preparing the marketing plan, including the blue highlighted text, before submitting your assignments.
[Provide a Title Page.Insert the title as shown in the example below.
Please do not call this Assignment 1 or 2.]
Eureka Inc. - Blue Widget Division Marketing Plan
[Add the required Title Page data here,centred, including theword count.
See the Student Handbook, Section 1.3.7 for Title Page requirements.]
Executive Summary
The Executive Summary (ES) is to provide the reader with an overview of the plan. The reader should be able to know what the plan is about, including the objectives, recommendations, and conclusions, without the need to read the full report.The ES should highlight content from each section in the paper that follows.The ES should only reflect what is in the plan. Do not use it to add more information, recommendations, or conclusions. Also, do not include rationale for the statements made in the ES. The body of the plan will contain this rationale. A common mistake is to use the ES as an introduction to the paper; it is not an introduction!
The final ES should not exceed two pages in length and should stand separate from the body of the plan. Note that the ES should only be one page in length for Assignment 1.
Table of Contents
1. SITUATION ANALYSIS 1
INTRODUCTION 1
MARKET SITUATION 1
MACROENVIRONMENT 1
Demographics 1
Economics 1
Political-Legal 1
Ecological 1
Socio-Cultural 2
Technological 2
COMPETITIVE SITUATION 2
DISTRIBUTION SITUATION 2
2. OPPORTUNITIES AND ISSUES ANALYSIS 2
STRENGTHS AND WEAKNESSES 2
OPPORTUNITIES AND THREATS 3
ISSUES ANALYSIS 3
3. TARGET MARKET 3
SEGMENTATION 3
POSITIONING 3
4. OBJECTIVES 3
FINANCIAL 3
MARKETING 4
SOCIETAL 4
5. MARKETING STRATEGY AND PROGRAMS 5
MARKETING STRATEGY 5
MARKETING PROGRAMS 5
PRODUCT/SERVICE 5
PRICING 5
DISTRIBUTION SYSTEM 5
MARKETING COMMUNICATIONS 5
Advertising 6
Direct Selling/Sales Force 6
Direct Marketing end eCommerce/eMarketing 6
Sales Promotion 6
Public Relations 6
PEOPLE 6
PROCESS 6
PHYSICAL EVIDENCE 6
MARKET RESEARCH 6
6. ACTION PROGRAM 6
7. FINANCIAL IMPACT 6
8. CONTROLS AND CONTINGENCY 7
9. APPENDIX 7
10. BIBLIOGRAPHY 7
Use Microsoft Word's Table of Contents tool to update the Table of Contents after you have completed adding information and editing the Assignments.
Remember to use headings for the Situation Analysis (DEPEST) factors (see the Table of Contents).
Please ensure you use either APA format for your citations and list of references.Consult the Prentice Hall Reference Guide for Canadian Writers for help on this.
1. Situation Analysis
Introduction
Briefly introduce your organization and place it in the context of its industry, including a brief description of the product for which this marketing plan is being developed. Prepare the marketing plan in the third person and develop it on the assumption that the reader, although well read, may not be an expert in the specific business sector that you are targeting. Avoid acronyms or "internal" company/sector-specific buzzwords or phrases. Should you need to include a few, please ensure that you reference or provide clarification in an accompanying footnote on first use. View the design of your assignment documents as papers that could be read by an interested investor, manager, or external consultant, and not necessarily an expert within the sector or industry concerned.
Market Situation
This section is about the industry.In it you will describe the background data as they relate to the size and growth of the industry product, in both units and dollars. Industry pricing and profitability can be discussed if the data are available. Customer perception, needs, buying habits etc., will also be discussed. This is the big-picture view of the situation, and what is happening there that can affect your company, its stakeholders and the product/service that you are offering. This establishes the backdrop for the rest of the marketing plan.
