several firms covering the same field of specialization make an industry (Hsu, 2017).The industry of my business, therefore, would be fish production and selling. This means that I will be among those entrepreneurs who are in the same field of specialization.Again, my business would specialize in the provision of goods as opposed to business.
When choosing the country in which a particular business would operate one has to be very keen. This is because you need to ensure that what you provide exactly rhymes with the market needs. Statistics show that China is the leading country in aquaculture followed byIndonesia, India, Vietnam and other countries(Human, 2017). Having considered these stats, I would, therefore, locate my business in China to serve both the local and international market like Australia, Switzerland and America among other countries. This is because I will not take time in building the foundation for aquaculture. I will find this already done and growing will be easy because I won’t take time convincing buyers that eating fish is good because they already have the experience.
It is important also to provide a good business strategy. This is what actually dictates that future of the business. It dictates whether the business goals will be reached and if yes when they can likely be achieved(Leonidou, 2017). I would ensure that there is a good organizational strategy and cooperation among all the business functions to ensure that my objectives are gotten. The vision, on the other hand of any businesses, gives its prophecy about the future. The vision of my business would be ensuring customer satisfaction and maintaining the first position in aquaculture.
The Best Organizational Structure
Organizational structure in the business context means the arrangement of different functions of the business. Every business should have a well-organized structure. This structure determines the ease of management and the flow of activities. A relevant structure allows the business to enjoy good management and conducive environment for the business operations. The organizational structure is defined by the senior leadership and board(Lugli, 2017).There are several organizational structures and these include the matrix, customer, product, geographical, functional organizational structures among others. These structures are used in different types of business. This is to mean that every business usually has its most suitable structure.
In my business of rearing and the sale of fish, because it covers more than one region and also different countries the most suitable organizational structure would be the geographical organizational structure. Due to the fact that my firm supplies fish to both the local and external markets, an organizational structure that is organized by regions would be the most suitable. In this structure, there are usually officials in every served country who report to a central oversight person(Wood, 2016). This is the most suitable structure because of the fact that my business serves a span of countries.
Environmental factors in a business refer to factors that affect the business from either within or without itself. This comprises of the macro business environment and the macro business environment. Micro business environment refers to all those factors that originate from the business itself while macro business environment means those factors that are from outside the business(Ashton, 2017). To begin with, internal business environment comprises of owners, business culture, resources and business structure. Owners start the business and manage it. They are the key decision makers and this affects the success of the business. An owner would provide the required resources like water, electricity among others.
Again, there are external business factors like culture, competition, demographic factors and legal political, economic among others. Culture is a key determinant of the kind of the business as well as its location. It helps you determine whether the societal norms are opposed to the consumption of your product or not(Gaspar, 2016). Therefore, culture would influence the location of my business. The other is legal political factors. This refers to whether the proposed business is allowed in the country of venture or not. Before starting my aquariums I would determine whether the government allows domestic rearing of fish or not.
Internal and External Environmental Factors and Their Effect on the Business
The economy also would affect my business either positively or negatively. If my customers are able to buy my products my business will be okay but if they are not in a position to my business will be likely to fail. The population of the regions covered by my business still affect the business. If this population increase rapidly I would be sure to make many sales as opposed to when the population is decreasing. The competition also affects the business (Boone, 2015). It is obvious that there will be competition from the pre-establishedfirms. However, I should be able to devise ways of competingfavorably to achieve my business objectives.
Risks are perils or threats that might occur in the management or any function of the business organization in its day to day running. There are several of these that will compromise my organization. Among them is reputation risk. This is the risk of getting a bad name that might negatively affect my business. This may result from a mistake done in any of the business functions. Compliance risk might confront my business too. There might come a time where the legal requirements for aquaculture may change abruptly making me unable to abide by them(Arvanitis, 2016). Another risk is the strategic risk. This arises where the previously well-laid structure becomes non-functional or out-dated. Lastly, there is also the operational risk. This involves unexpected failures in the daily running of the business due to factors like power or water supply.
There are actually a number of business practices that I would use to enhance my business performance. For instance, I would ensure proper business acumen. It is very critical to ensure that the virtues and values of business like respect, integrity among other virtues are adhered to. Another practice is the involvement of all the people. I would ensure that all the people feel part and parcel of the business and that none feels neglected. In this way, the business performance is enhanced. Employee motivation is another practice. It is important to show your employees that you value them(Behari, 2015). Therefore, I would ensure they are motivated in several ways to make them perform better. I would also ensure proper record keeping. This ensures transparency and accountability, especially in the financial sector. This will avoid chaos and bring about easy auditing. Lastly,I would ensure that there is teamwork among all the employees. This means that they work with togetherness and cohesion. This makes the business run smoothly
Risks that Will Confront My Business Organization
Fish keeping like any other business has different functions. These functions cooperate harmoniously to ensure that the business runs smoothly and that its long-term goal is achieved. The most important functions within my business will be production, purchasing, marketing, human resource management, research and development and the accounting and financial functions(Stewart, 2016). To begin with, the production function will be responsible for all activities in the rearing of the fish. The purchasing department serves all functions related to purchases. The marketing department sells the fish and markets the business to all the relevant regions. The human resource is responsible for acquisition and employment of employees as well as looking into their needs. The research and development function investigates matters concerning the market and related roles(Taylor, 2017). Lastly, the financial and accounting function manages cash inflow and outflow. It is responsible for creating all the necessary accounts, balancing the trial balance and giving financial reports. These functions dictate the business performance. If they take their responsibility as required there is the good performance. However, if any function neglects its duty, the business performance will go low.
