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Introduction
The purpose of this document is to provide you with the basic framework for creating
a marketing plan by describing the intent of the marketing plan and describing the
general steps you’ll need to take to create a marketing plan.
Marketing planning is a complex, cross-functional process. It is made up of a series of
interlocking activities and tasks. It should not be a hastily assembled set of programs
that are easy or convenient for the organization to carry out. For example, it is very
easy to have a marketing communications group design and conduct a series of
advertising activities to drive lead generation because the sales teams don’t have
enough prospects. However, if this lead generation activity is not considered within a
broader context of marketing strategies, the outcomes may not yield results of any
significance to the firm.
It should be understood that in marketing planning should be conceived and executed
within a broad corporate or organizational strategic context. Whether you’re running a
small business or you work in a big company, all businesses have some kind of
strategy. To that end, if you are in a big company, there are typically higher level
strategies (‘to grow our revenue by 25% in Europe within three years’), to business
unitstrategies (‘to create two new product lines to sell to consumers in France and one
newline in the UK’), to product line strategies (‘to use the new abc platform and
designs toacquire new customers in market segment A and to target replacement
purchases tomarket segment B).
In an ideal world, strategies at all levels of the organization should be well articulated
and understood. Interpretation of these strategies can then result in realistic, well-
defined marketing plans and programs which can be created and acted upon. In some
firms, strategies are not fully understood or are misinterpreted, leading to ill
conceivedmarketing plans and programs.
In today’s competitive marketplace, consumers and businesses have many choices
available to them to solve personal or business problems. Organizations can have a
greater chance of being successful if they develop deep understanding of markets and
the customers within those markets. Successful companies are expert at identifying
customer needs in a variety of ways. They just don’t ask customers about their
problems – they observe, probe, and draw inferences from those observations. These
successful companies are acutely aware of their competitors and try to figure out, not
just how to beat them but how to better satisfy the needs of those customers whose
needs they believe are paramount. Market focus, therefore, is critical in the
formulationof marketing plans. Deciding who to pursue runs as an undercurrent to all
plans andprograms.

The marketing plan then, is a dynamic document which focuses on bringing

marketingstrategies to life, serving as a roadmap for carrying out marketing
activities andimplementing marketing strategies. It is a multi-step process, which
considers thefollowing:
1) Formulating a strategy of your company or your division and making sure that
appropriate linkages are made between company strategy and marketingactivity
planning.
2) Analyzing the environment within which you do business to make sure you
consider the marketplace, the industry, competitors, and other influences.
3) Carrying out market profiling, enabling you to identify market segment, target
customer types, and overall demand. Additionally, analysis of the industry and
competitors, coupled with analysis of customer types, enables the creation of
demand possibilities and the resulting forecasts. It also allows you to formulate
appropriate value propositions, and to position the product’s key benefits to the
target audience, and finally, why a customer would choose your solution versus
the competition. and expressing key values and benefits to the target audience
4) The marketing mix, which considers a combination of activities which come
together harmoniously, in bringing the product to market and sustaining it while
in the market, which includes:
i. Deciding on which products meet the need of identified market targets
ii. Pricing those products so that the true, competitive value is recognized
by the market targets.
iii. Defining promotional programs to reach those targets, which can include
communications and advertising programs.
iv. Creating channels to effectively distribute your products to your target
audience.
5) Determining who you’ll need to work with in successfully bringing the
product to
market, including sales teams (to make sure that volumes can be attained),6)
Launching new products or product line extensions as needed.7) Training the
sales force to competitively position the product or service.8) Budgeting of
marketing programs so that the appropriate sales goals and
corporate strategies can be attained.
9) Executing on the plan - creating marketing project plans, and understanding
dependencies on other organizations. Also included are measurements to
determine the success of your marketing activities.
10) Identifying risks.

