OUTLINE Three-Year Strategic Marketing Plan (15-20 pages + Appendices)
(Make sure you support each for bibliographic references. Make sure that each team member includes at least 5 bibliographic references that are linked to the content of your project indicating the name of the team member that contributed with the correspondent reference)
Company: To be defined between Professor and Students
Target Market: Mexico or China
I. Executive Summary (1 page) An executive summary provides an overview of the key findings from the situation analysis and the marketing strategy recommendations made in the plan. Show how the plan helps to address needs in the customer market and how it will address competitors. Analysis
II. Company Description (1 Page) This is a high level review of the different elements of the company, its target market, core competencies, competitive advantage, and the industry in which it operates. This section also includes the company’s mission, vision and core values. In this section you will describe the current state of the business that sets the stage for your marketing plan.
III. Product or Service Description (1 page) This is a brief description of the
company’s product(s) and/or service(s), including summaries of current marketing strategies (including current target markets) and current market performance (market share, financials, etc). Use a BCG Matrix and explain the status of the products with respect to their market
IV. Situation Analysis (2.5 pages) This section gives the reader information on the micro-and macro-, internal and external environments relevant to understanding the context for and the rationale behind the marketing plan. It is the vital background that sets the stage for your strategic and tactical proposals. After completing each section of analysis, be sure you are drawing out the marketing implications – don’t just list the facts, give the analysis, and then the strategic implications. Present the data for Macro-level external environment analysis, competitive Porters Five Forces analysis, internal and SWOT analysis in tables, and then use your text to pull out the strategic implications for marketing.
V. Consumer Behavior Research (3 pages) Use this section to summarize the
findings and analysis from your primary and secondary consumer behavior research. Include: a. Research Methodology and Research Limitations:
i. Primary Research: 3 In Depth Interviews, 2 Observations, Survey answered by 10+ people
ii. Secondary Research b. Key Research Findings and implications c. Consumer Needs Analysis d. Consumer Decision Making Process
VI. SWOT Analysis – based on your External, Internal and Competitive and Porter’s Five Forces Environment analysis
VII. Critical Issues (0.5 page) Based on the above analyses, what 3-5 critical issues is your company facing? These are the issues that you will be directly addressing in the marketing plan. This also is an extremely important section, as it provides the direct link between your analysis and your plan.
VIII. Marketing Goals and Objectives (0.5 page) In this section list your marketing and financial goals and objectives. These goals and objectives should be specific with respect to magnitude and time. Objectives and goals must be arranged hierarchically, from most to least important; they should be quantitative whenever possible, realistic and consistent. a. Goals b. Objectives: Your marketing and financial objectives. These could include
marketing objectives such as revenue/sales, awareness, market share, customer satisfaction, or loyalty; or financial objectives such as profit or contribution. Usually you include some of each.
IX. Marketing Strategies to Create Value (3 pages) for the in the US and MEXICO
Markets. Each of the following should be described as specifically as possible, and with strategic justification given in light of the major issues pointed out in the previous section. a. Segmentation Strategy: Divide the market into meaningful smaller markets
or submarkets based on common characteristics. Define the main segments of your market. What characteristics define these segments? What are your segmentation strategies?
b. Target Marketing: Evaluate the market segments and make decisions about which among them is most worthy of investment for development. Who have you identified as the most appropriate segment (target) for this product/service? Create a profile of a typical target consumer and describe them in specific detail. Why have you chosen this target market over others?
Discuss customer lifetime value of your segments and discuss how much marketing expenditure you will spend on acquiring and retaining customers.
c. Positioning Strategy: How do you want your product to be perceived by your target market? What are key points of competitive differentiation, highlighting your points of difference and points of parity? Be sure you include an explicit positioning statement here that reflects the key value proposition you are recommending. Why is this a strong positioning strategy?
X. Capturing Value through the Marketing Mix (4 pages) a. Product Strategy: Define your service/product features and benefits and
performance characteristics versus competitive products. How does the product/service fulfill the value proposition? What product/service changes are you recommending? What attributes do you want to add/delete to your product/service? What do you recommend in terms of changes to package design, logos, and/or brand identity? This may include the service promise, including any customer service and warranty information. What new products/services do you want to launch under your current brand name? Provide rationale for your choices. ⇒ Branding Strategy: Compare the brand knowledge and brand meanings that you want consumers to know about your brand (your brand identity) with your existing brand image. How will your existing brand enable and constrain you as you address your critical issues? What do you need to do on the branding front to achieve your goals?