Conclusively, the art of starting any businesses, whether large or small must be accompanied by a deep research about the market and policy. A number of factors affect a business. These dictate the direction the business will take as far as functionality is concerned. There are also many perils that may confront a business but they should be handled appropriately to ensure that the business progresses well. Business practices should be aimed at acquiring the best performance and all the functions in the business should work responsibly and cooperatively to make the business a success.
Arvanitis, S. H. (2016). Does the explanatory power of the OLI approach differ among sectors and business functions? Economics: The Open-Access, Open-Assessment E-Journal, pp. 90-100.
Ashton, W. R.-1. (2017, May). The adoption of green business practices among small US Midwestern manufacturing enterprises. Journal of Environmental Planning and Management, pp. 47-60.
Behari, S. C.-S. (2015). A measurement model to link process operational measures to risks associated with attainment of business critical success factors. Employee motivation, pp. 39,60.
Boone, J. P. (2015, June). Competition in business. Journal of business environment, pp. 40-45.
Gaspar, J. K. (2016). Introduction to global business: Understanding the international environment & global business functions. business environment, pp. 82-90.
Hsu, D. K. (2017). Designing Entrepreneurship Experiments: A Review, Typology, and Research Agenda. Organizational Research Methods, pp. 300-310.
Human, G. B. (2017). Strategic drivers of a network-orientated approach to the organization of marketing in business-to-business firm. Journal of the Southern African Institute for Management Scientists, pp. 4-7.
Leonidou, L. C.-6. (2017). Internal drivers and performance consequences of small firm green business strategy. Journal of Business Ethics, pp. 10-13.
Lugli, E. &. (2017, March). Performance measurement systems and management accounting in supermarket chain sector. Analysis in an Italian complex business entity., pp. 60-70.
Pang, J. C.-2. (2015, November). Effect of Place of Incorporation, Chinese Culture, and Business Practices on Corporate Fraud. Asia?Pacific Journal of Financial Studies, pp. 67-80.
Rainelli Weiss, H. &. (2016). Business as Usual in Financial Markets? The creation of incommensurables as institutional maintenance work. Organization Studies, pp. 43-50.
Ruiz, G. R. (2016). Synthetic measure of association to determinate the business size of SMEs. . Faedpyme International Review, pp. 56-72.
Stewart, R. E. (2016, April). The perfect storm: collision of the business of mental health and the implementation of evidence-based practices. Journal of business functions, pp. 36,98,104.
Taylor, A. W. (2017, November). The role of business size in assessing the uptake of health promoting workplace initiatives in Australia. Business functions, pp. 37-40.
Wood, J. M. (2016, February). Organizational behavior: Core concepts and applications. Busines organogram, pp. 90-100.
Ans: A hypothetical business is a hypothetical or conjecture company. It refers to an imaginary firm that anyone would start if they had access to all the resources.
Ans: Hypothetical Strategy is also known as Trial Product Estimand. This imagines a situation in which it is assumed that there wouldn't have been an intercurrent occurrence.
For instance, using rescue medication or stopping follow-up in a diabetic study for an unrelated reason.
To determine customer interest in and market demands for currently developing products, hypothetical scenario marketing uses product surveys and made-up scenarios. As a small business owner, adopting hypothetical marketing can assist you in directing resources into product categories where customers have expressed interest and demand.
Ans: The steps involved in creating a capital plan for a fictitious company organisation are as follows:
- The first stage is to determine the source of revenue, including sales of the items, income from investments, bank loans, and other sources of savings.
- The following step is to calculate the fixed expenses associated with the process, which include the rent for the property, the salaries to be paid, taxes, external payments to the government, accounting, and other types of legal services.
- The costs associated with selling the product, advertising, buying the raw materials, shipping and storage charges, and many other costs, are included in the variable expenses.
- After that, make a budget for all expenses, including furniture, computers, and other fixed things.
Ans: The following examples of business plans adhere to the following model:
- Executive summary: A succinct outline of your company's operations.
- Company Description: A more thorough and exhaustive explanation of your company's operations and goals.
- Market Analysis: Information about your target market and the industry is based on research.
- Services & Products: What you want to provide in exchange for payment, including products and services.
- Marketing strategy: The advertising tactic used to publicise your company and increase sales.
- Operations & Logistics: Everything that takes place in the background to ensure that your business runs well is outlined in your logistics and operations plan.
- Financial plan: A breakdown of your financial information that demonstrates your starting point requirements and profitability potential.
Ans: Traditional business plans use some combination of these nine sections.
- Executive summary.
- Company description.
- Market analysis.
- Organisation and management.
- Service or product line.
- Marketing and sales.
- Funding request.
- Financial Projections
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Small Business Trends
How to start a web design business.
The digital world is expanding rapidly. A website that functions as a digital business card is a critical tool for small businesses. It is the point of contact between your target market and your goods and services.
A well-designed website is a digital snapshot of a company’s brand and values. Websites are accessible 24/7 and can reach a global audience. E-commerce websites are secure and convenient. They are becoming the cornerstone of the digital retail industry.