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Step 1 – Define the Strategy
Strategy is carried out as a multi-step process, defined as:
1) Assessing the current situation (where you are)2) Identifying the desired end
state or goal (where you want to be)3) Mapping a path to achieve the goal (the
strategy)4) Creating measurements to determine success factors5) Re-assessing
the situation and revise the strategy
Each is described below:
SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and
threats. The overarching goal of SWOT is to determine where the company’s
products, services, or product lines fit within the context of the internal and the
external environments. Conducting this analysis helps you to figure out where it
istoday, and where it needs to be in the future. Use this table to organize the
elementa
SWOT

An outcome of the SWOT analysis is to help you define what you’re good at and
toleverage those strengths to determine the opportunities you might be able to
takeadvantage of. Weaknesses reveal your vulnerabilities. By harnessing this
data, you’llhave a way to validate and guide your marketing investments. From
this exercise, youcan also derive some key marketing objectives which carry
through to the next exercise.

The ultimate goal is to uncover opportunities on which your company can

capitalize.

Step 2 – Business Environment Analysis

Analyzing the business environment is situated as Step 2 in this template to
emphasize its importance in data gathering. Steps 1 and 2, formulating strategy
andbusiness environment analysis can actually go hand in hand. The reason is
thatthese are surveying techniques that allow you to put the information into
perspective.Business environment analysis actually can help feed SWOT
analyses. The reasonfor this is that the business environmentinfluences your
strategies. For example, ancompetitive threat influences how you identify or
prioritize new opportunities.
Marketing professionals often refer to environmental analysis as ‘scanning.’
Businessenvironmental analysis is not a one-time event; it is an on-going effort.
It is incumbenton team members to adopt a focus on scanning the horizon and
be constantly on thelook out for shifts and changes. Since the marketplace is
always changing, yourawareness helps you to understand business drivers and
evolving customer needs,which leads to the identification of market
opportunities, alert you to potential problemswith customers, competitors, and
the industry in general. Another area on which youmay with to focus when
deriving strategies for products or markets has to do withunderstanding of Key
Business Issues – what are the compelling issues impactingcurrent marketing
strategies and programs? Are there overwhelming issues relating tounmet
demand or business need which has been uncovered?
To help understand or visualizing business issues is to organize them in a table
like theone shown below. List each key business issue and each possible
marketing strategywhich could be considered in relation to each business issue –
and then list anyresource requirements. Summarize these in the table below:

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Step 3 – Market Profiling
Market profiling involves the market research that needs to be carried out. The
ultimate goal is to identify the attractiveness of the marketplace and the
competitiveposture you wish to assume. From this, you can determine the
ultimate demand foryour product or service with respect to market share,
revenue potential, andultimately, the profitability of your products and services.
Market profiling is made upof the following activities:
1)Analyzing the industry in which your company compete. Here are some
approaches to identifying the characteristics of the industry:

a. Identify if there are any political issues in the geographic area of interest.b.
Determine the general state of the economy.c. Understand any of the societal
trends or issues which may be prevalent in
your area of interest.d. Consider the state of the technologies used in this market
spacee. Secure actual growth rates of the industry using visuals to show the
trend
lines.
f. Find out if there are any trends you can discern being used within this
industry space.
g. Determine how products and services are actually delivered from supplier
to customer.
2)Understanding the competitors with whom you compete. In order to carry
this out, here are some suggestions:
a. Make a list of competitors, along with the products they offer. Can you
determine the total revenue of all competitors combined? This couldgive you a
rough estimate of the size of the overall marketplace.
b. Determine the brand images of each of the competitors.
c. Identify how each of the products are positioned in the market and with
respect to other competitors.d. Find out who their suppliers are.e. Determine the
number of employees on staff, and whether they are
hiring more people or cutting back, and why.
f. Make a list of the kinds of activities they engaged in over the past yearor two.
For example, did they introduce new products, adjust theirprices, embark on
advertising campaigns, etc.
i. Take this list and figure out what you think they might do next,
and…
ii. Make a list of the kinds of things you might want to compete.
g. Use the following table to create a profile for each competitor

