For this assignment, please view the following marketing plan template below. This has the basic elements of what a simple marketing plan would contain, but it is not comprehensive.
Marketing Plan Elements Template Example.docx Download Marketing Plan Elements Template Example.docx
Now take the marketing concept/idea you came up with in the prior module and build out your marketing plan elements using the template. You can fill in each section using the same categories. Do your best to be as detailed and complete as possible for the idea/product you're proposing. The goal here is to see that you can think through each category and apply the concepts from the class toward developing the elements of a basic marketing plan. Chapter 2 in the textbook (page 32) outlines a similar marketing plan format, but we are not going into that level of detail (mission, SWOT, performance metrics, etc.) here.
Please include 2 or more sources in the final section.
Section 1: Executive Summary
Complete your Executive Summary last, and, as the name implies, this section merely summarizes each of the other sections of your marketing plan.
Your Executive Summary will be helpful in giving yourself and other constituents (e.g., employees, advisors, etc.) an overview of your plan.
Section 2: Unique Selling Proposition (USP)
Having a strong unique selling proposition (USP) is of critical importance as it distinguishes your company from competitors.
The hallmark of several great companies is their USP. For example, FedEx’s USP of “When it absolutely, positively has to be there overnight” is well-known and resonates strongly with customers who desire reliability and quick delivery.
Section 3: Industry Overview
Pet Grandma Business Example: The Industry Overview
The Pet Industry
According to the American Pet Products Association, total pet expenditures in the U.S. totaled slightly over $60 billion in 2015, up from $41 billion in 2007. This includes:
Food – $23.05 billion
Supplies/OTC Medicine – $14.28 billion
Vet Care – $15.42 billion
Live animal purchases – $2.12 billion
Pet Services: grooming & boarding – $5.41 billion
These figures reflect the increasing humanization of pets, a trend that is showing no signs of waning. More and more people consider their pets to be people too and treat them accordingly. Karen McCullough, director of marketing for Winnipeg-based Petland Canada, which operates both company-owned and franchise stores across the country, says, "People are looking for more these days – absolutely. We see a lot now in higher-end products, people are demanding more for their pets, from treats to grooming supplies to brand-name toys and even clothing."
And, because people want the best for their pets, there is also an increasing demand for pet-care services. Across North America the pet care business has seen an explosion of growth over the last three years.
Section 4: Target Market/Customers
This section describes the customers you are targeting. It defines their demographic profile (e.g., age, gender), psychographic profile (e.g., their interests) and their precise wants and needs as they relate to the products and/or services you offer.
Section 5: Pricing & Positioning Strategy – note: you can combine this section and the next section (Promotions Strategy) or leave them separate, it’s up to you.
Your pricing and positioning strategy must be aligned. For example, if you want your company to be known as the premier brand in your industry, having too low a price might dissuade customers from purchasing.
In this section of your marketing plan, detail the positioning you desire and how your pricing will support it.
Section 6: Promotions Strategy
The promotions section is one of the most important sections of your marketing plan and details how you will reach new customers.
There are numerous promotional tactics, such as television ads, trade show marketing, press releases, online advertising, and event marketing.
In this section of your marketing plan, consider each of these alternatives and decide which ones will most effectively allow you to reach your target customers.
Section 7: Distribution Strategy/Plan
Your distribution plan details how customers will buy from you. For example, will customers purchase directly from you on your website? Will they buy from distributors or other retailers? And so on.
Think through different ways in which you might be able to reach customers and document them in this section of your marketing plan.
Section 8: Situation/Competitive Analysis
Pet Grandma Business Example: Competitive Analysis
While there are currently eight businesses offering pet sitting in West Vancouver, only three of these offer on-site pet care and none offers Pet Visit services for working pet owners.
Currently there is no one company dominating the market. This may be because all of the pet-sitting businesses are relatively new; the oldest, Paula's Pet Sitting, has been in business five years. However, half of the existing pet-sitting businesses control the majority of the market; Paula's Pet Sitting, Doggie Care Services Inc., Pet Petters and Pet Sitters on Demand together control 65 percent of the market.
Sources for Examples of Marketing Plan Elements:
Lavinsky, D. (Sept. 30th, 2013). Marketing Plan Template: Exactly What to Include. Forbes. Retrieved from https://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/#766fa3d23503
Ward, S. (Nov. 13th, 2017). Business Plan Example of the Industry Overview. The Balance Small Business. Retrieved from https://www.thebalancesmb.com/business-plan-example-of-the-industry-overview-2948009