MBA616-Structure of Marketing Plan for a Product/Service

MBA616-Structure of Marketing Plan for a Product/Service

Marketing Management Spring

1. State your marketing objectives

Maybe you desire to increase awareness of the product or service you provide, increase sales by a certain percentage, and increase the number of customers who purchase your product or service. For example, your objective(s) could be to increase sales by 20% by the end of next year, sell 100 more boxes of your product, and sell 15% of what you produce directly to consumers.

Hints:

 Be realistic about your marketing objectives; make sure they are specific and quantifiable so you can measure your progress toward achieving them

Your marketing objectives can be expressed in terms such as sales dollars, sales units, market share, distribution levels/channels, and awareness

 Try to limit the number of marketing objectives to less than four; two is ideal for most companies

2. Identify the demographics of your target market

Customer demographics (e.g., age, sex, profession, income level, education level, residency, individual or business, etc.) are to write a description of your target audiences. Note: focus on only those customers who are most likely to buy your product or service. As your business and resources increase, you can focus on a broader segment of the overall market.

Hints:

The target market is a group of customers (people or firms) for whom your marketing effort is intended; your target choice will determine your production and marketing practices, not vice versa

A target market is not simply whoever is buying, or will buy, your products; instead, it consists of the individuals or businesses you identify as your most desirable customers

3. Identify your competitors

Identify other businesses offering similar products or services to your target customers and within your price range. Once you have identified your competitors, analyze them by answering the following questions. How are these businesses doing in terms of sales and demand for their product/service? What are the similarities and dissimilarities between your product/service and theirs? What are your competitors' strengths and weaknesses? What do the customers think about your competitors' products or services?

Can you capitalize on some of your competitors' weaknesses? How can you create better value for your customers? What pricing strategies are your competitors using? Can you improve on their strategies?

Hints:

Select a set of competitors and identify their strengths and weaknesses.

How do they promote their product?

What is their pricing strategy? Is there anything unique or special about their products?

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