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Name of
Competitor
Name of Product
or Products
Estimated MarketShare (andsupportingassumptions)
What is thestrategy of thiscompetitor withrespect to thisproduct?
What are the
weaknesses of the
product? Is the
competitor
vulnerable?
Why should a customerchoose our product overthe competition?
3)Identifying market segments and ultimate customers to pursue.Market
segments represent groupings of customer types who have similar needs.Market
segmentation helps the product manager or marketing manager to tailor a
specific marketing mix to satisfy the needs of a group of customers (a segment).
Market targets are sub-groups with similar needs. For each of the following
exercise, you may be broadly defining market segments, or defining market
targets within those segments. The more finely focused your efforts, that is, on
your target markets, the more focused your marketing programs will be. Since
customers are driven by needs (problems that need to be solved), your complete
understanding of these segments, and the targeted groups will help you with
more finely tuned marketing programs. Use this questioning technique to help
you:
a. Name the segment or segments
i. Use age, geography, or other means
•
Example – People living in the northeast states
b. Define the target
i. Use more detailed categorizations
•
Example – Employed males aged 50-60 living in New York
State with incomes over $75,000
c. Define the buying process. Depending on the kind of product and themarket
(business to consumer products versus business to businessproducts), you need
to be able to define how people make purchasingdecisions. In businesses, the
decision maker may be different than theactual user of the product. Consumers,
depending on whether the productis a daily staple, durable necessity (cars,
appliances, etc.), or impulseitem, the buying process is different.

4)Forecasting sales volumes and market share. Most people equate forecastingto
short-term estimates of sales or unit volumes. Forecasting to evaluate market
opportunities and potential profitability is a long-range planning activity and is
more complex. The reason becomes clear when considering that all businesses
try to create forecasts so they can put business and marketing programs into
perspective. For example, marketing programs may require periodic investments
or product groups may be considering the launch of a new or improved product,
or businesses may be considering expansion into new markets. Therefore, key
decisions are made based on forecasts. Unfortunately, most forecasts are
inaccurate. That’s because they are forecasts. It is a difficult task at bestespecially
in industries where market conditions can change rapidly.
However, we can try to minimize the errors of forecasting by trying to
understandas much about the market environment as possible so that we can
determine ifthere is a market for a product or service, where that market is and
how much ofit can be captured over what period of time? Once the market is
understood andbelieved to be attractive, one can then determine what
investment should bemade in marketing activities to access that market. Your
market share forecastsmay be driven by some of the following (although these
will vary by industry andmarket):
a. The maximum number of customers in a market area
b. The number of customers whose needs create an interest in specific
products and servicesc. The rate at which customers actually use productsd. The
affordability of products being offerede. The value and benefits of the products
being offered
If you were running an airport and wanted to find out the probability of success
for a retail store selling travel supplies and impulse items, you might need tofind
out how many passengers go through the airport every day. You wouldneed to
understand the number of planes, their capacity and schedules inorder to figure
out how many people would actually be passing through agiven area, and then
make assumptions about the number of people whowould have an interest in
shopping in that store. Further, you would want tofigure out how much an
average purchase might be in that store and multiplythat amount by the number
of people who you believe might go into that store.This is just the beginning…

