Download Design a Marketing Strategy Plan

Marketing Strategy Plan Worksheet
You’ve fleshed out the details of your product, conducted an intensive research of your
industry and target market and now the time has come to pull it all together and
apply that to a viable marketing strategy. Your marketing strategy plan details how
you will place your product and services in front of the customer and convince them to
buy. Based on the questions posed below, you will address:
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How you will inform the public of your product and services.
How you will distribute your product and services
How you will price your product and services.
Promotion
Before you think about the specifics of your marketing strategy, give some thought to
the brand and image you want to leave with your target market. In this section
describe the answers to these questions: What is your brand? What image do you want
to project? How do you want customers to see you?
Key to your image is your signage, logo design, letterhead and business cards. Develop
a letterhead and business card which includes a logo. (Attach) Now describe how
your logo, color selection and “style” work toward achieving your desired image.
Money has to be a factor in your promotional strategy. How much do you plan to
spend on your promotions? Indicate what your plan is for spending on promotion. Will
it be a percentage of sales, a matching of competitors, enough to meet objectives, or an
investment?
How will you get the word out to customers? In thinking about advertising: What
form(s) of media will you select? What mix will you use? How often will you use these?
Now that you’ve selected your advertising strategy, describe WHY these methods of
advertising good choices. Justify your selections—keep in mind your target market
and where their eyes and ears are. Why this mix and not some other? Finally, how will
you assess the effectiveness of these advertising methods?
Advertising is not the only way to reach your target market. Think about personal
selling, publicity, or social media. Describe the methods other than paid
advertising that you will implement. Describe what you will utilize and why they are
effective choices.
An effective way to launch your business is to have a “grand opening event”. Describe
what you will do for your grand opening. Include ideas about how you can get some
free publicity out of this event.
Are there specialty items that you will utilize during the grand opening (and possibly
thereafter) What items will you use? How will your selection(s) be important to your
marketing strategy?
Price
Explain your method or methods of setting prices. This should include your pricing
objective and strategy. How does your pricing strategy fit with what was revealed in
your competitive analysis. Compare your prices with those of the competition. Are
they higher, lower, the same?
Why? Explain how your pricing will assist you in attracting customers from your
target market and or/selecting you over your competition. Evaluate the importance
price plays for you as a competitive factor: Do your intended customers really make
their purchase decisions mostly on price? How important is price as a competitive
factor? How does price play a role in your image?
A component of a company’s marketing strategy includes an analysis of whether or not
to extend credit to customers. Will you be accepting credit cards? If so why is this
beneficial to you and your customers? Will you be extending credit (allowing
customers to charge)? If so, why is this beneficial to you and your customers?
Place
Describe your location and justify how and why it met your customer and your needs.
Finally, tied to your “place” “P” of the 4 P’s is about getting your products and services
to your customers. In determining your distribution channels, evaluate these: How do
you sell your products or services? (Retail, Direct (mail order, Web, catalog),
Wholesale, Your own sales force, Agents, Independent representatives, Bid on
contracts, etc.) Justify why your channels of distribution make sense, meet your
customer needs and work toward your competitive advantage.
Optional: Also you will need to have an effective and efficient layout of your space.
Attach a copy of your layout and describe here why this is a good layout. How does
this layout serve/meet the customer needs? How does it meet your organizational
needs?