Skilled web designers are in high demand. This blog will provide all the information to start a thriving business as a website builder. Learn how to start a business with a focus on web design.
The Web Design Landscape
A business owner must stay current on UX best practices, technologies, and trends.
- Minimalism is one of the profitable trends. Designing clean websites with ample white space provides an elegant user experience.
- Progressive web apps combine mobile and web technologies.
- Mobile devices continue to dominate web traffic. That’s why web builders must create mobile-first designs with optimized page loading speeds.
Read on to find out some of the bonuses to starting a company.
Small Business Deals
Advantages of launching your own web design business.
There are many benefits to starting or even bootstrapping a web design business , and they include:
When you have a company, you can set your own pace and choose projects that align with your interests. You have control over your work schedule and the ability to foster work-life balance.
Maintenance contracts for existing websites can bring in a passive income. Different revenue streams are available through other services like domain registration and hosting.
You get the professional satisfaction of taking client visions and transforming them into functional websites. Web designers contribute to an online presence for individuals and businesses.
How to Start a Web Design Business: Essential Steps
Following these steps can help you to build up a successful enterprise.
Choosing Your Web Design Niche
These companies cover a wide variety of niches. Each one has its requirements and focus.
- E-commerce sites need to focus on several different things, like seamless payment processes.
- Small business websites cater to contact information, service offerings and good local SEO.
- Content-driven websites and online magazines focus on dynamic stories.
Website building also includes nonprofit websites, educational websites and complex, large-scale products for organizations and corporations. Portfolio websites show off the work of artists and other creative people.
Offering Comprehensive Web Design Services
A good design company will offer a variety of services.
Basic Web Design
A good design needs to be user-friendly and appealing. A properly designed website should have consistent logos and color schemes.
Social Media Integration
A successful small business will know how to enable social sharing features for the website. They will know how to place social sharing buttons to keep content dynamic.
It’s essential to ensure a website appears correctly on smartphones and tablets. A good designer will understand how to build a responsive design that can adapt to different orientations and screen sizes.
This design feature allows visitors to navigate and find information quickly. Good websites make it easy to perform tasks like filling out a contact form and or making a purchase.
Crafting a Business Plan for Your Web Design Venture
A good business plan for running one of these companies needs to include a section on financing and costs.
- You’ll need various software tools, such as WordPress and Adobe Creative Cloud. Consider factoring in subscription-based licenses in your business plan. Annual subscriptions can save you money in the long run.
- Domain name registration is critical for your site and your clients’ websites as well. You’ll need to factor in an initial registration fee and annual costs. Offering domain management and registration services can be an additional revenue stream.
- Other overhead costs include rent and utilities for a physical office and marketing and advertising to promote your service.
Presenting precise financial requirements for your design company can also include equipment and hardware like monitors and computers. Make sure you budget for depreciation. While you are at, make sure to learn how to write a business plan for your web design company to ensure you have all of the information lenders will want to see.
Acquiring Essential Web Design Skills and Tools
Having the right industry tools and the skills to use them correctly is essential.
- Adobe Creative Suite is an excellent choice for making graphics and visuals. It allows you to edit images and create mockups for layout. Don’t forget to stay updated with the latest features and updates.
- Content management systems are crucial. Products like WordPress and Joomla are critical for managing website content. They make it easy for non-technical users. A good company will learn how to customize templates and themes.
Setting Up Your Website Design Portfolio
An excellent portfolio will help you to attract clients when you’re starting a web design enterprise. Try to include a diverse range of projects to show your versatility. A separate section can be dedicated to creative projects. Detailed case studies of some of your projects showcase tangible value.
Building Your Web Design Business Brand
A solid identity will keep your brand memorable. Here are three things you can do to separate it from the competition. Building a brand is a necessary part of business expenses.
- A catchy, easy-to-remember name will make your business stand out. Make sure it’s short and relevant to the industry. Check to make sure the domain name is available, and avoid hard-to-pronounce names.
- You’ll need a visual representation of your brand, which means designing a memorable logo. Logos help build client trust, so hire a professional graphic designer. Remember to use a combination of symbols, letters and colors.
- Your brand must be consistent across email communications, social profiles, and your website. Use your logo and brand colors across all platforms.
Marketing Your Web Design Business
Promote your web design business by making the most of the following strategies.
Dribble carries a collection of mock-ups and animations you can use. Behance is a creative network for these professionals. You can get high-quality images from each.
Search Engine Optimization (SEO)
Increasing visibility to potential clients means optimizing your online content—research relevant keywords and meta tags. Make sure to update the content regularly.
Social Media Marketing
This type of marketing is an excellent way to expand your reach and showcase your expertise. Make sure to choose the platforms that line up with your target audience. For example, LinkedIn is best for B2B clients, and Instagram is great for visual designs.
Determining Pricing and Packages for Your Services
Value-based pricing is one option. That lets you set your prices based on understanding your client’s business goals and objectives. It’s a good idea to schedule a detailed discovery meeting and provide a personalized proposal.
Market-orientated pricing and a tiered pricing structure are other options.
Client Management and Communication
You need to manage feedback and adopt precise communication techniques effectively. Choosing client interviews helps designers to understand their target audience and design preferences. Always use jargon-free language when communicating and keep them informed about the project’s progress.
