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Marketing plan- NET DOWNLORD
1. Marketing plan - how to write
Adopting a customer focused business ethos is a proven method to increase the chances of a sustainable and profitable future. The marketing
planning process is at the heart of any truly marketing orientated company, and ensures the customer is at the centre of key decisions.
The plan is a detailed written document which can be used to promote a single product of form the annual business strategy. Marketing-made-
simple.com has split the marketing plan into three steps which are easy to follow and relevant to both small and large businesses.
• Stage 1: Research and planning
Understanding your customer and the marketing environment, looking for opportunities for growth
• Stage 2: Developing your marketing strategy
Identifying objectives and choosing the right path to exploit any opportunities highlighted in the research stage
• Stage 3: Determining actions and controls
Implementing your strategy and tracking success
The marketing planning process is summarised in the diagram below
2. The marketing plan should provide direction for all relevant members of the organization and should be referred to and updated throughout
the year. The main purpose of the marketing plan is to provide a structured approach that ensures the marketing manager considers all the
relevant elements of the planning process which could otherwise be missed if a more rushed approach is adopted.
Stage 1: Research & planning
This section includes the following:
• Statement of your current situation and scope of the plan
• Research into potential / current customers
• Examining the marketing environment
• Identifying opportunities for growth
Current business situation
Summarise where you are at the moment, possible items include:
• Financial results
• Sale figures and trends
• Market share
• Customer satisfaction
• Level of repeat business
The marketing environment
Examining both the internal and external marketing environments can identify both opportunities and threats to the business and is a core
component of the plan. The whole area is usually broken down into the macro, micro and internal environments as summarised in the diagram
below.
3. The macro-environment
A commonly used method of quantifying the macro external environment is with a PEST analysis. PEST is an acronym which divides the macro-
environment into four areas – Political, Economic, Social, and Technological, examples of which are shown below.
Political environmental factors
• Trading agreements
• Tax rules
• Employment regulation
• Environmental legislation
• Legal issues
Economic environmental factors
• Recession
• Interest rates
• Exchange rates
• Rate of inflation
• Population wealth
• Growth of the housing market
Social environmental factors
4. • 'Green' behaviour
• Eating habits
• Shifts in attitude
• Population demographics
• Attitudes to career
Technological environmental factors
• Emergence of new communications channels
• Improved production processes
• Advances in computing and the internet
• New technologies such as electric vehicles
• Automation
• Reduced cost of materials
Micro-environment
The micro-environment includes factors which are still not directly under the control of the company, but more directly relevant to strategy
such as consumer trends, stakeholders, suppliers and competitors. Some example items are listed below.
• Summary of your market segment
• Market growth, trends and competition
• Potential new markets
• Direction from shareholders
• Supplier costs and service quality
• Changes is consumer behaviour
Understanding your customers and market
Ensuring a thorough knowledge of the consumer is vital for successful marketing planning. Use the primary and secondary (first and second
hand) market research information at your disposal to describe your customer. The more accurate your picture of your consumer, the better
you'll be able to design products which cater for their needs and the easier it will be to communicate with them. If you have a broad customer
base, you might need to split your customers into groups (segmentation).
5. • Typical customer demographics
• Customer profile
• Market size
• Market geography
• More information on segmentation, targeting & positioning
Understanding your competitors
Who are your competitors?
What are they likely to be doing?
Strengths
Weaknesses
Reputation and brand equity
How are they using the marketing mix?
Infrastructure and supply chain
Internal environment
The internal marketing environment includes factors that the business can directly influence. This can include:
The organisational structure
The strengths and weaknesses of a department
Financial stability and resources
Staff morale
Spare production capacity
Client base
Pricing structure
Selling channels
Staff skills
6. Identifying opportunities in the marketing environment
Once you have completed the internal and external environmental audit, you can summarise your findings using a SWOT analysis which can be
used to make key decisions.
SWOT analysis
A 'SWOT analysis' is a useful way of summarizing the results of the environmental audit and presenting the current status of a business. SWOT
simply stands for the Strengths, Weaknesses, Opportunities and Threats which have emerged from examining the macro, micro and internal
marketing environments.