b. Pricing Strategy: Outline your pricing objectives and explain how they relate to your financial and marketing objectives. Present a list price for your product that retailers will pay you. Discuss payment terms/options including any discounts and allowances you will give to your retailer customers. Estimate your cost of good sold and calculate your product’s total revenue, total costs, and gross margin. Recommend a suggested retail price for your retailers and outline your expectations for retail pricing (both everyday and promotional) in each channel of distribution you plan to sell your product in. Calculate each channel’s penny profit and retailer margin rate. Discuss how you will balance pricing issues amongst different channels. Provide rationale for your choices.
c. Place Strategy: Define your distribution strategy. In which retail channels do you want to sell your product? Why? Provide rationale for your choices. Define your selling approach. What selling message will you use to persuade your retail partners to carry your product?
d. Promotion Strategy: Outline your integrated marketing communications (IMC) objectives. Design promotion programs to communicate your marketing message to consumers. Discuss if/how/why you will use the following promotion tactics: advertising (TV, print, radio, outdoor, Internet), consumer sales promotions (displays, price promotions, gift with purchase,
sweepstakes/contests), event marketing/sponsorships, public relations, trade show and conference participation, direct marketing (mail, telephone, email), Special emphasis in Internet marketing and social media programs and other forms of communication. How will the customer receive information about the product? Be specific about what role each medium will play in the strategy and fulfilling the overall marketing objectives. What is the recommended timing and frequency of the marketing communications plan? How much will you spend on marketing communications?
XI. Implementation Schedule and Financials in EXCEL (1 page) In this section, you
describe how you will implement the above strategy, with specific action steps identified. This section also contains key financial information. a. Metrics: What is the Return On Marketing Investment (ROMI)? Market Size
and Market Share Analysis (Projected) (Given your projected level of sales, what will your unit and dollar market share be?) , Market Penetration, Margin on Sale, Customer Lifetime Value (CLV), etc.
b. Action Plan: discuss timing, decide who should be responsible for the various aspects of implementation, and indicate the recourses necessary to implement the marketing plan.
c. 12 Months and 3 Years Sales Projections: Use realistic estimates. Divide your projected monthly sales into “Categories”, which are natural divisions that make sense for your type of business. Typical categories are product types or lines. You might also indicate departments, branch locations, customer groups, geographical territories, or contracts, depending on your business. The forecast should be based on your historical sales, the marketing strategies that you have described, your market research, and industry data. Consider seasonal or other periodic and dependable fluctuations. Be sure to build these fluctuations into your projections for the coming 3 years. Include the actual previous sales and the assumptions you made in projecting your future monthly and annual projections.
d. Marketing Budget: Forecast the needed expenditures to implement the marketing plan that you built.
XII. Controls and Contingency Planning (1 page) In this section, you describe how
you will measure success, and also describe your contingency plans and caveats. a. Monitoring and Control: Here you would describe your marketing
dashboard, with any recommended marketing research, and ongoing data gathering, including benchmarks and measures of success. How do you know if you are succeeding or not? When and how do you take measures, and what measures would you take?
b. Anticipated Competitive Response: Here you will outline how you expect your competitors to respond to your marketing plan and how that will affect your execution of the plan.
c. Risk Analysis and Contingency Planning: What assumptions are you making, and what are the most crucial risks? Provide contingency plans should your monitoring and control measures indicate a problem
XIII. Conclusion (1 Page)
XIV. References: Cite all References and link them to the correspondent content of
your document. (Make sure you support each for bibliographic references. Make sure that each team member includes at least 5 bibliographic references that are linked to the content of your project indicating the name of the team member that contributed with the correspondent reference)
XV. Appendices These should include charts, tables, and diagrams that support your text. Make sure to and link them to the correspondent content of your document.
Format: Follow the marketing plan outline that was provided to you.
Length: 20 pages maximum for the Marketing Plan, double-spaced, not including appendices. You are highly encouraged to include exhibits and tables for data and numerical analysis as appendices.
Financials: Financial analysis in EXCEL, market size estimates, marketing expenses, and sales forecasts for your marketing plan are expected. Please use secondary research to try to find feasible numbers for your financial analyses. If you are unable to find estimates for the numbers you will need to run your financial analyses, please make well-informed estimates and document your assumptions.
Reference of this outline:
Areen Shahbari. Harvard Extension School. Marketing Management
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OUTLINE Three-Year Strategic Marketing Plan (15-20 pages + Appendices) was first posted on April 22, 2019 at 2:57 pm.
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