Marketing plan

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visit: www.studyMarketing.org
How to Develop
A Powerful Marketing Plan

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Key Elements of
Marketing Plan
Outline or Table of Contents
Executive Summary
Situation Analysis
Objectives
Strategies
Tactics
Budget

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The outline is the headings of each
section with page numbers (remember to
include page numbers—without them,
anybody reading your plan is lost).
Outline or Table of Contents

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Begin your marketing plan with a one-
page summary of the circumstances and
principal recommendations contained in
the plan.
Executive Summary

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Summary allows everyone to grasp
quickly the main thrust of the plan and
then lets them read further in search of
the information most critical to his or her
part in it.
Executive Summary

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• This section describes where your
company stands at that moment in time.
• It includes background on past sales,
major competitors, and explanations of
recent sales and profit results.
Situation Analysis

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• It should also feature a forecast for the
industry, including opportunities and
threats and some mention of the
company's strengths and weaknesses
versus the competition.
Situation Analysis

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• Every company has objectives. They are
simply a matter of deciding where you
want to be and when you want to get
there.
Objectives

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Objectives
• Is the purpose of your marketing plan to
launch a new product or line of products?
• If so, your objective might read, "Achieve
10 percent market share within the first
12 months of product launch."

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Objectives
• Is the purpose of your marketing plan to
boost revenue from existing products?
• Your objective then might read, "Increase
revenue 12 percent from our existing line
of products over the next six months
while maintaining current profit margins."

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Strategies
Strategies are the things you need
to do to accomplish your
objectives. If your objective is
where you want your company to
be, the strategy is the route you
need to take to get there.

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Strategies
• For example, if the objective is to increase
sales revenue, your strategies might be one
or more of the following:
• Increase the average price on all units
• Increase overall sales volume
• Sell more of the higher-priced units
• Any combination of these

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Tactics
• Whereas strategies establish a broad outline
of how you want to achieve your objectives,
tactics are specific actions.
• "Increase awareness among potential
customers" is a strategy. "Develop a
brochure to send to new prospects" is simply
a tactic for implementing that strategy.

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Budget
• Of course, each tactic has a price. Add up all
that you plan to use and you know what your
budget must be to achieve your goals.

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Marketing Plan:
An Example
PlasticMaker Inc.

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Executive Summary
• PlasticMaker is a plastic injection molding firm with
annual sales of $2 million.
• This plan was developed to provide opportunities for
increasing sales 40 percent or more over the next
three years.
• The company will expand its sales territory and
attract new customers through direct mailing,
publicity, and the personal selling efforts of
independent manufacturers' representatives.

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Situation Analysis
• PlasticMaker uses technologically advanced plastic
molding equipment capable of unattended
operation to provide just-in-time service to clients
in Minnesota, Wisconsin, and Michigan's Upper
Peninsula.

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• Sales have been flat over the past two years due
to a highly price-competitive market, but have
experienced steady growth the four previous
years.
• The company has an excellent reputation and
typically turns 15 percent of quote requests into
customers.
Situation Analysis

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• Opportunities exist for expansion to Illinois and
Iowa due to higher price points and fewer
competitors in this region.
Situation Analysis

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Objectives
• Increase sales 40 percent over the next three
years while maintaining 20 percent profit margins
or better.
• Retain current mix of customers so no one cus-
tomer represents more than 20 percent of sales.
• Relieve Joe Dokes, owner, of the burden of sales,
allowing him more time for administration and
quality control.

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Strategies
• In all promotion materials, present clear,
consistent image of quality and service to target
market.
• Hire Independent Manufacturers' Sales
Organization to relieve Dokes of sales
responsibilities.
• Expand to markets beyond current geographic
region of Minnesota, Wisconsin and the Upper
Peninsula.

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Strategies
• Provide ample sales support for sales
representatives.
• Develop training programs for sales
representatives designed to encourage loyalty
and enhance service image of firm.
• Respond to quote requests faster.

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Tactics
• Seek out, retain, and train independent sales
representatives (at a 10-percent commission rate) to
cover the territory of Illinois and Iowa, which will increase
customer base by 120 percent.
• Purchase CAD/CAM design system. Customer research
indicates it is important to return quote requests promptly.
Current average turnaround time is ten days.
PlasticMaker will cut this time to five days by purchasing
a CAD/CAM design system and using computer-
dedicated fax lines to return quote requests promptly.

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Tactics
• Hold annual sales meeting. The additional sales
representatives require training and a sense of "team
spirit."
• Develop new brochure. Feedback from the field indicates
a need for a more detailed brochure that can be used as a
direct mailing prior to a sales call, a "leave behind" at the
sales call, or as a follow-up to a customer contact.

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Tactics
• Obtain magazine reprints. Use high-quality reprints of
company's trade journal advertisements for distribution by
sales representatives, in mailings, and at trade shows.
• Publicity. The company will use its public relations agency
to develop articles of interest to the industry while
portraying the firm in a positive light. Emphasis will be
placed on publications in the Midwest, particularly in
Illinois, Iowa, and Wisconsin.

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Tactics
• Direct mailing. Purchase prospective customer mailing
lists targeting by ZIP Code (Illinois, Iowa), Standard
Industry Classification (SIC) code, and sales (over $10
million but less than $1 billion). Develop mailing designed
to attract 5 percent or better prospect inquiries, of which
15 percent will become customers. Provide lists to sales
representatives and notify them which portion of the list
will be mailed and when.

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Source of Reference
• Marian Wood, Marketing Plan Handbook, Prentice Hall.
You can obtain this excellent book at this link: http://www.amazon.com/Marketing-Plan-Handbook-
Marian-Burk/dp/0132237555/ref=sr_1_6?ie=UTF8&s=books&qid=1219803581&sr=1-6

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