Marketing Plan Worksheet

This worksheet is a complement to the study guide for both the MKT1. The purpose of this worksheet is to help you think about and apply important marketing concepts to Company G. By working through the exercises and matrices introduced in this worksheet (Section A, Section B, and Section C), you are laying the foundation for your marketing plan required in this assessment. This worksheet should be completed before you write your Marketing Plan, for which a template is provided.

SECTION A Product and Target Market

The purpose of this exercise is to help you define and classify your chosen product, and define a specific target market. What a product is, how it supports the company mission, and how it fits into the market must be well understood in order to market it effectively. The target market must also be a fairly narrow, specific group of customers for this task.

Product
Product Description & Support of Mission Statement: Describe the different features of your product, then explain how that
feature supports the given mission statement Example: Product Description: ACME Roadrunner pellets Mission Statement: Our mission is to delight our customers and channel partners by providing high quality, effective roadrunner pellets with timely delivery, superior customer service, and the best warranty in the industry. How this supports the mission statement: The concentrated formula makes our pellets more effective than competing products. It will be perceived as higher quality because it is more effective. Because it works well it will delight our customers, and they will continue purchasing our products from our channel partners, which will enhance their businesses.

Feature: potent roadrunner deterrent chemicals

Complete the following table for your product. Add as many rows as necessary for your product. Product Description: Given Mission Statement: We enable consumers to improve the quality and convenience of their lives by providing

innovative electronics solutions.

Feature (Example): Enter a feature of your product here How this supports the mission statement: Enter your explanation here How this supports the mission statement: Enter your explanation here How this supports the mission statement: Enter your explanation here How this supports the mission statement: Enter your explanation here

Feature: Enter a feature of your product here

Feature: Enter a feature of your product here

Feature: Enter a feature of your product here

Consumer Product Classification

Reading: Please review the following resources to gain an understanding of the Consumer Product Classification System. - Principles of Marketing and Business Communication Text: Chapter 6 Section 2 entitled, Types of Consumer Offerings. - Learning Community Blog: 3-way Consumer Product Classification System Examine your product to determine which class your product matches most closely. On the table below, fill in the characteristic and its respective classification for each factor. The most frequently named class should be the correct consumer product classification. Factor Consumer Factors - Planning time involved in purchase - Purchase frequency - Importance of convenient location - Comparison of price and quality Marketing Mix Factors - Price - Importance of sellers image - Distribution channel length - Number of sales outlets - Promotion Characteristic Enter Enter Enter Enter characteristic characteristic characteristic characteristic here here here here Class (convenience, shopping, or specialty) Enter Enter Enter Enter class class class class here here here here

Enter Enter Enter Enter

characteristic characteristic characteristic characteristic

here here here here

Enter Enter Enter Enter

class class class class

here here here here

Target Market
Target Market: A specific customer group a company focuses its marketing efforts toward. The target market is generally the most lucrative choice from among different market segments each segment being identifiable, measurable, sizable, reachable. For best results, include a fair amount of demographic information (income range, education level, family situation, etc.). Example: Coyotes, located in desert regions of the U.S., seeking revenge against roadrunners, and making more than $25K annually.

Target Market

SECTION B Market Analysis

The purpose of this exercise is to provide a framework for you to analyze the marketing environments and opportunities for Company G. These analyses provide the rationale for the decisions you make regarding your marketing strategies.
Porters 5-Forces Model: A method for examining the competitive environment for a company or industry. It specifies and evaluates threats from new entrants, suppliers, buyers, and substitutes in the arena of competition. Web site: http://www.quickmba.com/strategy/porter.shtml SWOT Analysis: A tool for examining a company and its environment. Defines the companys strengths, weaknesses, opportunities, and threats Web site: http://www.marketingteacher.com/Lessons/lesson_swot.htm

List forces that may threaten Company Gs its product.

Competitive Rivalry
[Describe [Describe the the competitive competitive landscape] landscape]

success as it moves forward with marketing

PORTERS 5-FORCES FOR COMPANY

Threats from NEW ENTRANTS Threats from SUBSTITUTES

Is there a threat to your success from companies who offer substitute products? If so, what is the threat? Who poses the threat? How significant is the threat? Is there a threat to your success from Threats from companies who maySUPPLIERS enter the market? If so, what is the threat? Is there a threat to your success from your Who poses the threat? suppliers? How significant is the threat? If so, what is the threat? Who poses the threat? How significant is the threat?

