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The Marketing Plan The marketing plan describes strategies aimed at achieving objectives to get goods and services to customers. These strategies are based on tools and techniques referred to as the "four P's" or the marketing mix: product, price, place and promotion. Product consists of the products and services that your social enterprise furnishes; it is characterized by quality, assortment, packaging, and guarantees. Price is the amount you will charge customers for the products or services. Promotion is how you will create awareness of your products or services in the marketplace; advertising, publicity, and sales are aspects of promotion. Place (distribution) is how you will bring your products or services to your customers; distribution comprises wholesalers, retailers, multilevel marketers, and sales representatives. The marketing mix is a set of tools and techniques social enterprises use to achieve their marketing objectives in their target market. Your marketing plan will emphasize certain "P's" in its mix more than others. The following questions are guidelines to help you organize your marketing plan; you are not required to follow them to the letter. For explanations on any aspect of this marketing template refer to: “The Marketing Plan” in “Managing the Double Bottom Line” (Alter 2000) Target Market 1. Background What is the social problem or market failure your social enterprise is seeking to mitigate? What is the main strategy (theory of social impact / social change) your social enterprise is using to mitigate / reduce market failure? 2. Customer Who are your customers? Who is paying for your service or product? Which customers are the most important (primary, secondary, tertiary, etc.)? Do you have different customers for different products? How are your customers related to the “clients” or beneficiaries of your social enterprise? What are the implications for your marketing plan with respect to your clients or beneficiaries? 3. Customer Levels What are the different customer levels for your product? Decision Maker (decides to purchase) Social Enterprise Customer Levels Influencer Purchaser (who Final Consumer (influences decision) buys it) (who uses it) How do the customer levels impact your marketing? 4. Customer Profile Customer Profile Trait Demographic Geographic Psychographic Behavioral Customer #1 Customer #2 Customer #3 5. Customer Purchasing Habits and Buying Sensitivities What are the buying habits of your customers? Customer Purchasing Habits Purchasing Habits Reason for purchase Customer Number of times will try Frequency of purchase Quantities purchased Motivation for use How/where product is purchased Payment method Time to make purchase decision Which are the most important factors motivating a customer to buy your product or service? Buying Sensitivities Level of Influence Key: H = high M = medium L = low 0 = no influence Sensitivity traits Price Quality Brand Product features Sales Staff Advertising Ease of use Customer H M L 0 Convenience of purchase Location Shopping ambiance Customer service Refunds/returns Availability of Credit Service/maintenance Peer recommendations 6. Market size and future trends What is the approximate size of your target market? Is the market expanding; or shrinking? What changes do you predict in the demographics or profile of your target market? Will market trends change how or when customers use your product or service? Or affect your customers' ability to afford your product or service? How will changes in social awareness and values affect your product or service? Marketing Plan 1. Marketing Objectives What objectives are you trying to achieving in your marketing plan? 2. Value Proposition What is the value proposition – for you product? Is this different than your social value proposition? 3. Product Plan Describe your product or service. Product Features and Benefits - What are the features and corresponding benefits of your product? Product/Service Features and Benefits Table Product/Service #1 Features Benefits Product Life Cycle is the process through which a product enters, grows, saturates, and leaves the market. How does the stage of a product's life cycle impact the marketing strategy? Product strategy: Which changes will be made to enhance each product's features? What marketing benefits will these changes yield? How does customers’ profile influence your product plan? 4. Distribution Plan (Place) The distribution plan articulates how you will get your products or services to your customers. A good distribution strategy should give attention to efficacy, efficiency, cost, and customer service. Where are your primary targeted markets located? Secondary markets? Total number of markets that you intend to reach? What method will be used to distribute product/service at every level of the distribution chain? What staff and/or contractors are required to carry out distribution strategy? How does customers’ profile influence your distribution plan? 5. Price Strategy What is the basic price for each product or service? How have you set the price? Is the price different for different customers (i.e. whole sale verses retail customers)? What is your price strategy relative to volume and quality? Is price a competitive advantage for your social enterprise's product? How sensitive is your customer to price? How do you know that customer has the ability and willingness to pay for the product? Does the price strategy include discounts and allowances, one price vs. flexible pricing, different prices for different geographical locations? If so, how? How does customers’ profile shape your price plan? 6. Promotion Plan Give 3-5 adjectives to describe the image of your social enterprise and/or your product? What is the promotional message of your social enterprise? Promotional Vehicles are the various marketing mediums used to inform your target market of your products and services. What promotional vehicles do you use? How effectively do they reach your customers? Do promotional vehicles fit with the image of your enterprise? What is the annual cost to use these vehicles? (Fill out chart) Promotional Vehicle 1 (low) - 5 (high) Vehicle Reach Fit Frequency Cost (per year) - - - - Promotion Strategy informs your target market about your enterprise and its products/services and contributes toward achieving marketing objectives. What is the promotional strategy for your product? What is the marketing objective to be achieved? What are the promotional vehicles you plan to use and the strategic rationale for these choices? Promotional Strategy Marketing Objective Product Promotional Vehicle Strategic Rationale Promotional Strategy Summary: How does customers’ profile inform your promotional plan? Marketing Assumptions What assumptions is your marketing plan is based on?