Overcoming Challenges in Web Designing
Like any other business, there are hurdles to starting your web design enterprise.
- The web industry is constantly evolving with new design trends and technologies. To stay current, take online courses, follow industry blogs, and attend web conferences.
- Challenging and demanding clients can be time-consuming. You can lessen that hurdle by adopting clear communication. That includes discussing boundaries, timelines, and expectations.
- Seasonal fluctuations and other low business periods can be a challenge. You can lessen that hurdle by diversifying your income stream and offering related services like hosting and SEO.
Having a business startup checklist as well as a website startup guide can help you anticipate and even overcome challenges when your business is up and running. Understanding common business structures during the formation of your company can also protect you from personal financial liabilities. Whether it is an LLC or sole proprietorship, the right business structure could end up saving you a lot of money and headaches in the future.
FAQs: How to Start a Web Design Business
Finally, here are some FAQs about starting one of these businesses.
Is web designing a profitable business?
The amount of money you make depends on several things. First, your skills and expertise should include innovative designs and quality work. Successful client management and marketing also play a role. Well-devised marketing plans should showcase your work to reach potential clients.
How much can a Web Designer Make?
According to Indeed , the average salary for a designer, broken down into an hourly rate, is $25.31 an hour. The highest paying location is Washington, DC, at $45.40 per hour.
How does a web designer find clients?
Business owners looking for clients can attend industry events and collaborate with others in the field, such as graphic designers and SEO experts. They can also showcase their work on platforms like Twitter and LinkedIn.
Is coding knowledge needed to run a successful web design business?
Coding is an excellent skill to have, but it’s not necessary. Designers can partner with developers, use content management systems, and build websites.
Image: Envato Elements
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What is a Marketing Plan & How to Write One [+Examples]
Published: July 27, 2023
For a while now, you‘ve been spearheading your organization’s content marketing efforts. Your team's performance has convinced management to adopt the content marketing strategies you’ve suggested.
Now, your boss wants you to write and present a content marketing plan, but you‘ve never done something like that before. You don’t even know where to start.
Fortunately, we‘ve curated the best content marketing plans to help you write a concrete plan that’s rooted in data and produces results. But first, we'll discuss what a marketing plan is and how some of the best marketing plans include strategies that serve their respective businesses.
What is a marketing plan?
A marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period. Marketing plans can include different marketing strategies for various marketing teams across the company, all working toward the same business goals.
The purpose of a marketing plan is to write down strategies in an organized manner. This will help keep you on track and measure the success of your campaigns.
Writing a marketing plan will help you think of each campaign‘s mission, buyer personas, budget, tactics, and deliverables. With all this information in one place, you’ll have an easier time staying on track with a campaign. You’ll also discover what works and what doesn't. Thus, measuring the success of your strategy.
Featured Resource: Free Marketing Plan Template
Looking to develop a marketing plan for your business? Click here to download HubSpot's free Marketing Plan Template to get started .
To learn more about how to create your marketing plan, keep reading or jump to the section you’re looking for:
How to Write a Marketing Plan
Types of marketing plans, marketing plan examples, marketing plan faqs, sample marketing plan.
If you're pressed for time or resources, you might not be thinking about a marketing plan. But a marketing plan is an important part of your business plan.
Marketing Plan vs. Business Plan
A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics.
A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute resources and make decisions as your business grows.
A marketing plan is an important subset of a business plan that shows how marketing strategies and objectives can support overall business goals.
Keep in mind that there's a difference between a marketing plan and a marketing strategy.
Marketing Strategy vs. Marketing Plan
A marketing strategy describes how a business will accomplish a particular goal or mission. This includes which campaigns, content, channels, and marketing software they'll use to execute that mission and track its success.
For example, while a greater plan or department might handle social media marketing, you might consider your work on Facebook as an individual marketing strategy.
A marketing plan contains one or more marketing strategies. It’s the framework from which all of your marketing strategies are created and helps you connect each strategy back to a larger marketing operation and business goal.
For example, your company is launching a new software product, and it wants customers to sign up. This calls for the marketing department to develop a marketing plan that'll help introduce this product to the industry and drive the desired signups.
The department decides to launch a blog dedicated to this industry, a new YouTube video series to establish expertise, and an account on Twitter to join the conversation around this subject. All this serves to attract an audience and convert this audience into software users.
To summarize, the business's marketing plan is dedicated to introducing a new software product to the marketplace and driving signups for that product. The business will execute that plan with three marketing strategies : a new industry blog, a YouTube video series, and a Twitter account.
Of course, the business might consider these three things one giant marketing strategy, each with its specific content strategies. How granular you want your marketing plan to get is up to you. Nonetheless, every marketing plan goes through a particular set of steps in its creation.
Learn what they are below.
- State your business's mission.
- Determine the KPIs for this mission.
- Identify your buyer personas.
- Describe your content initiatives and strategies.
- Clearly define your plan's omissions.
- Define your marketing budget.
- Identify your competition.
- Outline your plan's contributors and their responsibilities.
1. State your business's mission.
Your first step in writing a marketing plan is to state your mission. Although this mission is specific to your marketing department, it should serve your business‘s main mission statement. Be specific, but not too specific. You have plenty of space left in this marketing plan to elaborate on how you’ll acquire new customers and accomplish this mission.
