Market Plan Part 2
Be sure you have a cover page and table of contents. Put the name of your product or service on the cover paper and in the title of the Market Plan. This is not a business plan for the firm. It is a market plan for a product within a firm and an industry; therefore, the product or service should be in the title.
The product I chose was L’Oreal eye makeup products, so please go ahead and make it any specific eye makeup products. It can be domestically or internationally.
You need headings and subheadings throughout the paper. These are included in a Table of Contents. In business writing we organize our content with headings and subheadings and make it easy for the reader to find the information that they need.
Try to include a multi-year (five year) trends of what is happening with revenue, units, market share, and the overall industry.
Include the use of some of the marketing tools, e.g. perceptual map, Blue Ocean Strategy canvas, BCG Growth Matrix, Product Life Cycle (PLC) strategies, Customer Lifetime Value (CLV), Resource Advantaged Theory, Segmentation, Targeting and Positioning (STP) and many more that might be relevant to your plan.
Part 2 require citations in text and a Works Cited or Bibliography using APA format.
Must include all of these down below:
5. SWOT (Strengths, Weaknesses, Opportunities and Threats Analysis): Identify and focus on the internal factors (strengths and weaknesses) and external factors (opportunities and threats) derived from the preceding situation analysis that give advantages and disadvantages to the product and firm. At the conclusion of the SWOT, the focus of the marketing plan is to address the strategic focus and competitive advantages to be leveraged in the strategy. Match the strengths with market opportunities to create value for the customers identified in the STP processes.
6. Marketing Goals and Objectives: Marketing goals and objectives are formal statements of the desired and expected outcomes resulting from the marketing plan. Goals are broad, simple statements of what will be accomplished through the marketing strategy. The goals guide the development of objectives and provide direction for resource allocation decisions. Marketing objectives are specific and are stated in quantitative terms that permit precise measurement. This section should set the performance targets that the firm seeks to achieve and how the progress will be measured. The section is strengthened with forecasts for the short and long-term (5 years) generally with graphs or tables in the appendix. Examples of goals during different stages of the PLC are in Chapter 9, others are in Chapter 11, and throughout the text relative to various market growth, penetration, profitability, and many other approaches.
7. Marketing Strategy: This section outlines how the firm will achieve its marketing objectives. Selecting and analyzing target markets and creating and maintaining an appropriate marketing program (product, distribution, promotion, and price) to satisfy the needs of those target markets. It is at this level where the firm will define how it will gain a competitive advantage by doing something better than the competition: Its products must be of higher quality than competitive offerings, its prices must be consistent with the level of quality (value), its distribution methods must be as efficient as possible, and its promotions must be more effective in communication with target customers.
8. Marketing Implementation: This section describes how the program will be executed. It answers what specific marketing activities will be undertaken? How and when they will be performed? Who will manage and monitor them? What is the cost and budget? It could be a summary timeline in the appendix with a brief summary in the body of the paper.
9. Evaluation and Control: The final section of the marketing plan details how the results of the marketing program will be evaluated and controlled. The standards and metrics should be tied to the objectives stated in the Goals and Objectives section.
