The executive summary is a concise overview of the marketing plan. It is the last section of the marketing plan written. Its purpose is to provide the reader with enough information to identify the value of plan. This section of the plan should address, with brief summary statements, items such as: timing and logistics of plan reaction, a very brief snapshot of the organization including top business challenges, a few key industry trends that enable opportunities or create threats, top 1-2 marketing objectives, account of the top 2-3 proposed marketing mix strategic changes and supporting tactical campaigns. Also include the projected financial impact of your proposed changes and the top line required budget needed to enable these changes.
The purpose of the Executive Summary is capture the most important intelligence and decision points within the plan and to entice the reader to want to read the entire plan! Don't forget to establish links between the Executive Summary sections and the main plan sections! Take your time when developing the Executive Summary: many experts consider it to be the single most important element of the marketing plan. Plan Logistics In this section, briefly describe the organization / company that the plan was created for, who created the plan, the timing of the plan creation.
In this section, highlight the top research findings from your secondary and primary research efforts. You should identify the top trend findings from your macro & micro environmental scans that need to be considered, and the most important findings that identify the operational readiness of your client's business (top SOOT analysis findings). Are you seeking to increase gross sales, increase market share, enrollment, new product utilization, penetration of a new market, etc.
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Also include a brief summary of your primary target market including the key attributes that best describes this market. In this section, briefly outline the 2-3 most important new marketing mix strategies and supporting campaign tactics. Briefly summarize what the campaigns will accomplish including overall timeline, projected financial return, and required investment. Essentially, you are presenting compelling evidence of the major changes you feel must be taken to overcome the key marketing challenges and create a more favorable financial picture.
Instructor's Tip - for each section of the marketing plan starting below, include a brief introductory paragraph that explains what is in each major section (I. E. Company Description). Remove all blue instructions! Use bullet format, tables, and graphs to separate information and ensure key findings stand out! Company Description In this section of the marketing plan, provide a brief overview of the company, its product lines, structure, and its current overall business and marketing strategy. Remember that many readers of the marketing plan will be company employees as well, so keep your descriptions brief and concise. In addition, highlight the company's recent history and successes -use these to build the reader's confidence that the company and its current marketing plans are on the right course.
Concisely describe what the company or organizational unit does (its purpose). Within this description identify the key leaders, and the products and services. Provide a brief historical snapshot of key company milestones, current business and marketing strategies including top "take to market" programs. Use this lead in section to link to the Mission / Vision and Goals sections.
McCoy Security is an authorized home security dealer of Reliance Protection that deals home security installation and consultation to end product users. It specifically focuses on the door- to-door approach to homes all over Ottawa region. Taxation, CEO of McCoy, started he company with a basis of marketing, as well as years of experiences as a sales representative at DAD. He, as the company, earned the right as an authorized dealer in 2007, and began his business two years after in 2009. Currently, McCoy Security has 600 customers on contract, and the next plan it has will be to expand to Vancouver and Montreal respectively.
Organization Structure Discuss the way in which the company is currently organized and how the organizational structure allows it to respond to opportunities in an effective and efficient manner. Use or develop an organizational chart to illustrate the chain of nomad/control in the organization and how the different functional areas of the business are linked together in a cohesive environment. Attach biographical sketches of key personnel in Appendix A if the marketing plan's goal is to obtain external Omissions Concisely define the mission/vision of the company.
This qualitative description focuses on the fundamental activities the company will undertake in order to best serve its stakeholder groups. Describe in general terms product, price and place strategies and how these will maximize shareholder value and build relationships tit stakeholder groups. Goals The Goals section sets both the financial and non-financial business targets (use your client brief and information from week 2 client meeting to frame these corporate goals and business objectives / financial targets)- where possible in quantitative terms - against which the company's performance will be measures.
The key marketing challenges will be identified here! Situation Analysis In the sections below input your research findings from your macro and micro environmental scan research. Identify here which macro and micro scan elements were evaluated. Don't forget that the trends must be specific to your industry and need to be concise, and fully documented! This will enable you to establish precise and actionable opportunities and threats.
Marco Scan Summary Social Describe and opportunities and threats perceived in the consumer and/or social environment such as changing consumer tastes, changing social perceptions of the product class or product, etc. Think about whom your current customers are and what your current product offerings are and how these present both opportunities and threats. Provide an analysis of the cultural and social environments in which lull be operating and discuss the potential impact that these environments may have on the success of your marketing plan. How culturally or socially sensitive is your product?