Need help building your mission statement? Download this guide for examples and templates and write the ideal mission statement.
2. Determine the KPIs for this mission.
Every good marketing plan describes how the department will track its mission‘s progress. To do so, you’ll need to decide on your key performance indicators (KPIs) . KPIs are individual metrics that measure the various elements of a marketing campaign. These units help you establish short-term goals within your mission and communicate your progress to business leaders.
Let's take our example of a marketing mission from the above step. If part of our mission is “to attract an audience of travelers,” we might track website visits using organic page views. In this case, “organic page views” is one KPI, and we can see our number of page views grow over time.
These KPIs will come into the conversation again in step 4.
3. Identify your buyer personas.
A buyer persona is a description of who you want to attract. This can include age, sex, location, family size, and job title. Each buyer persona should directly reflect your business's current and potential customers. So, all business leaders must agree on your buyer personas.
Create your buyer personas with this free guide and set of buyer persona templates.
4. Describe your content initiatives and strategies.
Here‘s where you’ll include the main points of your marketing and content strategy. Because there is a laundry list of content types and channels available to you today, you must choose wisely and explain how you'll use your content and channels in this section of your marketing plan.
A content strategy should stipulate:
- Which types of content you'll create. These can include blog posts, YouTube videos, infographics, and ebooks.
- How much of it you'll create. You can describe content volume in daily, weekly, monthly, or even quarterly intervals. It all depends on your workflow and the short-term goals you set for your content.
- The goals (and KPIs) you'll use to track each type. KPIs can include organic traffic, social media traffic, email traffic, and referral traffic. Your goals should also include which pages you want to drive that traffic to, such as product pages, blog pages, or landing pages.
- The channels on which you'll distribute this content. Popular channels at your disposal include Facebook, Twitter, LinkedIn, YouTube, Pinterest, and Instagram.
- Any paid advertising that will take place on these channels.
Free Marketing Plan Template
Outline your company's marketing strategy in one simple, coherent plan.
- Pre-Sectioned Template
- Completely Customizable
- Example Prompts
- Professionally Designed
You're all set!
Click this link to access this resource at any time.
Build out your marketing plan with this free template.
Fill out this form to access the template., 5. clearly define your plan's omissions..
A marketing plan explains the marketing team’s focus. It also explains what the marketing team will not focus on.
If there are other aspects of your business that you aren‘t serving in this particular plan, include them in this section. These omissions help to justify your mission, buyer personas, KPIs, and content. You can’t please everyone in a single marketing campaign, and if your team isn't on the hook for something, you need to make it known.
6. Define your marketing budget.
Your content strategy might use many free channels and platforms, but there are several hidden expenses a marketing team needs to account for.
Whether it's freelance fees, sponsorships, or a new full-time marketing hire, use these costs to develop a marketing budget and outline each expense in this section of your marketing plan.
You can establish your marketing budget with this kit of 8 free marketing budget templates .
7. Identify your competition.
Part of marketing is knowing whom you're marketing against. Research the key players in your industry and consider profiling each one.
Keep in mind not every competitor will pose the same challenges to your business. For example, while one competitor might be ranking highly on search engines for keywords you want your website to rank for, another competitor might have a heavy footprint on a social network where you plan to launch an account.
Easily track and analyze your competitors with t his collection of ten free competitive analysis templates .
8. Outline your plan's contributors and their responsibilities.
With your marketing plan fully fleshed out, it‘s time to explain who’s doing what. You don‘t have to delve too deeply into your employees’ day-to-day projects, but it should be known which teams and team leaders are in charge of specific content types, channels, KPIs, and more.
Now that you know why you need to build an effective marketing plan, it’s time to get to work. Starting a plan from scratch can be overwhelming if you haven’t done it before. That’s why there are many helpful resources that can support your first steps. We’ll share some of the best guides and templates that can help you build effective results-driven plans for your marketing strategies.
Ready to make your own marketing plan? Get started using this free template.
Depending on the company you work with, you might want to create various marketing plans. We compiled different samples to suit your needs:
1. Quarterly or Annual Marketing Plans
These plans highlight the strategies or campaigns you'll take on in a certain period.
Forbes published a marketing plan template that has amassed almost 4 million views. To help you sculpt a marketing roadmap with true vision, their template will teach you how to fill out the 15 key sections of a marketing plan, which are:
- Executive Summary
- Target Customers
- Unique Selling Proposition
- Pricing & Positioning Strategy
- Distribution Plan
- Your Offers
- Marketing Materials
- Promotions Strategy
- Online Marketing Strategy
- Conversion Strategy
- Joint Ventures & Partnerships
- Referral Strategy
- Strategy for Increasing Transaction Prices
- Retention Strategy
- Financial Projections
If you're truly lost on where to start with a marketing plan, this guide can help you define your target audience, figure out how to reach them, and ensure that audience becomes loyal customers.
2. Social Media Marketing Plan
This type of plan highlights the channels, tactics, and campaigns you intend to accomplish specifically on social media. A specific subtype is a paid marketing plan, which highlights paid strategies, such as native advertising, PPC, or paid social media promotions.
Shane Snow's Marketing Plan for His Book Dream Team is a great example of a social media marketing plan
A successful book launch is a prime example of data-driven content and social marketing. Using data to optimize your social strategy spreads more awareness for your book, gets more people to subscribe to your content, converts more subscribers into buyers, and encourages more buyers to recommend your book to their friends.
