Agrifood Marketing Rolan Micallef Attard www.yesitmatters.com
University of Malta Course: BSc (Hons.) Mediterranean Agro-Ecosystems Management
The Marketing Plan 2009
Marketing Plan Contents Cover sheet Table of contents Executive summary Current Market situation analysis Marketing objectives Marketing strategy Financial plans/budgeting Action plan Monitoring and controls Supporting documentation/references
Executive summary (1) A marketing plan executive summary is a synopsis of the main points of an in-depth report. It is usually written for non technical people who do not have time to read the main report, or for executives that want to get the feel of the report before they attempt to read it (if ever!). Written in simple declarative sentences for each of the main points as they appear on the main report, the executive summary should convey purpose, message and recommendations, avoiding unnecessary technical material and jargon, but with a few buzz words.
Executive summary (2) The executive summary should be completed only when all the components of the marketing plan have been concluded, and it should provide a concise overview indicating where your enterprise was, is, and where it is going as a result of the strategies developed in the plan. It should therefore provide: â€˘ A summary of your progress in the market to date; a description of the products or services on offer; a brief profile of your marketing channels and of the target customer; the dynamics that have arisen that need to be addressed and the planned objectives set for the future; a summary of the salient strategies that will lead to planned objectives; the financial impact the plan will have on your business; evaluation procedures.
If it is boring or confusing to your immediate colleagues, it will probably have the same effect on the reader.
Current Market/Situation Analysis Customer information What is your consumer demographic information? Who are your customers or your potential ones? What the type of customers do you want to reach? Who are the customers you want to reach? Which are the main market/sector groups? What are your customersâ€™ basic needs? Why do your customers buy from you? What and who stimulates your customersâ€™ buying decision? (Cost, quality, environment, staff, family)
Current Market/Situation Analysis Market/industry information What is the main market/industry you operate in (or intend to operate in)? (Domestic/Export Markets) What are the rules, regulations or restrictions that affect the industry? What is your market share within the market/industry (and your potential market/industry share)? What are the past market/industry trends and the future predictions? How does the market/industry impact on your business success? (PEST) What is the current demand for your product? Who are your competitors/brands/products? Why is your competition better, worse or different?
Current Market/Situation Analysis Product/service information Describe your product/service and the major selling points and/or issues? (SWOT) What are the competitive characteristics of your product/service? How do customers feel satisfied with your product/services? (quality, design, appearance, price, packing, distribution channels) How is your product/service currently promoted?
Marketing Objectives Based on your analysis, are your objectives to maintain and/or increase your competitive edge, by: • • • • • •
Modifying pricing policies? Modifying product quality? Increasing sales by targeting geographical areas or focusing on product? Increasing value of customer basket? Improving customer service? Introducing new products/services?
Are your financial objectives about increasing: sales; ROI; profits; cash flow? Are your target market objectives about: creating awareness; developing interest; motivating people to try your product/service; retaining clients; or getting repeat customers? Are your objectives specific, measurable, attainable, realistic and tangible.
Marketing Strategy Marketing Mix Product/Service strategy • What product/service range are you going to include in your strategy? • Do you intend changing the labelling, packing? • Are you going to focus on a branding exercise? • Will this be a new product or service launch? • Are you raising the level of your customer service? • What warranties/guarantees do you propose to pass on to your customers? • Do you intend to create product spin-offs?
Marketing Strategy Marketing Mix Price strategy • What is your pricing strategy and how does it line up with your market? • How do you intend to price your products/services so that they are more attractive than competition? • What discounts, special offers, package deals do you intend offering? • How do your prices compare with those of competition? • How do you intend to maintain profit margins? (Analyse costs of production/service costs)
Marketing Strategy Marketing mix Place/Distribution strategy • Which distribution channels will you use to deliver your services/products? (retail, wholesale, sales force, agents) • From where will you deliver your end product or service to your consumer? • Will your customers find suitable quantities of your products when and where they need them?
Marketing Strategy Marketing mix Promotion strategy • How do you intend to promote and market your product/service? • How are you going to reach, attract, retain and convert the right customer to use and reuse your product/service? • What are your promotion techniques viz-a-viz: • Internet/on-line Marketing? PR? Advertising? Sales Promotion? Packaging? Branding? Communication methods? Sales literature? Appearance of staff & premises? Discounts?
Marketing Strategy Marketing mix Physical Evidence • Are your facilities, equipment and personnel adequate? Are you going to: improve external appearance of site; internal appearance & ambiance; appearance of employees; credentials of employees; equipment and materials?
People/Participation • Are the attitudes of all persons who are within the service delivery adequate for the type of service you intend delivering?
Process • How are you going to address: • Customer needs and wants? • Customer involvement? • Quality Control?
Financial plans/budget What is your estimated breakeven point? What are your forecasted expenses? What are the expected revenues? What is your estimated budget? How are sales and expenses linked to your marketing strategy? Is your budget realistic and attainable?
Action plan/implementation What tasks have to be performed? How and when do you plan to carry out the marketing strategy tasks? Who is responsible for carrying out the marketing strategy? Have you considered preparing a pictorial representation to plot your marketing strategy tasks over time? (e.g. Gantt Chart) How often do you plan to review the action plan?
Monitoring and controls How, and how often will you monitor and measure the marketing plan? What is the scope of the evaluation? What will be measured? (revenue, costs, repeat business, customer satisfaction) Who is responsible for carrying out such task? Do you have a Plan B in a worst case scenario?