• Marketing environment
For example, here is a SWOT analysis for a fictional electric car manufacturer
Strengths
• Our electric motors are cheap to
produce and maintenance free
• Charge time is class leading
• Production capacity can be increased
• R&D department is class leading
Weaknesses
• Batteries are heavy, slow to charge and
provide limited mileage
• Dealer network is small
• Customer trust in the segment is low
• Market is highly competitive
7. Opportunities
• Government grants are available
• Road tax breaks for electric cars
• Market is growing rapidly
• Battery technology is evolving
Threats
• Tesla has secured a large government grant
• The big players are investing heavily
• Hybrid and diesel technology is evolving
fast
Stage 2: Marketing strategy
This section includes the following elements:
• Development of mission statement
• Statement of objectives
• Strategy and tactics to accomplish the objectives
Mission statement
Your mission statement is a formal commitment and focus for the business. It should explain to customers concisely what the nature of your
business is and where you are going, and also provide a motivational tool for employees. It should be aspirational, something to strive for, yet
obtainable and relevant. Once this has been defined it should form the focus for your business strategy.
Vision statement
A vision statement is a more long term, ideal-world statement which outlines where you would like to take the business in the long run.
Objectives
Combined with the mission statement, your objectives should be the key statements that drive your business. The most successful goals follow
the SMART acronym. Specific, measurable, achievable, realistic and time bound.
• What do you want to achieve by the end of this year?
• Where do you want to be in one, five, ten years?
Objectives must be quantitative in order to accurately measure success. For example, 'sell 600 units in the next year' or 'increase customer
retention by 20%'.
Selecting a suitable strategy
Selecting a strategy for growth - the Ansoff Matrix
Most businesses need to grow, and the Ansoff Matrix (below) is a method of determining the best course of action if growth is your priority.
Existing products New products
Existing markets Market penetration Product development
New markets Market development Diversification
8. Market penetration
Increasing market share in a current market with a current product.
Example tactics:
• Aggressive pricing policy (see 'cost leadership' in Porter's model)
• Re-branding
• Increasing marketing spend
• Porter's model
Market development
Taking existing products into new markets
Example tactics:
• Finding a new use for an existing product
• Expanding the distribution network
• Strategic partnerships in international markets
Product development
Developing a new product for a market which you have already entered
Example tactics:
• Creating a range of similar products, for example shaving foam if you are already manufacturing razors
Diversification
Developing a new product for a completely new market
Example tactics:
• Market research
• Product research and development
Selecting a pricing strategy
Once you have determined the product and market you want to be in, the next problem will be setting a price. Porter's model discusses three
strategies for competitive advantage based on price.
Three generic strategies for competitive advantage - Porter's model
• Cost leadership: A good quality product at a lower price than the competitors
9. • Differential strategy: A product or service which is perceived as unique within a particular market
• Focus strategy: Delivering focused attention to a particular segment to deliver service which competitors cannot compete
Determining which products to invest in
If you have a product range it is likely that some will do better than others. The Boston Consultancy Group matrix is a method of determining
which to invest in, and which to drop, shown below.
High market share Low market share
High market growth Stars Question marks
Low market growth Cash cows Dogs
Stars
High growth products with a strong market presence. Probably need high investment to maintain position.
Cash cows
Low growth products with a high market share. Probably don't need much investment, but require management to maintain profitability.
Question marks
Products which have potential, but may require investment to yield decent profits.
Dogs
Rarely worth investing in, dogs should at least break even to be retained.
Tactics - the marketing mix
The marketing mix is a selection of customer focused business elements which work together as a toolkit to market your product or service. The
tactical section of a marketing plan summarises how you intend to use each element of the marketing mix, which can be summarised in seven
'Ps' as shown in the illustration below.
Product
10. Product refers to the items you are selling or the service you are providing. Your product based tactics link back to your overall strategy - if your
strategy is market penetration (see the Ansoff matrix), then there may be little need to do anything to the product. However if you have chosen
product development or diversification, then a certain amount of research and development, and product design will be needed.
• Ansoff matrix
Should the product be premium, or good value? Disposable or last a lifetime? Fast or slow? How will it be packaged? Where will it be made? Is
it environmentally sound?
Price
• Pricing is one of the most important factors when deciding your marketing tactics, which could involve the following:
• Skimming – low market penetration, high pricing strategy for premium products
• Comparable pricing – if you are not the market leader, competitors will have set a price expectation which can be followed
• Market penetration strategy – deliberately low pricing in order to enter or control a market quickly.
