Marketing Outline Explained Part 2
Summary
TLDRThe script outlines the essentials of creating a marketing plan, emphasizing the importance of a clear mission statement and financial objectives. It highlights the significance of the marketing mix—product, price, place, and promotion—and the need for a promotional budget. The script also touches on the use of secondary data for market research and the necessity of defining target markets and positioning strategies. It concludes with advice on building a comprehensive marketing plan that includes an executive summary, implementation, controls, marketing organization, contingency plans, and a forecast.
Takeaways
- 📝 A mission statement should be a concise overview of a company's goals, including where the product or service is headed and marketing objectives.
- 💹 Financial objectives are crucial and should detail how the company plans to be profitable, including budgeting and a three-year revenue forecast.
- 🎯 The target market is a key component of the marketing plan, defining who the company aims to reach and how to engage them effectively.
- 🔍 Marketing research involves using secondary data to understand the market and should detail how data is collected, analyzed, and applied.
- 📈 The marketing mix, encompassing the four Ps (Product, Price, Place, Promotion), is central to defining how a product will be taken to market.
- 💼 The product section should provide a detailed description of the offering, including any unique selling points or features.
- 💰 Pricing strategy is vital and should consider customer willingness to pay, cost, and competitive pricing.
- 📢 Promotion involves detailing how and when to reach the target market, including the promotional budget and tactics.
- 📚 The marketing plan should include an implementation strategy, outlining how the plan will be put into action and monitored.
- 🛑 A contingency plan is essential, outlining alternative strategies if the primary plan does not succeed or if market conditions change.
Q & A
What is the purpose of a mission statement?
-A mission statement is an overview of where a company wants its product or service to go, including its marketing objectives and financial goals such as profitability.
How long should a mission statement be?
-A mission statement can be as short as one paragraph or as long as two, depending on the complexity and scope of the company's objectives.
What are the financial objectives typically included in a mission statement?
-Financial objectives usually include a company's budget, revenue goals, cost of goods sold, selling and general administrative expenses, and the aim to achieve gross profit and profitability.
What is the significance of being profitable within 18 months in a business?
-Achieving profitability within 18 months indicates that the business is functional and very successful, as it shows efficient management of resources and financial planning.
What is the role of marketing research in a marketing plan?
-In a marketing plan, marketing research involves using secondary data to understand market trends, customer preferences, and competitive analysis, which informs strategic decision-making.
Why is the marketing mix an essential part of a marketing plan?
-The marketing mix, which includes product, price, place, and promotion, is crucial as it defines how a product is taken to market, targeting specific customer segments with a defined promotional budget.
What are the 'three C's' of pricing mentioned in the script?
-The 'three C's' of pricing refer to customer, cost, and competition, which are factors that influence the pricing strategy of a product or service.
How does the promotion aspect of the marketing mix relate to the financial objectives?
-Promotion in the marketing mix relates to financial objectives by determining how much is spent to target specific customers, which directly impacts the company's profitability and revenue generation.
What is the importance of a contingency plan in a marketing plan?
-A contingency plan is important as it outlines alternative strategies (Plan B) to be implemented if the primary plan fails, ensuring business continuity and adaptability to market changes.
What does the executive summary serve in a marketing plan?
-The executive summary serves as a concise overview of the entire marketing plan, highlighting key points and strategies, and is typically placed at the beginning for quick reference by stakeholders.
How does the script suggest one should approach creating a marketing plan?
-The script suggests creating a marketing plan by focusing on the who, what, when, why, and how questions, and by integrating elements like SWOT analysis, competition analysis, budget, forecast, target market selection, and product uniqueness.
Outlines
📈 Mission and Financial Objectives
The paragraph discusses the importance of a company's mission statement and how it should be a concise overview of the company's direction, focusing on product or service goals and marketing objectives. It emphasizes the need to outline financial objectives, such as profitability and revenue generation, and suggests including a three-year financial forecast. The forecast should detail revenue, cost of goods sold, SGNA, marketing costs, and gross profit. The ideal target for profitability is within 18 months, indicating a successful business. The paragraph also introduces the next sections of a marketing plan, which include positioning strategies, marketing mix, and marketing research, with a focus on using secondary data due to the course's constraints.
📊 Marketing Mix and Plan Components
This paragraph delves into the marketing mix, which consists of the four Ps: product, price, place, and promotion. It stresses the significance of the marketing mix in defining how a product reaches the market, including details on promotion, target markets, and the allocation of a promotional budget. The paragraph also touches on the necessity of defining the product and price within the marketing plan, with price being crucial for financial success. It mentions the '3 C's' of pricing: customer, cost, and competition. The paragraph concludes by discussing the structure of a marketing plan, including implementation, controls, marketing organization, contingency plans, and an executive summary. It advises that while not every plan follows the same outline, the core sections are essential for a comprehensive marketing strategy.
Mindmap
Keywords
💡Mission Statement
💡Financial Objectives
💡Marketing Mix
💡Target Market
💡Pricing Strategy
💡Positioning Strategies
💡Marketing Research
💡Promotion
💡Contingency Plan
💡Executive Summary
Highlights
A mission statement should be a brief overview of the company's goals and marketing objectives.
Financial objectives should include a budget and a three-year forecast for profitability.
Being profitable within 18 months is a sign of a successful business.
Positioning strategies, marketing mix, and marketing research are crucial components of a marketing plan.