What are cultural or social trends in this market and how will this impact your marketing plan? Natural Describe and opportunities and threats that may occur based on the physical environment that your company and its customers operate within, and any significant changes (I. E. Physical landscape, weather patterns and shifts). Competitive In this section, describe any significant shifts in the level of competition that affect our industry. Is the level of competition projected to increase or decrease in the next 1-3 years? Are there any new types of competition and a shift in the geographic influence of competition within your industry?
Is there any major consolidation of competition? Are there any new forms of competition? Note: use this general industry information to set up the section on "competitor analysis" which is part of the micro In this section of the marketing plan, discuss the technological environment as it concerns the product or products contained within the scope of this marketing plan. How critical of a role does technology play in the successful marketing of your product? Are any of your core competencies technologically dependent? What technological developments do you foresee on the horizon and how might they impact your marketing plan?
Likewise, describe any technological threats looming on the horizon and how they may impact your company's situation. Economic Describe the current economic environment in which you'll be competing. What is its scope (local, regional, national or international)? What trends are observable (economic contraction, expansion, etc. )? What are the economic projections for the ear future and the long-term? Do current or future economic conditions present opportunities and threats? For instance, is there seasonality in your industry? Is there a predictable business cycle?
Describe the current state of the economy in which you'll operate and your expectations for the future. Regulatory Describe any legal or regulatory factors that present opportunities or threats for your company. Is there a changing legal or regulatory statute that presents new opportunities for how you conduct business or what products you sell? Is there increasing regulation in your industry? Provide an overview of the political and legal environments in which you'll be operating. Discuss any regulatory issues that impact how and where you will market your product.
Are there regulations regarding product, price, place or promotion that impact how you intend to market your product? Analyze the stability of the political and legal environments in which you plan to operate. Summary of Key Macro Trends List your top 3-5 overall macro industry scan trends and re-emphasize the opportunities and / or threats that these trends present to your client's business environment.
Micro Scan Summary
The micro elements of your environmental scan: specific competition affecting your company, the company, and the company's consumers. Without an in-depth understanding of the industry, the remaining analyses may be misdirected. Use this section to demonstrate to the plan's readers that you have a deep understanding of the competition and customers within the industry in which you compete and that you are cognizant of specific trends directly impacting the industry. Competitor Analysis The Competitors Analysis demonstrates that the company has a realistic understanding of who its major competitors are and what their marketing strategies pen competition ultimately leads to higher quality, lower cost goods for the market.
In this section of the marketing plan, describe who your current competitors are, predict who any likely future competitors will be, and discuss the differences in competitive advantages or core competencies that exist among the competitors in the marketplace. Bases of Competition In this section determine which bases of competition apply to your industry and specifically to the competitive risk that your company faces. Note: there are 4 potential bases of competition: customer oriented, marketing oriented, resource oriented, and geographic.
Within this section also identify any key barriers to entry. Discuss any competitive barriers that you need to overcome, any barriers to entry that exist in the market and any sources of competitive advantage that you enjoy. Competitive barriers include items such as economies of scale and scope that must be reached in order to be profitable in the market, access to distribution channels, access to customers, etc. Barriers to entry may include items such as high levels of capital investment, long payback periods, proprietary technology, legal or regulatory restrictions, etc.
You need to answer the question "How difficult is it for a new competitor to enter the market and compete with you for your customers"? This analysis will help guide you to the establishment of the specific levels of competition and the key competitors within these levels. Levels of Competition In this section plot the levels of competition that you company deals with (use diagram template provided). Remember that the levels must be distinct. Through this analysis, and your macro industry scan trend analysis you will be able to identify the levels of competition that pose the greatest risk to your business.
The final step is to identify the key competitors within the levels that you choice to focus on, based on their level of threat to the organization. Competitor Profiles In this section insert your competitor profiles. Use a common set of criteria to profile each competitor. Criteria should include: brief history, ownership profile, locations, size of operation, products and services offered, brand position, pricing formula, and key partnerships and channels. Competitor Comparison Are you competing with companies comparable in size? Or are they much larger?
What do you do better than your competitors can do? What do your competitors do better than you can do? Use the table below or one that you modify to summarize these core competencies. In the chart below label the competitors and use a standard set of criteria to complete a side-by-side assessment. Based on the same common set of criteria (company attributes) used to profile and evaluate all key competitors including your company rank each competitor.
Marketing decisions should always be made with the consumer in mind. The marketing concept dictates that marketers focus on meeting consumer needs in order to build successful long-term exchange relationships. Satisfying customers and providing genuine value to them is why organizations exist in a market economy.