Macroenvironment
Critically analyze your industry/environment using macroenvironmental factors (DEPEST). You might want a very brief overview here before you start defining the DEPEST factors. Below, describe each factor and then relate it to your industry. As much as possible, use external published sources for any facts presented here and reference the source.
Demographics
Place a brief description of the demographic factors here and describe how they affect your organization.
Economics
Place a brief description of the economic factors here and describe how they affect your organization.
Political-Legal
These are the regulators. What impact do they have on the industry?
Ecological
How does the natural environment affect the industry and the industry's response to the natural environment? You can discuss any environmental special interest groups here or in the previous section.
Socio-Cultural
Are there special considerations here?
Technological
Is the industry dependent on technological advancements and how current are the technological features employed?
Competitive Situation
Identify the major competitors and describe their size, goals, market share, product quality, marketing strategies, and other characteristics that are needed to understand their intentions and behaviour. A ‘strengths and weaknesses' list for the major competitors could form a part of this section. There are a variety of frameworks available in the literature that may help to guide your reasoning on this section - feel free to use one if it provides a useful supplement to your writing.
If there is no perceived existing competition, what might be the potential future, direct or indirect, competition might.
Distribution Situation
This section describes the current industry distribution mode, the distribution levels, and the typical number of levels employed.
2. Opportunities and Issues Analysis
The SWOT framework is a useful guide for analyzing the internal strengths and weaknesses and external opportunities and threats that relate to the current industry situation. Remember though that SWOT simplifies this information, and one has to be careful not to oversimplify. You need to critically think about these issues and provide clear, but concise, analyses.
Additionally, although this type of analysis is more commonly referred to, and followed, as SWOT, there are suggestions that approaching this as TOWS (threats, opportunities, weaknesses, strengths) guides the thought and analysis process in a better way. Ultimately you need to include both the internal and external factors, and you should really go back and forth between all of them to ensure a thorough critical analysis. However, for the purposes of this assignment, you may present them either as SWOT or as TOWS.
Strengths and Weaknesses
This is the first place that you will mention your organization, since you did so in your brief introduction.Here, you will list and explain your specific strengths and weaknesses.
Opportunities and Threats
List and explain the opportunities and threats that exist in this industry situation. Remember that opportunities are external factors that exist in the marketplace for all competitors, just as threats are threats to all.
Issues Analysis
Issues are areas that the subsequent plan must address. They are derived from the OTSW analysis and are usually couched as questions. If you couch them as statements, they become premature strategies.
3. Target Market
Segmentation
In this section you should describe the overall market, and explain how(e.g., geographic, demographic, psychographic, behavioural, etc.) and why you will divide it up into different segments. Then explain the specific segment you are targeting: characteristics (how it is defined and identified) and size. Information on customer perception, needs, buying habits and other such information should be discussed here.
It is advisable to select only one segment for the purposes of this marketing plan, as it is less complex and confusing to then design a marketing strategy and marketing programs for that one segment versus multiple segments. Remember that the characteristics are important, as you will need to be able to design marketing programs that will reach the specific segment, rather than the mass market (unless you are choosing to do mass marketing).
Positioning
This relates to how your target segment will view your product/service offering. That is, what will the customers think about you/your company/your product or service?This is what you want the customer to say about you when asked the question, "What do you think about Eureka Inc, Blue Widget Division?"
4. Objectives
Based on your analysis above, you should put together a set of strategic objectives. A good framework to use in developing objectives is SMART = Specific, Measurable, Achievable, Relevant, and Time-bound. Where percentages are used, a base-line number must be provided!
Financial
Financial objectives deal with revenue, cost, and profit, and sometimes credit.
Marketing
Marketing objectives are about sales volume, margin (price), market share, penetration, and awareness.
Societal
These are typically related to the social responsibility of the organization. They may be stated in terms of environmental activities and impact, or human rights terms, or in terms of contribution to society.
