Marketing Plan

I. Executive Summary (The executive summary is a synopsis of the overall marketing plan. The executive summary is easier to write if you do it last, after you have written the entire marketing plan.)

Marketing Plan – Page 1 Copyright © Houghton Mifflin Company. All rights reserved.

II. Environmental Analysis A.

The Marketing Environment Competitive Forces (Who are our major competitors as of today? What are their strengths and weaknesses?)

(Who are likely to be our major competitors in the future?)

(What response can we expect from our competition if we change our marketing mix?)

(How does the structure of the industry affect competitive forces in the industry?)

Economic Forces (What is the general economic condition of the country, region, state, or local area? Are our consumers optimistic or pessimistic about the economy?)

(What is the buying power of consumers in our target market(s)?)

(What are the current spending patterns of consumers in our target market(s)? Are consumers buying less or more of our product and why?)

Marketing Plan – Page 2 Copyright © Houghton Mifflin Company. All rights reserved.

Political Forces (Have recent elections changed the political landscape? What type of industry controls do our new elected officials favor?)

(What is our company doing currently to maintain good relations with elected political officials? Have these activities been effective? Why or why not?)

Legal and Regulatory Forces (What changes in federal, state, or local government regulation are being proposed that would affect the way we operate?)

(What effect will NAFTA and GATT (global agreements discussed in Chapter 5) have on our global opportunities?)

Technological Forces (What impact has changing technology had on our target market(s)?)

(What technological changes will affect the way we operate or manufacture our products?)

(What technological changes will affect the way we conduct marketing activities?)

Marketing Plan – Page 3 Copyright © Houghton Mifflin Company. All rights reserved.

(Do any technological advances threaten to make our product(s) obsolete?)

Sociocultural Forces (How are society’s demographics and values changing? What effect will these changes have on our operations?)

(What is the general attitude of society about our industry, company, and product(s)?)

(What consumer or environmental groups could intervene in the operations of our industry or company?)

(What ethical issues should we address?)

B.

Target Market(s) Identification (Demographic characteristics: sex, age, income, occupation, education, ethnic background, family life cycle, etc.)

(Geographic characteristics: location, accessibility, climate, density, resources)

Marketing Plan – Page 4 Copyright © Houghton Mifflin Company. All rights reserved.

(Psychographic characteristics: attitudes, opinions, interests, motives, lifestyles)

(Product-usage characteristics: usage rate, benefits sought)

Needs Analysis (What are the current needs of our target market(s)?)

(How well are our current product offerings meeting these needs?)

(How well are our competitors’ offerings meetings these needs?)

(How are the needs of our target market(s) expected to change in the near future? What about changes in the distant future?)

C.

Current Marketing Objectives and Performance Review of Marketing Objectives

(What are our current marketing objectives?)

Marketing Plan – Page 5 Copyright © Houghton Mifflin Company. All rights reserved.

(Are these objectives consistent with recent changes in the marketing environment and changes in the needs of our target market(s)?)

Performance Analysis (Currently, how are we performing in terms of sales volume, market share, and profitability?)

(How does our current performance compare to other firms in the industry?)

(If our performance is declining, are our marketing objectives inconsistent with changes in the marketing environment and/or target market(s)?)

(Is the performance of the industry as a whole declining? Why or why not?)

(If our performance is improving, what actions can we take to ensure that our performance continues to improve?)

(Is the performance of the industry as a whole improving? Why or why not?)

Marketing Plan – Page 6 Copyright © Houghton Mifflin Company. All rights reserved.

III. SWOT Analysis A.

Strengths Strength 1:

(How does this strength affect the operations of the company?)

(How does this strength assist the company in meeting the needs of its target market(s)?)

Strength 2:

(How does this strength affect the operations of the company?)

(How does this strength assist the company in meeting the needs of its target market(s)?)

Strength 3:

(How does this strength affect the operations of the company?)

(How does this strength assist the company in meeting the needs of its target market(s)?)

B.

Weaknesses

Marketing Plan – Page 7 Copyright © Houghton Mifflin Company. All rights reserved.

Weakness 1:

(How does this weakness affect the operations of the company?)

(How does knowledge of this weakness assist the company in meeting the needs of its target market(s)?)

Weakness 2:

(How does this weakness affect the operations of the company?)

(How does knowledge of this weakness assist the company in meeting the needs of its target market(s)?)

Weakness 3:

(How does this weakness affect the operations of the company?)

(How does knowledge of this weakness assist the company in meeting the needs of its target market(s)?)

C.

Opportunities Opportunity 1: Marketing Plan – Page 8 Copyright © Houghton Mifflin Company. All rights reserved.

(How is this opportunity related to serving the needs of our target market(s)?)

(What actions must the company take to capitalize on this opportunity?)

Opportunity 2:

(How is this opportunity related to serving the needs of our target market(s)?)

(What actions must the company take to capitalize on this opportunity?)

Opportunity 3:

(How is this opportunity related to serving the needs of our target market(s)?)

(What actions must the company take to capitalize on this opportunity?)

D.

Threats Threat 1:

(How is this threat related to serving the needs of our target market(s)?)

Marketing Plan – Page 9 Copyright © Houghton Mifflin Company. All rights reserved.

(What actions must the company take to prevent this threat from limiting the capabilities of the organization?)

