LUCID Marketing Communications : Library : Resources : DIY Marketing Plan


	MARKETING BASICS Boston Consulting Group's Matrix A well-known model for customer segmentation. Stars — high growth and high market share Cash cows — high market share and low growth Question marks — low market share in a high growth market Dogs — low market share and low growth rate The Four Ms The traditional framework for viewing available resources. Money Material Machine Manpower Porter's Five Forces An analytic model for businesses and industries. Buyers Suppliers Substitutes New entrants Rivals The Seven Ps Controllable variables in the marketing process. Product Price Promotion Place People Processes Physical evidence Mckinsey's Seven Ss A framework for considering business strategy comprising the interrelated aspects of the business. Systems Structure Skills Style Staff Strategy Shared values

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A marketing plan is essential for the efficient and effective marketing of any product or service.

It will allow you to clearly visualise where you are going and what you want to accomplish along the way. It details the steps and resources required to achieve your goals, as well as enabling you to track your ongoing progress.

The Benefits
— Acts as a road map
— Assists in management and implementation of your strategy
— Stimulates thinking and the better use of resources
— Helps in the organisation and assignment of responsibilities
— Identifies problems, opportunities and future threats.

Five Step Marketing Plan
1. Undertake a Situational Analysis
Examine the environment in which you operate. Externally, examine the demand trends and forecasts, characteristics of your target market and their buying behaviour, social, cultural and economic factors, and your competitors' activities. What are the threats and opportunities?

Internally, objectively examine your products, financial situation, resources, suppliers and your relationship with customers. What are your strengths and weaknesses? How will you maximise your strengths and minimise or rectify your weaknesses?

2. Establish Your Marketing Objectives and Goals
State precisely the marketing objectives and goals in terms of sales volume, market share, return on investment etc, and the time required to achieve them.

3. Develop Your Marketing Strategy
Consider alternatives for the overall strategy. Your strategy will encompass critical issues such as your target market, brand positioning, pricing strategy and key success factors.

4. Develop Your Marketing Tactics
State how the marketing strategy will be implemented in terms of product, price, promotion, distribution and other tactical or environmental variables. This section should include specific action plans for your marketing activities such as PR, advertising, sponsorship, direct mail, telemarketing,etc. Ensure all your activities are integrated, creating a powerful accumulative effect.

5. Implementation and Control
Take into account the expected marketing expenses and calculate the breakeven point, sales projections and anticipated cash flows.

Need Some Assistance?
Overwhelmed by the amount of work required to develop your marketing plan? Don’t worry — we can help.

LUCID Marketing Communications can work with you to produce a comprehensive marketing plan for your business.

Please contact us today to discuss your needs.