When Shane Snow started promoting his new book, "Dream Team," he knew he had to leverage a data-driven content strategy framework. So, he chose his favorite one: the content strategy waterfall. The content strategy waterfall is defined by Economic Times as a model used to create a system with a linear and sequential approach. To get a better idea of what this means, take a look at the diagram below:
Snow wrote a blog post about how the waterfall‘s content strategy helped him launch his new book successfully. After reading it, you can use his tactics to inform your own marketing plan. More specifically, you’ll learn how he:
- Applied his business objectives to decide which marketing metrics to track.
- Used his ultimate business goal of earning $200,000 in sales or 10,000 purchases to estimate the conversion rate of each stage of his funnel.
- Created buyer personas to figure out which channels his audience would prefer to consume his content.
- Used his average post view on each of his marketing channels to estimate how much content he had to create and how often he had to post on social media.
- Calculated how much earned and paid media could cut down the amount of content he had to create and post.
- Designed his process and workflow, built his team, and assigned members to tasks.
- Analyzed content performance metrics to refine his overall content strategy.
You can use Snow's marketing plan to cultivate a better content strategy plan, know your audience better, and think creatively about content promotion and distribution.
3. Content Marketing Plan
This plan could highlight different strategies, tactics, and campaigns in which you'll use content to promote your business or product.
HubSpot's Comprehensive Guide for Content Marketing Strategy is a strong example of a content marketing plan:
At HubSpot, we‘ve built our marketing team from two business school graduates working from a coffee table to a powerhouse of hundreds of employees. Along the way, we’ve learned countless lessons that shaped our current content marketing strategy. So, we decided to illustrate our insights in a blog post to teach marketers how to develop a successful content marketing strategy, regardless of their team's size.
In this comprehensive guide for modern marketers, you'll learn:
- What exactly content marketing is.
- Why your business needs a content marketing strategy.
- Who should lead your content marketing efforts?
- How to structure your content marketing team based on your company's size.
- How to hire the right people for each role on your team.
- What marketing tools and technology you'll need to succeed.
- What type of content your team should create, and which employees should be responsible for creating them.
- The importance of distributing your content through search engines, social media, email, and paid ads.
- And finally, the recommended metrics each of your teams should measure and report to optimize your content marketing program.
4. New Product Launch Marketing Plan
This will be a roadmap for the strategies and tactics you‘ll implement to promote a new product. And if you’re searching for an example, look no further than Chief Outsiders' Go-To-Market Plan for a New Product :
When you're looking for a marketing plan for a new product, the Chief Outsiders template is a great place to start. Marketing plans for a new product will be more specific because they target one product versus its entire marketing strategy.
After reading this plan, you'll learn how to:
- Validate a product
- Write strategic objectives
- Identify your market
- Compile a competitive landscape
- Create a value proposition for a new product
- Consider sales and service in your marketing plan
5. Growth Marketing Plan
Growth marketing plans use experimentation and data to drive results, like we see in Venture Harbour’s Growth Marketing Plan Template :
Venture Harbour's growth marketing plan is a data-driven and experiment-led alternative to the more traditional marketing plan. Their template has five steps intended for refinement with every test-measure-learn cycle. The five steps are:
This is a great option if you want to experiment with different platforms and campaigns.
- Visit Oxnard
- Safe Haven Family Shelter
- Wright County Economic Development
- The Cultural Council of Palm Beach County
- Cabarrus County Convention & Visitors Bureau
- Visit Billings
1. Visit Oxnard
This marketing plan by Visit Oxnard, a convention and visitors bureau, is packed with all the information one needs in a marketing plan: target markets, key performance indicators, selling points, personas, marketing tactics by channel, and much more.
It also articulates the organization’s strategic plans for the upcoming fiscal year, especially as it grapples with the aftereffects of the pandemic. Lastly, it has impeccable visual appeal, with color-coded sections and strong branding elements.
Why This Marketing Plan Works
- States clear and actionable goals for the coming year
- Includes data and other research that shows how their team made their decisions
- Outlines how the team will measure the success of their plan
2. Safe Haven Family Shelter
This marketing plan by a nonprofit organization is an excellent example to follow if your plan will be presented to internal stakeholders at all levels of your organization. It includes SMART marketing goals , deadlines, action steps, long-term objectives, target audiences, core marketing messages , and metrics.
The plan is detailed, yet scannable. By the end of it, one can walk away with a strong understanding of the organization’s strategic direction for its upcoming marketing efforts.
- Confirms ongoing marketing strategies and objectives while introducing new initiatives
- Uses colors, fonts, and formatting to emphasize key parts of the plan
- Closes with long-term goals, key themes, and other overarching topics to set the stage for the future
3. Wright County Economic Development
Wright County Economic Development’s plan drew our attention because of its simplicity, making it good inspiration for those who’d like to outline their plan in broad strokes without frills or filler.
It includes key information such as marketing partners, goals, initiatives, and costs. The sections are easy to scan and contain plenty of information for those who’d like to dig into the details. Most important, it includes a detailed breakdown of projected costs per marketing initiative — which is critical information to include for upper-level managers and other stakeholders.
