HOW TO WRITE AN EXCELLENT BUSINESS PLAN

 

MARKETING MANAGEMENT

TERM PROJECT (Winter 2020)

 

Your Term Project requires your company to prepare a Marketing Plan for a product or service using the following marketing framework:

 

Cover Page

• Name of business & product or service

TinyEats Catering. Catering service.

• Date
• Contact information

 

Table of contents

1. Executive summary
2. Situation analysis (5C’s)
3. Market analysis and strategies (STP)
4. Tactical Plans (4P’s)
5. Appendices

 

1 Executive Summary

A good executive summary is no longer than one page. It is a mini report, staring highlights and recommendations. It is self-contained and not a teaser. Details are provided in as many appendices as necessary. The summary is usually written in prose (full sentences), not bullet points.

 

2 Situation Analysis

2.1 Customer

• Describe segments’ demographics and psychographics, buying behavior, level of satisfaction (measured?)
• Loyalty and CRM program useful? Get RFM, CLV
• Price sensitive?
• Channels used?
• Changes now, future/
• Compare current and potential customers
• Nonbuyers – why not?

2.2 Company

• Who are we (known for, good at)? Do a SWOT
• What do we want to become? Formulate strategy

2.3 Context

• Political & legal (stable partners, new laws)
• Economy (growth, consumer mood)
• Society (demographic, attitudes)
• Technology (IT, other machines); threats or opportunities

 

 

2.4 Collaborators

• Good supply chain relations?
• Good relations with downstream channel members?

2.5 Competitors

• Who are our major competitors broadly defined?
• Their strengths?
• How might they respond to our actions?

 

3 Market Analysis & Strategies

3.1 Segmentation

• What kinds of knowledge we need to form segments? (do we have demographic, geographical, psychological data? Shall we run surveys?)
• Use cluster analysis to identify segments, & descriptive data to validate the “marketing segmentation” scheme.

3.2 Targeting

Choose segments to target

“Size” the market, estimate its profitability (lifetime customer value).

Consider fit with corporate goals and actionability (can we find target)

3.3 Positioning

• Positioning via perceptual maps
• Where are we in the positioning matrix?
• Write position statement

 

4 Tactical Plans (4P’s)

4.1 Product

• How is our good or service distinct vs. competition?
• Our brand strategy, brand associations, brand worth
• Where is our brand in its “product life cycle”?
• Watching trends
• How to generate buzz
• Are we high-end quality or value-based?
• Are we pushing new products, and/or new segments?

4.2 Price

• Do demand and elasticity enter price decisions?
• If low, do break-even
• For high, asses price sensitivities
• Keep prices constant or allow changes? Coupons, discounts, loyalty perks.
• Use prices to attract different segments.
• Are we high quality & skim prices or value products with low and penetration pricing?

4.3 Place

• Distribution network intensive, selective.
• Channel partners good, or need to resolve conflicts (if so choose approach)?
• Role in our strategy of retailing, online sales force.
• Customers have sufficient access.
• Our sites consistent re. positioning, e.g., mass or exclusive.

 

4.4 Promotion

• Marketing goals of ad campaign
• Kind of message
• How to test if effective?
• Concept and copy tests.
• After ad get memory preference, intentions
• Choose media outlets and weight, integrate IMC
• Monitor effectiveness of advertising media.
• Reposition, promote a lot or a little, are we going after mass market or exclusivity?

 

5 Appendices

Appendix A: Marketing Research

• Secondary data to support 5C’s
• Focus groups current brand associations
• Summaries of industry reports and trends analyses

Appendix B: CLV

Appendix C: Piolet Tests on 4P Recommendations

• Survey feedback
• Ad copy testing
• Conjoint on line-extension