End of Assignment 1
5. Marketing Strategy and Programs
Marketing Strategy
Summarize the overall, high level strategy for achieving the objectives you listed in the previous section. This should include an overview/summary of your plan to create, communicate and deliver value to the target segments. You can also indicate how the marketing will affect other stakeholders.
Marketing Programs
The marketing programs section is the detailed description of the mix of marketing elements you will use to achieve your objectives. Traditionally this has been the ‘4 Ps' (Product, Price, Promotion, Place). However, in more recent years there have been variations on this, depending on contextual factors such as whether you are offering a product or a service, or how complex your offering may be. Consequently it is also permissible to use the ‘7 Ps' (Product, Price, Promotion, Place, People, Process, Physical Evidence) to layout your marketing programs. Whichever you use, it needs to make sense in your context.
Ensure that you provide enough detail here to fully explain these marketing programs.
Product/Service
Describe the product, including its packaging. Highlight any changes or modifications. Describe the branding and customer benefits included in the offering.
Pricing
This is an important section and you should describe the pricing objective and pricing method here, as well as consider the value cost and competitive pricing levels.
Not-for-profit organizations may have problems with this section but the pricing method is usually break-even pricing. There may, indeed, be no actual prices but somewhere there will be a desire to cover costs with some kind of revenue. Discuss that here.
Distribution System
Describe the distribution chain, and determine the levels and direction involved.
Marketing Communications
Provide an outline of your communications and promotions plan. There are many different types of communications and promotions tools that companies use depending on their context. That is, there is a lot more than advertising and selling that can be done. Ensure that you provide enough communications and promotions programs, and details about them to achieve your objectives and fit with the rest of your marketing program elements.
Some methods you may wish to include - although this list is not meant to be exhaustive, nor are you required to use all:
Advertising
Advertising is a communications plan that uses some paid media mode for its distribution, outdoor, print, radio, TV, and third-party Internet.
Direct Selling/Sales Force
Direct Marketing end eCommerce/eMarketing
This includes mail (snail mail and e-mail), telemarketing, and Internet presence.
Sales Promotion
Sales promotion includes data sheets, product brochures, sales giveaways (TNT: Trinkets aNd Trash), sales incentive plans, trade shows, customer perks, etc., but not advertising.
Public Relations
This is third-party print media that is unpaid, typically using press announcements.
People
With services the role of employees in interacting with customers is critical. Choosing and properly training the employees who deliver the services should be described here.
Process
There is a typically a lot more variability in delivering services. Thus accurately and thoroughly defining and describing the process is important.
Physical Evidence
By their very nature services are intangible. However, often there are tangible aspects that surround the service (e.g., interior design of a restaurant or bank, the type of food available in a movie theatre) that directly impact the service quality and delivery. Describe and justify your choices of the tangible, physical evidence.
Market Research
What type of market research do you propose and at what cost?
6. Action Program
Each marketing strategy element must now answer: Who will do what, by when, and at what cost?
7. Financial Impact
This section is a proforma income statement covering at least one year, showing the forecasted sales revenue and the cost of production, physical distribution, and marketing. You need to identify the specific costs of the action plan in this proforma so that they can be monitored. It is often useful to include a break-even analysis in the marketing plan; do so in this section.
8. Controls and Contingency
This last section outlines the controls for monitoring the plan's progress.Typically, the goals and budget are spelled out for each month or quarter. Management can review the results each period and identify shortfalls or exceptional performance.
The contingency section outlines the steps that management would take in response to specific deviations, both positive and negative. Since any plan is only a ‘best guess' situation, the purpose of contingency planning is to prepare for the deviations that will lie ahead.
You can also identify a ‘worst case' scenario, and should one arise, what alternative strategies would you implement.
9. Appendix
This is not a required section but it is a place for you to put backup data, if you so desire.
10. Bibliography
Be sure yourreferences use the APA style. See the Prentice Hall Reference Guide for Canadian Writersfor help on preparing the list.
End of Assignment 2
The appendix and bibliographycan appear in both Assignment 1 and Assignment 2.