- Begins with a quick paragraph stating why the recommended changes are important
- Uses clear graphics and bullet points to emphasize key points
- Includes specific budget data to support decision-making
4. The Cultural Council of Palm Beach County
This marketing plan presentation by a cultural council is a great example of how to effectively use data in your plan, address audiences who are new to the industry, and offer extensive detail into specific marketing strategies.
For instance, an entire slide is dedicated to the county’s cultural tourism trends, and at the beginning of the presentation, the organization explains what an arts and culture agency is in the first place.
That’s a critical piece of information to include for those who might not know. If you’re addressing audiences outside your industry, consider defining terms at the beginning, like this organization did.
- Uses quality design and images to support the goals and priorities in the text
- Separate pages for each big idea or new strategy
- Includes sections for awards and accomplishments to show how the marketing plan supports wider business goals
- Defines strategies and tactics for each channel for easy skimming
5. Cabarrus County Convention & Visitors Bureau
Cabarrus County’s convention and visitors bureau takes a slightly different approach with its marketing plan, formatting it like a magazine for stakeholders to flip through. It offers information on the county’s target audience, channels, goals, KPIs, and public relations strategies and initiatives.
We especially love that the plan includes contact information for the bureau’s staff members, so that it’s easy for stakeholders to contact the appropriate person for a specific query.
- Uses infographics to expand on specific concepts, like how visitors benefit a community
- Highlights the team members responsible for each initiative with a photo to emphasize accountability and community
- Closes with an event calendar for transparency into key dates for events
6. Visit Billings
Visit Billing’s comprehensive marketing plan is like Cabarrus County’s in that it follows a magazine format. With sections for each planned strategy, it offers a wealth of information and depth for internal stakeholders and potential investors.
We especially love its content strategy section, where it details the organization’s prior efforts and current objectives for each content platform.
At the end, it includes strategic goals and budgets — a good move to imitate if your primary audience would not need this information highlighted at the forefront.
- Includes a section on the buyer journey, which offers clarity on the reasoning for marketing plan decisions
- Design includes call-outs for special topics that could impact the marketing audience, such as safety concerns or "staycations"
- Clear headings make it easy to scan this comprehensive report and make note of sections a reader may want to return to for more detail
What is a typical marketing plan?
Most marketing plans are documents that outline the following aspects of a business's marketing:
- Target audience
Each marketing plan should include one or more goals, the path your team will take to meet those goals, and how you plan to measure success.
For example, say a tech startup is launching a new mobile app. Its marketing plan would usually include:
- Target audience or buyer personas for the app
- Outline of how app features meet audience needs
- Competitive analysis
- Goals for conversion funnel and user acquisition
- Marketing strategies and tactics for user acquisition
Featured resource : Free Marketing Plan Template
What should a good marketing plan include?
A good marketing plan will create a clear roadmap for your unique marketing team. This means that the best marketing plan for your business will be distinct to your team and business needs.
That said, most marketing plans will include sections for one or more of the following:
- Clear analysis of the target market
- A detailed description of the product or service
- Strategic marketing mix details (such as product, price, place, promotion)
- Measurable goals with defined timelines
This can help you build the best marketing plan for your business.
A good marketing plan should also include a product or service's unique value proposition, a comprehensive marketing strategy including online and offline channels, and a defined budget.
Featured resource : Value Proposition Templates
What are the most important parts of a marketing plan?
When you‘re planning a road trip, you need a map to help define your route, step-by-step directions, and an estimate of the time it will take to get to your destination. It’s literally how you get there that matters.
Like a road map, a marketing plan is only useful if it helps you get to where you want to go. So, no one part is more than the other.
That said, you can use the list below to make sure that you've added or at least considered each of the following in your marketing plan:
- Marketing goals
- Executive summary
- Target market analysis
- Marketing strategies
What questions should I ask when making a marketing plan?
Questions are a useful tool for when you‘re stuck or want to make sure you’ve included important details.
Try using one or more of these questions as a starting point when you create your marketing plan:
- Who is my target audience?
- What are their needs, motivations, and pain points?
- How does our product or service solve their problems?
- How will I reach and engage them?
- Who are my competitors? Are they direct or indirect competitors?
- What are the unique selling points of my product or service?
- What marketing channels are best for the brand?
- What is our budget and timeline?
- How will I measure the success of marketing efforts?
How much does a marketing plan cost?
Creating a marketing plan is mostly free. But the cost of executing a marketing plan will depend on your specific plan.
Marketing plan costs vary by business, industry, and plan scope. Whether your team handles marketing in-house or hires external consultants can also make a difference. Total costs can range from a few thousand dollars to tens of thousands. This is why most marketing plans will include a budget.
Featured resource : Free Marketing Budget Templates
What is a marketing plan template?
A marketing plan template is a pre-designed structure or framework that helps you outline your marketing plan.
It offers a starting point that you can customize for your specific business needs and goals. For example, our template includes easy-to-edit sections for:
- Business summary
- Business initiatives
- Target market
- Market strategy
- Marketing channels
- Marketing technology
Let’s create a sample plan together, step by step.
Follow along with HubSpot's free Marketing Plan Template .
1. Create an overview or primary objective.
Our business mission is to provide [service, product, solution] to help [audience] reach their [financial, educational, business related] goals without compromising their [your audience’s valuable asset: free time, mental health, budget, etc.]. We want to improve our social media presence while nurturing our relationships with collaborators and clients.