Secondary data is used for market research in this context, as primary data collection is not part of the plan.
The marketing mix consists of the four Ps: Product, Price, Place, and Promotion.
Promotion should include details on target audience, timing, and budget.
A detailed product description and channel strategy should be provided in the marketing mix.
Pricing strategy should be based on customer, cost, and competition considerations.
The final submission of the marketing plan should build upon and include all previous submissions.
Implementation and controls are part of the final submission, detailing how the plan will be executed.
A contingency plan is necessary, outlining alternative actions if the primary plan fails.
An exit strategy might be included as part of the contingency plan.
The executive summary should be placed at the beginning of the marketing plan.
The marketing plan outline should address the who, what, when, why, and how of the business.
The uniqueness of the product and analysis of competition are integral to the marketing plan.
The final marketing plan should be a comprehensive document that includes all aspects from the initial outline.
Transcripts
[Music]
so your
mission State your mission what is your
company Mission remember we talked about
a vision statement um a mission has to
be an overview of where you want your
product or service to go where your
company needs to be your marketing
objectives pretty simple that's a two
paragraph type statement sometimes you
can do it in one paragraph what you
intend to do how you want to be re uh
generate Revenue be profitable Financial
objectives make money right somewhere in
there you need to tell me you want to be
profitable so maybe here you can put
your budget your financial budget
remember we looked at a threeyear in our
first week year one year two year three
uh Revenue minus uh cost of goods sold
minus sgna minus marketing equals your
gross profit maybe that could be your
three-year forecast right there those
are your financial objectives at the end
of the year you want to be profitable
after 3 years that makes sense the sweet
the sweet Target is 18 months if you can
get profitable in 18 months you've got a
real functional business very
successful okay the next section which
is the next piece that you have to
deliver is your positioning strategies
marketing mix and marketing research 35
to
38 now let's talk about marketting
research for a second generally speaking
speaking that in this type of a
marketing plan in our marketing plan for
this course it's really not that
comprehensive because we're not doing
our own individual studies we're not
hiring someone to do our market research
for us so we're using what we call
secondary data right not primary data
primary data is the data we go out and
get for ourselves so that's where you
would Define this in this marketing
research section you'll Define how you
collected the data how you got the data
how you use the data all the
quantitative analysis goes into this so
for hours we don't have to worry that
much about it however you could use this
section to dump in information that you
couldn't find somewhere else to put and
reference it within the plan somewhere
since you're doing a lot of research
maybe there's additional information
that'll help support the argument you
can put that here in 38 so what's the
important part of this section then 35
to 38 it's the marketing mix right the
four Ps product price place and
promotion this section here could be
four individual Pages it could be eight
individual Pages it could be 10
individual Pages the two biggest pieces
of this plan are your target markets and
your marketing mix because this is going
to Define how you're taking a product to
Market so when you talk about your
promotion you have to make sure that you
talk about not only who you're going
after but when you're going after them
and how much you spending to go after
them now we we'll talk about a
promotional budget in a couple classes
from now but this is where that section
goes in you want to put a promotional
budget here of how much you're spending
that's
important you want to Define your
product more closely here if you didn't
Define it as good as you want to in 24
you want to talk about your ch panel if
you didn't really discuss it uh uh as
well in any of the two sections and then
of course you want you want to talk
about your
price okay because the price is going to
help us make money which is our
financial objectives it's going to help
us be successful it's going to be
defined everywhere in within the section
so price has to be defined in this
section as well and remember we talked
about price last week there are three
C's
for pricing and that was what customer
cost customer and competition okay if
you know those three C's you can develop
your price now we'll look at Price a
little more I think in two weeks because
that's a very important part of the plan
here
okay all
right so that's your three
submissions your last submission is a
build upon on all these submissions
today or when you get done
uh with your first submission I'll go
back and look at that I'm going to go
through it put a lot of comments in
there or as many as I need to to guide
you into the direction you need to go
and then you're going to work that into
your final draft so each part can be
done
individually but it's a build upon okay
so you it's going to be connected
somewhere in your mind hopefully maybe
not on the paper at the moment but in
your mind is connected because your
final submission has to include
everything from page one all the way
down to the final page and the final
submission includes your
implementation uh which are your
controls right how you going to uh put
your controls into place your marketing
organization in this case is a very
simple explanation me um as the CMO
somebody else as the marketing executive
very flat very straight line explanation
because this is just a new plan that
we're doing and then of course
contingency plan what's that plan B if
something fails we go to plan B we try
to make something happen that way and it
could be an exit strategy too an exit
strategy should include something that
maybe you want to pull out of close uh
end whatever it is has to be a plan view
there and then finally your executive
summary that's the marketing plan
outline generally speaking though so not
every marketing plan will follow this
outline there are more traditional some
have more bullet points some have less
bullet points uh we reviewed nine
important sections I always start there
because that's the the meat of any
marketing plan without those nine
sections you can't do any of this and
remember the important part to think
about when you're doing this marketing
outline is the who the what the when the
why the how think of those fundamental
basic questions and I will help you fill
in some blanks here and you can sort of
map that out and then we talk about the
four Ps product price place and
promotion Okay add that together with
being unique add that together with your
squat analysis and your competition your
macro and your uh micro analysis add
that to your budget and your forast you
add that to your uh your target market
selection of course add that to your
product your uniqueness and you've got
yourself a marketing plan you put the
executive summary on top and you're done
okay
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