The document outlines the 10 steps to creating a marketing plan: 1) mission statement, 2) summary of previous performance, 3) financial projections, 4) market overview, 5) choosing a target segment, 6) critical success factors, 7) objectives and strategies, 8) brand strategy, 9) product and pricing strategy, and 10) communication plan. It provides details on how to complete each step, including conducting market segmentation and identifying critical success factors. The conclusion emphasizes creating an "elevator pitch" to summarize the full marketing plan in 2-3 concise sentences that identifies the problem, proposed solution, and unique selling proposition.
The document outlines the 10 steps to creating a marketing plan: 1) mission statement, 2) summary of previous performance, 3) financial projections, 4) market overview, 5) choosing a target segment, 6) critical success factors, 7) objectives and strategies, 8) brand strategy, 9) product and pricing strategy, and 10) communication plan. It provides details on how to complete each step, including conducting market segmentation and identifying critical success factors. The conclusion emphasizes creating an "elevator pitch" to summarize the full marketing plan in 2-3 concise sentences that identifies the problem, proposed solution, and unique selling proposition.
The document outlines the 10 steps to creating a marketing plan: 1) mission statement, 2) summary of previous performance, 3) financial projections, 4) market overview, 5) choosing a target segment, 6) critical success factors, 7) objectives and strategies, 8) brand strategy, 9) product and pricing strategy, and 10) communication plan. It provides details on how to complete each step, including conducting market segmentation and identifying critical success factors. The conclusion emphasizes creating an "elevator pitch" to summarize the full marketing plan in 2-3 concise sentences that identifies the problem, proposed solution, and unique selling proposition.
The document outlines the 10 steps to creating a marketing plan: 1) mission statement, 2) summary of previous performance, 3) financial projections, 4) market overview, 5) choosing a target segment, 6) critical success factors, 7) objectives and strategies, 8) brand strategy, 9) product and pricing strategy, and 10) communication plan. It provides details on how to complete each step, including conducting market segmentation and identifying critical success factors. The conclusion emphasizes creating an "elevator pitch" to summarize the full marketing plan in 2-3 concise sentences that identifies the problem, proposed solution, and unique selling proposition.
Marketing planning is simply a logical sequence and a series of
activities leading to the setting of marketing objectives and the formulation of plans for achieving them.
Marketing planning is necessary:
• to help identify sources of competitive advantage
• to force an organized approach to developing strategy
• to set objectives and strategies
Step 1: Mission Statement The purpose of the mission statement is to ensure that the raison d’être of the business is clearly stated.
Role or contribution of the business
e.g. profit generator service department opportunity seeker.
Definition of the business
e.g. the needs you satisfy or the benefits you provide. Don’t be too specific (e.g. ‘we sell milking machinery’) or too general (e.g. ‘we’re in the engineering business’).
Distinctive competence This should be a brief statement that applies only to your business. A statement that could equally apply to any competitor is unsatisfactory.
Indications for future direction
A brief statement of the principal things you would give serious consideration to (e.g. move into a new segment). Step 2: Summary of Previous Performance
This section is designed to give a bird’s eye view of the organization’s total marketing activities.
In addition to a quantitative summary of performance, as follows, marketing
managers should give a summary of reasons for good or bad performance.
KPI 3 years ago 2 years ago Last year
Volume/turnover
Gross profit (%)
Gross margin Step 3: Summary of Financial Projections Its purpose is to summarize for the person reading the plan the financial results over the full three-year planning period. It should be presented as a simple diagram along the following lines: Step 4: Market Overview Provide a brief description of the entire market here. A good way to do it is through Porter’s 5 forces analysis: Step 5: Choosing the Target Segment Use the step-by-step segmentation process shown in Lecture 3 High Service Quality Need
30%
6% 24%
20% 80% Low price Sensitivity High price Sensitivity
14% 56%
70% Low Service Quality Need Step 5: Choosing the Target Segment
1. Identify the Market Attractiveness Factors (MAFs) for all the identified segments. Most common ones are: Growth, Size, Profitability.
2. Assign an importance weighting to each MAF so that the weightings for
each segment totals 100%.
3. Score each of the identified segments on a scale of 1 to 10, where 1 =
very poor and 10 = excellent for all the MAFs.
4. Multiply the weights by the scores and add up the weighted score for each segment.
5. The segment with the highest score is the most lucrative segment to target in the defined market. Step 5: Choosing the Target Segment
Step 6: Critical Success Factors 1. Identify the Critical Success Factors (CSFs) that influence the customer’s decision. There are usually not more than five-six important factors.
2. Assign an importance weighting to each CSF so that the weightings
totals 100%.
3. Identify the key competitors for and score performance of your company and each key competitor on a scale of 1 to 10, where 1 = very poor and 10 = excellent. Limit to a few competitors (between one and three).
4. Multiply the weights by the scores and add up the weighted score for each competitor.
5. Assess your relative strength by dividing your score by the best
Objective 3-year business targets (key business KPIs)
Strategies Holistic approach to achieve the objectives
Actions Items Specific activities to implement the strategies
Specific team/department responsible for each
Responsibility action item
Timeline Achievement timeline for each action item
Cost Budget requirement for each action item
Step 8: Brand Strategy
1. Brand Architecture
2. Brand Positioning
• Frame of reference • Points of parity • Points of difference
3. Brand elements
• Logo • Slogan • Color • Character etc. Step 9: Product & Pricing Strategy
1. Product levels
2. Product specifications
3. Pricing method and justification
Step 10: Communication Plan
1. Marketing communication objectives
2. Communication tools to be used
3. Communication media to be used
4. Key communication messages
5. Launch campaign plan
Conclusion: The Elevator Pitch
An elevator pitch is a brief, persuasive speech that you can use to spark interest in what your organization does. You can also use one to create interest in a project, idea, or product.
It needs to be succinct, while conveying important information.
This of yourself as a marketing consultant. Now create a 2-3 sentence
elevator pitch to summarize the marketing plan for board of directors of the company. This must include the following:
• What is the problem
• What is the solution you have proposed • Why it will work: the USP Thank you!
