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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: 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?