Threat 2:

(How is this threat related to serving the needs of our target market(s)?)

(What actions must the company take to prevent this threat from limiting the capabilities of the organization?)

Threat 3:

(How is this threat related to serving the needs of our target market(s)?)

(What actions must the company take to prevent this threat from limiting the capabilities of the organization?)

E.

Matching Strengths to Opportunities/Converting Weaknesses and Threats (How can the company’s strengths be matched to its opportunities to create capabilities?)

Marketing Plan – Page 10 Copyright © Houghton Mifflin Company. All rights reserved.

(How can the company convert its weaknesses into strengths?)

(How can the company convert its threats into opportunities?)

IV. Marketing Objectives Marketing Objective 1:

(What is the specific and measurable outcome and time frame for completing this objective?)

(How does this objective take advantage of a strength or opportunity?)

(How does this objective convert a weakness or threat?)

(How is this objective consistent with the firm’s goals and mission?)

Marketing Objective 2:

(What is the specific and measurable outcome and time frame for completing this objective?)

(How does this objective take advantage of a strength or opportunity?) Marketing Plan – Page 11 Copyright © Houghton Mifflin Company. All rights reserved.

(How does this objective convert a weakness or threat?)

(How is this objective consistent with the firm’s goals and mission?)

V. Marketing Strategies A.

Target Market(s) Target Market 1:

(Specific description of target market in terms of demographic, geographic, psychographic, and product-usage characteristics)

(Justification for the selection of this target market)

(Competitors that also serve this target market)

Target Market 2:

(Specific description of target market in terms of demographic, geographic, psychographic, and product-usage characteristics)

Marketing Plan – Page 12 Copyright © Houghton Mifflin Company. All rights reserved.

(Justification for the selection of this target market)

(Competitors that also serve this target market)

B.

Marketing Mix Marketing Mix 1 (to meet the needs of target market 1):

(Product strategies)

(Pricing strategies)

(Distribution strategies)

(Promotion strategies)

(How does this marketing mix give us a competitive advantage in target market 1?)

(Is this competitive advantage sustainable? Why or why not?)

Marketing Plan – Page 13 Copyright © Houghton Mifflin Company. All rights reserved.

Marketing Mix 2 (to meet the needs of target market 2):

(Product strategies)

(Pricing strategies)

(Distribution strategies)

(Promotion strategies)

(How does this marketing mix give us a competitive advantage in target market 2?)

(Is this competitive advantage sustainable? Why or why not?)

VI. Marketing Implementation A.

Marketing Organization (How will the marketing unit be organized: by functions, products, regions, or types of customers? Why?)

Marketing Plan – Page 14 Copyright © Houghton Mifflin Company. All rights reserved.

(Where will decision-making authority rest within the marketing unit?)

(Will frontline employees and managers be empowered to make decisions? If yes, how will the organization ensure that employees make the right decisions?)

B.

Activities, Responsibility, and Timetable for Completion Product Activities Activity 1: Person responsible: Target completion date:

Activity 2: Person responsible: Target completion date:

Activity 3: Person responsible: Target completion date:

Pricing Activities Activity 1: Person responsible: Target completion date:

Activity 2: Marketing Plan – Page 15 Copyright © Houghton Mifflin Company. All rights reserved.

Person responsible: Target completion date:

Activity 3: Person responsible: Target completion date:

Distribution Activities Activity 1: Person responsible: Target completion date:

Activity 2: Person responsible: Target completion date:

Activity 3: Person responsible: Target completion date:

Promotion Activities Activity 1: Person responsible: Target completion date:

Activity 2: Person responsible: Target completion date:

Marketing Plan – Page 16 Copyright © Houghton Mifflin Company. All rights reserved.

Activity 3: Person responsible: Target completion date:

(How can the organization ensure that employees are motivated to implement these marketing activities?)

(How can the organization ensure that all marketing activities are coordinated with other functional areas within the firm?)

VII. Evaluation and Control A.

Performance Standards and Financial Controls Product Activities Activity 1 budget: Performance standard: Possible corrective action:

Activity 2 budget: Performance standard: Possible corrective action:

Activity 3 budget: Performance standard: Possible corrective action:

Pricing Activities

Marketing Plan – Page 17 Copyright © Houghton Mifflin Company. All rights reserved.

Activity 1 budget: Performance standard: Possible corrective action:

Activity 2 budget: Performance standard: Possible corrective action:

Activity 3 budget: Performance standard: Possible corrective action:

Distribution Activities Activity 1 budget: Performance standard: Possible corrective action:

Activity 2 budget: Performance standard: Possible corrective action:

Activity 3 budget: Performance standard: Possible corrective action:

Promotion Activities Activity 1 budget: Performance standard: Possible corrective action: Marketing Plan – Page 18 Copyright © Houghton Mifflin Company. All rights reserved.

Activity 2 budget: Performance standard: Possible corrective action:

Activity 3 budget: Performance standard: Possible corrective action:

B.

Monitoring Procedures (How will all marketing activities be monitored to ensure success?)

(Will a formal marketing audit be performed? If so, what will be the scope of the audit?)

(Will specialized audits be performed? If so, which marketing functions will be analyzed?)

Marketing Plan – Page 19 Copyright © Houghton Mifflin Company. All rights reserved.