Place
Place refers to the method of getting your product to the consumer - this could be a dealership or an online shop.
How will you attract more retailers to sell your product? How will you maintain a premium appearance? How will your distribution network
function? How many countries should you operate in?
Promotion
Promotion is much more than just advertising - this is the discipline of marketing communications.
What is your branding strategy? Which promotional channels will you use? How will you divide up the budget? Will billboards work better than
TV ads? What should be the discount for special offers? How will you generate positive PR? Should you out-source the creative work?
• Our guide to promotion and advertising strategy
People
People refers to all the customer facing staff in your organisation, not just the sales staff.
What training do they require? Do they know the products well? How much commission should they get? Should you out-source? Do they need
a uniform? What incentives can you give?
Process
Process refers to the procedures which are followed when delivering a service to a customer.
For example, for a hotel - how are customers greeted? Who takes the baggage to the room? When are the rooms cleaned? What time is
breakfast?
This element of the marketing mix should also include your customer relationship management (CRM) process, or in other words, how you
manage customers through the purchasing funnel.
• Purchase funnel
Physical evidence
This element of the marketing mix is mostly used to promote services. If you're not selling anything tangible, how will people know what
they're getting?
11. This is where physical evidence comes in. Examples of physical evidence include a brochure for a holiday tour, customer testimonials for a
dentist, or a portfolio for a website design company.
Segmentation, targeting & positioning
When using the marketing mix, it is important to keep in mind the three generic stages of marketing - segmentation, targeting and positioning.
Segmentation is the detailed breakdown of your customers into as much detail as practical, targeting then ensures all elements of the mix are
tailored to your identified consumer group. Positioning the process of ensuring potential and current customers perceive your company in the
way you would like them to.
Stage 3: Actions, measurement and controls
How will you monitor progress? Who will do which jobs? When will each element be completed? How will you adjust the plan? What will be the
budget? This section discusses action plans, controls, measurements and reporting.
Actions
Developing an action plan
An action plan is core to the marketing process – a constantly evolving document which is cascaded to the relevant people and monitored
regularly. Most action plans are relatively short term documents which focus on the coming year, but longer term implications should also be
considered.
Action planning is a stages approach:
• Clarify goals, and ensure they are SMART
• Link back to your objectives and tactics
• Set criteria for success
• Prioritize
• Set timings
• Determine who will complete each action point
• Monitor the progress of the plan and review regularly
Measurements, controls and reporting
The final stage of the action plan is the implementation of measurements and controls and reporting results. Many models for monitoring the
performance of businesses have emerged, many of which address the needs of key stakeholders and allow them to evaluate the overall success
of a company.
The balanced scorecard approach for monitoring company performance
The balanced scorecard approach is a widely used method of monitoring overall performance and ensuring daily work is focused on the
strategic objectives. The scorecard is a "strategic planning and management system…which is used to align business activities to the vision and
strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals".
This approach encourages open communication throughout the business and allows tracking of performance throughout the year.
Reference: http://www.balancedscorecard.org
Traditionally, businesses have tracked success based on just one measure – financial results. However the scorecard system views the business
from four external perspectives to gain a more relevant approach to performance metrics.
12. Learning & growth – how you are innovating and improving to meet your goals
Business process – how critical processes are measuring up
Customer perspective – usually measured in terms of time, quality, performance and cost
Financial perspective – financial performance from the stakeholder point of view
Each element is tracked using four items which are listed individually:
Objectives - as identified in stage 2 of the marketing planning process
Measures - how will success be measured?
Targets - specific quantifiable targets
Initiatives - how to make the targets more readily achievable
Key performance indicators (KPIs)
Depending on your industry, you may also have certain specific metrics which determine success, these could include:
Market share analysis
Sales analysis
Quality control
Financial results
Market research
Marketing information systems
CRM - New customers acquired, retention
Service levels
Brand awareness
Competitor performance
Benchmarking
Profitability
Gap analysis
Gap analysis is another useful tool which answers two questions: Where are you? Where do you want to be? It can be useful to identify where
you are with the following facets of the business:
• Organisation
• Business direction and marketing mix
• Business processes
• Information technology