In this section of the marketing plan, demonstrate that you've performed a detailed analysis of your potential market for the products included in the marketing plan, how the consumers in the defined markets typically purchase your product and for hat reason, and what type of relationship you plan to establish with these consumers. Whereas the previous sections provide the foundation on which to build a marketing plan, this section provides you with an opportunity to demonstrate the reason why the plan exists: to serve the needs of potential customers.
Customer Characteristics In this section of the marketing plan, discuss who makes up the market for your product. Remember that there are three conditions for being considered as a viable market: consumers must have the ability, willingness and authority to purchase what oh are selling to be considered a market for your product. Provide evidence that you've sufficiently researched who meets the three criteria to be considered a market for your product, how you've determined this, and describe the demographic and/or cryptographic characteristics of a "typical" consumer.
Keep in mind that while there is typically overall or general market for your product (the three criteria from above), there may be multiple customer profiles that can be generated from this market based upon demographic and cryptographic reasons for purchase. Furthermore, knowing that there are three general strategies for applying the racketing mix to defined markets (undifferentiated, concentrated and differentiated), discuss which of the three general strategies that you intend to utilize and Justify your decision.
This general strategy decision will strongly influence the following two sub-segments of the marketing plan. Possible Segmenting Dimensions Based upon your selection of a general marketing strategy in the section above, and on the premise that you can't be everything to everyone, describe possible market segmentation variables that you plan to use individually or in combination to break down the overall market into potential segments. Typical segmentation dimensions include items such as demographics, chirography's, ego-demographics, and behavioral factors.
However, the beauty of segmentation is that you as the marketer have the opportunity to define segments as you see fit. Not all competitors in your product category or class will have defined identical market segments. Marketing in general, and segmenting specifically, is an art. The only guidelines for selecting segmentation dimensions are that the dimensions are observable, consistent and homogeneous within, heterogeneous between, substantial and operational. Key Influences on the Buying Process In this section of the marketing plan, discuss the key influences on the buying process.
Why do the consumers in your target market(s) purchase the product? How does the level of involvement associated with the product (high involvement versus low involvement) impact the information search and buying process? Are there elements of the marketing mix that influence how or where the product is purchased? Knowing the key influences on the buying process allows marketers to develop a marketing mix that is better able to satisfy consumer needs. Type of Buying Situation What is the typical buying situation for your product?
What needs must the customer have identified to begin the purchase process? Describe the typical buying situation or situations that consumers can expect to experience when they purchase your product. Who, what, where, when and why, the five Was of Journalism, may provide you with a basic framework with which to describe the types of buying situations that you foresee. Nature of Relationship with Customers Discuss the nature of the relationship with your customers that you wish to establish. Remember that customers and their needs drive our business.
And that it is easier to sell more to existing customers than it is to acquire new customers. What type of customer loyalty programs do you envision establishing for the product(s) being marketed? Do loyalty programs make sense for your product? Are there peripheral ways of generating customer loyalty such as building a strong brand identity that meets the needs of the customers? Take the time to demonstrate that you've considered how the nature of your product dictates the nature of your potential relationships with your customers.
With the type of service McCoy has to offer, paving long-term loyalty won't really benefit the company; watching over the customers and maintaining communications with them for the first year will be what's required. In order to create a better brand image, there should be a standardized performance for sales representatives and technicians; through this structured direction, customers will be more happy with a good service performance, which will lead too better word-of-mouth referral.
Company Analysis The Company Analysis provides details of the company's strengths and marketing strategies that will enable it achieve the mission, vision and goals identified earlier. Company Strengths and Overall Marketing Strategies Define the overall company objectives in terms of return on investment, long-term financial health, growth expectations, and the focus on building shareholder equity. Historically, how well has the company met its objectives? Are there noticeable trends?
What is the current economic status of the company and what is the target economic status? Discuss the company's overall marketing objectives for the products market share, reaching target levels of gross sales, reaching target levels of net sales, building brand name recognition and/or brand equity, inventory turnover targets, etc. Company Resources All marketing decisions are constrained by resource availability. In this section of the marketing plan, discuss key company financial, technological and human resources that impact your marketing plan.
Creatively determine how you can overcome resource limitations to leverage the best possible performance given these limitations. Lack of financial resources to do a massive advertisement of the service; this can impede the effectiveness of McCoy Security competing with the competitors. Current employees are at 4 sales representatives and 2 technicians (1 full-time and 1 Alfa-time) with commission based payment; there is a lack in coverage effectiveness of homes all over Ottawa.
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