Step 4 – Marketing Mix

Once the market segments and the market targets are determined, actionable
elementsof the marketing plan can be uncovered. The Marketing Mix is a
commonly used termappearing in many marketing publications and is used
widely by marketing managersand product managers to describe the framework
for actual marketing plans andprograms for a company. To describe the
marketing mix, one expression has becomepredominant – the 4Ps, which
include:
•
Product – a complete description of the product, its attributes, and how its
benefits and value are positioned in the marketplace.
•
Price – A translation of the value or willingness of a customer to pay for the
product.
•
Promotion – how customers are informed about the product or how businesses
communicate benefits, value, pricing actions, or product attributes.
•
Place (distribution channels) – the manner in which businesses deliver products
to customers.
The marketing plan should contain a description of all of the elements of the
marketingmix. Imagine that each P is a lever in a ‘marketing machine.’ As the
product movesthrough the market, the product team and/or marketing
managers will be makingadjustments to those ‘levers’ of the marketing mix. The
goal for this section of themarketing plan is to define each of the elements of the
marketing mix and how thoseelements will come together in a cogent plan.
In managing the Marketing Mix, it is important to understand that no one lever is
pulledon its own. These levers are adjusted in a synchronized, holistic manner in
response toa variety of observed conditions or data about market conditions. For
example, yourpromotional mix may be made up of a series of print advertising
campaigns, events, andemail advertising. Your pricing programs may include
promotional tie-ins and discounts,and your promotional campaigns may focus
only on select channels..
Additionally, your marketing mix activities should be accompanied by market
drivenmetrics. Metrics may focus on things like customer satisfaction, revenue
growth, marketshare, customer retention rates, etc. Your company may establish
many metrics whichmay need to be modeled or analyzed using simulations or
sensitivity studies to showhow one specific marketing mix model and the
variables which may influence marketoutcomes.
Key practices to consider in the marketing mix are the creation of value
propositionsand in positioning the product. The Value Proposition is used to
define and prove theeconomic or strategic benefit of the product or service for a
given target market. It mustbe expressed in the customer’s terms. The proof
should be expressed clearly (e.g.,improves revenue, saves time by…, improves
operating efficiencies by…., enablesmore rapid decision making with…ensures
higher levels of quality or integrity

The Product Positioning Statement is a tool to describe how you wish your
company
and your product to be perceived by your target audience.You may wish to start
with a
statement describing your company or your division: Who are you? (your
company,
business unit?) – as an optional contextual opening statement. This is
particularly usefulif you combine company positioning (as advocated by Ries &
Trout) with productpositioning.
To prepare your positioning statement you need:
1) The name of the product2) The target market3) An understanding of the
needs of that market and how those needs are to be satisfied
with your product or service
4) How your product or service is better than that of the competition.
Step 5 – Resources Identification
None of the elements of a marketing plan can be carried out unless the
contributionsof all resources are known and understood. Depending on the size
of the companyand degree of specialization, the resources should be identified,
the known workitems should be defined, and the timelines and schedules should
be clear to allstakeholders. Here is a template to use with an example

Step 6 – Launching Products and/or Services

If the marketing plan includes the introduction of a new product, a line-
extension, orderivative, a formal launch plan should be established. The product
launch is an intenseseries of activities and tasks that actually begins in the early
product developmentphase. The product launch should be treated as a complex
project with a variety ofdates and deliverables, and is a representation of the
confluence of development andmarketing activities, and is best achieved through
efficient cross-functional teaminteractions. There are complex dependencies
between cross-functional teammembers.
In the table below, the launch plan activities (deliverables) are shown by
function, with theappropriate start and end dates. Of utmost importance is the
understanding by all functionallaunch team members, are the dependencies of
one team on another. The synchronization oftasks, activities, and deliverables is
critical to achieve an on-time launch. You will want tocreate a plan similar to this
for your products.