Threats from BUYERS

Is there a threat to your success from buyers? If so, what is the threat? How significant is the threat?

List Company Gs strengths, weaknesses, opportunities, and threats.

SWOT ANALYSIS FOR COMPANY G

Strengths
This This must must include include 2 2 core core competencies. competencies. Strength Strength 2 2 Strength Strength 3 3

Weaknesses
Weakness Weakness 1 1 Weakness Weakness 2 2 Weakness Weakness 3 3

Vulnerabili ties

Constrai nts

Opportunities
Opportunity Opportunity 1 1 Opportunity Opportunity 2 2 Opportunity Opportunity 3 3 Threat Threat 1 1 Threat Threat 2 2 Threat Threat 3 3

Threats

Leverage

Problems

SECTION C Objective & Strategy Planning

The purpose of this exercise is to help you plan your marketing objectives, strategies, and tactics. By planning in advance you ensure you have all the needed elements, determine if they are appropriate and if they properly align with each other.
Objective: Describes how the companys goals and mission will be accomplished. Read the mission statement or goals. Objectives answer the question How will we accomplish this mission/goal? Must be specific, measurable, time-oriented, and realistic. Example: Launch a new product, ACME pellets, which will increase revenue 5% within 3 years. Strategies: Describe how the objective will be accomplished. Read the objective. Answer the question How will we accomplish that objective? Please refer to Learning Community BLOG: Marketing: Features of the Marketing Mix for ideas. Example: Provide ACME pellets in varying bag sizes: small, medium, and large. Tactic/action: Details how the strategy will be executed. Read the strategy. Answer the question, What needs to be done in order to achieve that strategy? Include due dates, assign responsibility, and project costs to include with your action, timeline and budget sections. Example: Define capacity of bags by researching customer usage trends. Due: Month 3 Responsibility: Product Manager Cost: $100 Monitoring Activities: These activities are the way we measure how well our strategies are working. From these measurements we can also make any needed strategy adjustments. They can relate to any element: objective, strategy, action. Usually they need to be conducted on a regular basis. While the task may not require a monitoring activity for each element of the marketing mix, it is a good exercise to measure the effectiveness of strategies in each area. Be sure to assign responsibility and define when the measurements will be taken Example: The product manager will examine monthly sales results of bag sizes to determine if sizes are maximizing customer value. Frequency: Monthly Responsible Party: Product Manager

Copy your Target Market from Section A. Then derive objectives, strategies, tactics, and monitoring procedures that support the mission for each element of the Marketing Mix. Mission Statement Target Market
We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.

C.1: PRODUCT
Objective: Strategy 1: Action/Tactic: Due Date: Strategy 2: Action/Tactic: Due Date: Strategy 3: Action/Tactic: Due Date: Monitoring Activity: When/Frequency:

Responsible Party: Responsible Party: Responsible Party:

Budget (cost): Budget (cost): Budget (cost): Responsible Party:

C.2: PRICE
Objective: Strategy 1: Action/Tactic: Due Date: Strategy 2: Action/Tactic: Due Date: Strategy 3: Action/Tactic: Due Date: Monitoring Activity: When/Frequency:

Responsible Party: Responsible Party: Responsible Party:

Budget (cost): Budget (cost): Budget (cost): Responsible Party:

C.3: PLACE
Objective: Strategy 1: Action/Tactic: Due Date: Strategy 2: Action/Tactic: Due Date: Strategy 3: Action/Tactic: Due Date: Monitoring Activity:

Responsible Party: Responsible Party: Responsible Party:

Budget (cost): Budget (cost): Budget (cost):

When/Frequency:

Responsible Party:

C.4: PROMOTION
Objective: Strategy 1: Action/Tactic: Due Date: Strategy 2: Action/Tactic: Due Date: Strategy 3: Action/Tactic: Due Date: Monitoring Activity: When/Frequency:

Responsible Party: Responsible Party: Responsible Party:

Budget (cost): Budget (cost): Budget (cost): Responsible Party: