Transcript Chapter 12: Marketing Plans: Saying How You`ll Get Sales

Marketing
Plans: Saying
How You’ll Get
Sales
Chapter 12
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document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Learning Objectives
LO1 Understand the importance of a marketing
plan
LO2 Recognize the major methods of conducting
market research
LO3 Use sales forecasting methods
LO4 Find or create a product’s differential
advantage
LO5 Identify the critical components of a
marketing plan
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12-2
The Importance of Having a
Marketing Plan
Marketing plan
 a systematic written plan of all phases of
marketing for a business, including information
on the product, price, and distribution and
promotion strategy, as well as a clear
identification of the target market and
competition
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12-3
Market Research
Marketing research
 Systematic collection and interpretation of data
to support future marketing decisions.
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12-4
Market Research
Primary research
 New information
collected to solve a
problem at hand or
answer current
questions.
Secondary research
 Information already
collected for some
other purpose than
the current problem
or questions.
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12-5
Market Research
Secondary data
BizStats.com
 information already Economic Census:
collected for some
census.gov
other purpose than
the current problem Business Expenses
Survey:
www.census.gov/cs
d/bes/
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manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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Primary Research
Primary data

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

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information is extremely current
Take some more time and money to gather it
Marketing research firms can do this for you
Zoomerang (www.zoomerang.com)
Survey Monkey(www.surveymonkey.com)
SCORE (www.score.org)
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12-9
Cost Comparisons for
Various Survey Methods
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Primary Research
Ethnographic research
 data gathered by simple observation – seeing
what consumers do, rather than asking them
Focus group
 form of data gathering from a small group led by
a moderator
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manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
12-11
Primary Research
Survey
 A data-collection method using a
questionnaire—in person, on phone, on paper,
or on the Internet.
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manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
12-12
Sales Forecasting
One of the most important pieces of
marketing plan
Knowing what your sales will be
Companies often base sales forecasts on
historical sales, but new companies cannot do
that
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Sales Forecasting
Products or services are tied to others
 Estimate total market
 Calculate what percentage of that market you
can get
Other products and services are not tied as
neatly to others
 Good situation for some marketing research
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12-17
Differential Advantage
Differential advantage
 The characteristic that separates one company
from another in product, price, promotion,
and/or distribution.
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Components of The
Marketing Plan
Discuss your target market
Explain your current situation
Marketing strategy and objectives
Product, promotion, price, and place
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12-20
Target Market
Market segmentation
 The process of dividing the market into groups
that have somewhat homogeneous needs for a
product or service.
 Geographic, demographic, benefit
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Target Market
Undifferentiated strategy
 A marketing strategy that uses no segmentation;
assumes that all consumers have virtually
identical needs and can be reached by the same
marketing mix.
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12-22
Target Market
Differentiated strategy
 A marketing strategy in which a marketer selects
two or more distinct groups of consumers and
designs specific marketing mixes to meet their
needs.
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12-23
Target Market
Concentrated strategy
 A marketing strategy in which a marketer selects
one specific group of consumers and designs a
marketing mix specifically for that group.
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Current Situation
What you have done over the past year and
how effective these actions were
Reflect on the political, economic, cultural,
and other external environments
SWOT analysis
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Current Situation
Direct competition
 Other companies that make a similar product or
provide a similar service; for example, direct
competition for Coca-Cola includes all other soft
drink providers.
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Current Situation
Indirect competition
 Companies that provide alternatives that are
dissimilar to your product/service that
consumers might choose to meet a similar need;
for example, indirect competition for Coca-Cola
includes any other company providing items to
quench thirst.
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Competitive Analysis
Exhibit 12.1
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12-28
The 4 P’s
Product
Place
Price
Promotion
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12-29
Marketing Plan Outline
Table 12.2
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manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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