Step 7 – Training the Sales force

As products and services evolve, the sales force should have updated information
and training so they are prepared to qualify customers and represent the value
and benefits provided by the products and services they represent. Whether or
not the sales force is direct or indirect, they need to be equipped with the right
tools to drive the revenue objectives of the firm. This section is devoted to
defining the work needed to help the sales force to sell. It should be written
simply and concisely and in an objective style, and should include:
•
The markets on which you’re focusing
•
Overviews about the products, services, or solutions overviews they’ll be selling
•
Methods to qualify opportunities and to understand customer needs
•
Methods to capture the customer’s attention by providing compelling value
propositions
•
Positioning for the product against the competition
•
Customer references
•
Resources where more information is available for sales teams
1) Selling Strategy – Provide a paragraph or some bullets that can be used to help
the
sales teams to be successful
2) Describe the product, service or solution. If there are simple diagrams or
product
architectures, they should be included here. Furthermore, provide the following:
a. List price and possible discounts
b. A marketplace summary, including segments, targets, and ideal customer
profiles. Also, help them to identify key buyers, users, influencers, or decision
makers, if the situation warrants this.
c. The availability dates, which correspond to the established market windows.
3) Teach the Sales force to get the customer’s attention and get them excited
about what’sbeing offered. Each target group has a specific set of needs. These
were identifiedduring the market segmentation and targeting. Compelling
information which serves tosurprise customers and prospects because of your
knowledge and understanding oftheir specific issues and challenges will be
highly beneficial to establishing rapport. Thefollowing sub-sections establish this
framework for you, and were described in otherparts of this marketing plan.
.a. A description of the market segment and the target groups in this segmentb.
Listing of observed customer issues and challenges, which may be articulated as
‘needs.’
c. The value proposition (see earlier sections on this topic) which can be used to
describe the benefits of the product, service or solution
d. The positioning statement. Pay particular attention to your advantages versus
the
competition.
e. An analysis of the competition
Step 8 – Budgeting
No marketing or business plan is complete without a financial plan. The budgets
established forthis marketing plan should be prepared within the context of the
financial targets for the firm.Furthermore, the financial plan establishes some of
the metrics against which actualperformance will be evaluated as the plan is
executed.
Here is a sample profit and loss statement with a more detailed view of the
marketing plans andprograms magnified, to show how these marketing budgets
are integrated with the financialplan. The numbers are fictitious and are used for
demonstration purposes only.

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As a direct input to the P&L for the product or business, the marketing activities
that areintended to be carried out, require detailed budgets. Therefore, this table
is provided. I will helpyou in the creation of a budget for each intended
marketing activity. It doesn’t mean that eachand every program will be carried
out. These may need to be evaluated on a case by casebasis, depending on the
state of the business, affordability, etc. Provide as much detail as youcan. Indicate
any assumptions that you can to support each item.

Step 9 – Executing
Just like the Launch plan, the marketing plan is usually carried out by a number
ofindividuals from other business functions, or other groups within the
marketingdepartment. If, for example, there is a pricing team, and their
programs are dependenton the advertising and promotion team’s work with
outside agencies, their work plansneed to be coordinated and the associated
dependencies identified. As the marketingteams meet together, or with the
cross-functional product team, the deliverables andmetrics should be fully
understood so that program status and issues can becommunicated.
The table below can be used to define each marketing plan element, the
committed time frames, responsible department, etc. This can be used to both
summarize all deliverables in one place, so that programs can be tracked.

Measurements (or metrics)

Every dimension of the marketing plan requires an investment. Whether it’s
carryingout a research project or investing in a big advertisement. All activities
are planned todrive business. Therefore, measurements need to be put into place
to determinewhether the investment yielded the intended results. Typical
measurements mightconsider:
-
Did the marketing program generate the number of sales leads?
-
Were the number of sales leads sufficient to create proposals which led to new
business?
-
Did the advertisement generate more visits to the website?
-
Did the new product generate higher levels of customer satisfaction?
It is up to the person, team, or organization to determine which metrics to use,
thefrequency with which they are evaluated, and the follow on action plans
which clarifyor redirect the business in deriving new marketing initiatives.

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Step 10 – Risk Analysis
As described, all operational elements and project plans need to come together
seamlessly, results tracked against performance metrics, and corrective actions
taken.Unfortunately, this isn’t always the case. This section should be used to
articulate therisks and issues that may emerge if deadlines aren’t met or results
aren’t achieved.
The mere mention of these items is only the first step. The real challenge is to
define
the alternative action plans should a specific condition be encountered
Conclusion
A marketing plan, like other plans, is a roadmap, enabling a business to define its
current situation (where are we?), its goals (where do we want to go?) and the
pathto get there (the marketing strategy and the tactical plans, as represented by
themarketing mix). Carrying out this process requires a degree of discipline,
structure,and some creativity. It cannot be emphasized enough that market
profiling andresearch be carried out on an ongoing basis. The marketplace is
filled with so manydynamics, that by not paying attention, you could lose your
competitive advantage.
For additional information, contact Sequent Learning Networks, your trusted
source
for marketing and product management training and advisory services.