For example, if you wanted to focus on social media growth, your KPIs might look like this.
We want to achieve a minimum of [followers] with an engagement rate of [X] on [social media platform].
The goal is to achieve an increase of [Y] on recurring clients and new meaningful connections outside the platform by the end of the year.
Use the following categories to create a target audience for your campaign.
- Pain points:
- Social media platforms that they use:
- Streaming platforms that they prefer:
For more useful strategies, consider creating a buyer persona in our Make My Persona tool .
Our content pillars will be: [X, Y, Z].
Content pillars should be based on topics your audience needs to know. If your ideal clients are female entrepreneurs, then your content pillars can be: marketing, being a woman in business, remote working, and productivity hacks for entrepreneurs.
Then, determine your omissions.
This marketing plan won’t be focusing on the following areas of improvement: [A, B, C].
5. Define your marketing budget.
Our marketing strategy will use a total of [Y] monthly. This will include anything from freelance collaborations to advertising.
6. Identify your competitors.
Use the following questions to clearly indicate who your competitors are:
- Which platforms do they use the most?
- How does their branding differentiate?
- How do they talk to their audiences?
- What valuable assets do customers talk about? And if they are receiving any negative feedback, what is it about?
7. Outline your plan's contributors and their responsibilities.
Create responsible parties for each portion of the plan.
Marketing will manage the content plan, implementation, and community interaction to reach the KPIs.
- Social media manager: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
- Content strategist: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
- Community manager: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
Sales will follow the line of the marketing work while creating and implementing an outreach strategy.
- Sales strategists: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
- Sales executives: [hours per week dedicated to the project, responsibilities, team communication requirements, expectations]
Customer Service will nurture clients’ relationships to ensure that they have what they want. [Hours per week dedicated to the project, responsibilities, team communication requirements, expectations].
Project Managers will track the progress and team communication during the project. [Hours per week dedicated to the project, responsibilities, team communication requirements, expectations].
Get started on your marketing plan.
These marketing plans serve as initial resources to get your content marketing plan started. But, to truly deliver what your audience wants and needs, you'll likely need to test some different ideas out, measure their success, and then refine your goals as you go.
Editor's Note: This post was originally published in April 2019, but was updated for comprehensiveness. This article was written by a human, but our team uses AI in our editorial process. Check out our full disclosure t o learn more about how we use AI.
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HESTA trustee pays infringement notices for misleading marketing
Published 10 November 2023
ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.
HESTA paid $48,600 to comply with three infringement notices issued by ASIC regarding alleged false or misleading statements about its ‘Balanced Growth’ superannuation investment option. The statements referenced 10-year performance figures of the Balanced Growth option but did not note the period the figures related to.
ASIC alleges these statements may have misled consumers into believing the performance figures used were up to the present day, when the 10-year period used by HESTA to calculate those figures had ended between five and 14 months prior to publication.
ASIC was concerned that the past performance figures advertised by HESTA were higher than the more recent performance figures available during the period of publication.
ASIC Deputy Chair Sarah Court said, ‘ASIC was concerned that these figures were misleading because consumers were not given all the necessary information and might have assumed the fund was performing better than it was.
‘Funds commonly focus on performance in their advertising and promotional material. Advertising involving performance figures needs to be clear and transparent about how those figures are calculated. This allows consumers to make informed decisions, including choosing or moving between funds.
‘For many Australians, superannuation is the biggest investment decision of their life and it is a decision that must be based on accurate information,’ concluded Ms Court.
The Balanced Growth performance figures appeared in HESTA Facebook and Instagram advertisements and in a webinar published on the HESTA website. These were published at various times between 23 August 2022 and 18 July 2023.
The infringement notices were issued in relation to statements contained in three communications made by HESTA. ASIC was concerned that:
- Between 23 August 2022 and 21 October 2022, HESTA published an advertisement on Facebook and Instagram stating the Balanced Growth option “ has returned 8.87% average returns p.a. over the past 10 years ”. The date range was not provided in the advertisement. The average return for the 10-year period to the time of the advertisements was between 8.01% and 8.51%.
- Between 21 October 2022 and 20 June 2023, HESTA published an advertisement on Facebook and Instagram stating the Balanced Growth option “ has returned 8.53% average returns p.a. over the past 10 years ”. The date range was not provided in the advertisement. The average return for the 10-year period to the time of the advertisements was between 7.90% and 8.23%.
- Between 9 December 2022 and 18 July 2023, HESTA published a webinar on its website regarding market volatility representing that a hypothetical consumer would have realised a net return of approximately $67,000 on a $50,000 investment by staying in the Balanced Growth option for 10 years “ right up to today ”, which was incorrect.
Payment of an infringement notice is not an admission of liability.
The specific reasons for ASIC’s concerns are set out in the three infringement notices which have been published on the Credit and ASIC Act infringements notices register .
ASIC identified the statements which are the subject of the infringement notices from our review of superannuation fund advertising. In 2022, ASIC reviewed 7,408 advertisements across print media, television, radio, digital and social media, including across platforms such as Facebook, Instagram and Tiktok.
ASIC’s Regulatory Guide 53 ( RG 53 ) provides general guidance to the financial services industry on the appropriate use of past performance information in promotional material.