How to Create a FTSE 100 company Marketing Plan in 15 Steps
You are required to produce a marketing plan. Choose a consumer product and company that will be the basis of your marketing plan.
1. Purpose of the Company
3. Marketing Objectives
4. Product Description
5. Analyzing Strengths and Weaknesses
For this exercise, you are to refer to the consumer product you have chosen for your marketing plan. Please answer the following questions about both your product and company:
· What are the benefits of your product? Are any of these benefits offered by your competitors?
· Is there anything special about your product?
· List your company’s experience, expertise, know-how, financial resources, human resources, suppliers, etc.
The above analysis will give you some ideas about the Strengths and Weaknesses your company/product is likely to face. Also state how you are planning to take advantage of these strengths. Try to match your strengths with your opportunities. Further, is there any way you can turn some of the above weaknesses into strengths and if not, what are you going to do to minimise their impact?
6. Analysing Opportunities and Threats
For this exercise, you are to refer to the consumer product you have chosen for your marketing plan. Which impacts (positive and negative), if any, do you expect the following factors to have on both your product and company?
· Social factors
· Demographic factors
· Economic factors
· Commodity prices
· New laws and regulations
· Technological factors
The above analysis will give you some ideas about the Opportunities and Threats your company/product is likely to face. Also, state how you are planning to take advantage of these opportunities. Further, is there any way you can turn some of the above threats into opportunities and if not, what are you going to do to avoid them?
7. Taking Your Product Overseas
For this exercise you are to refer to the consumer product or company you have chosen for your marketing plan. You have just found out that your manager wants you to introduce your product/company to the global market. You are told to pick a country you are at least vaguely familiar with and describe which of the following environmental factors need to be considered and why:
· Market size and Market growth
· Economic factors
· The regulatory environment
· Technological development
· Social and political factors
· Quality of local infrastructure
8. The Consumer Decision-Making Process
This exercise relates to the consumer decision-making process. Refer to the consumer product or company you will be focusing on in your marketing plan and describe the consumer decision-making process for this product /company. In other words, which of the steps of this decision-making process would you expect consumers to go through when evaluating your product/company (remember, you first have to decide whether your product/company is considered to be low, moderate or high involvement by your typical consumer). Describe each of the applicable steps in detail (from your customers’ point of view):
· Problem recognition
· Information search
· Evaluation of alternatives
· Post purchase behaviour
9. Segmenting Your Market
This exercise relates market segmentation issues. Refer to the consumer product or company you will be focusing on in your marketing plan and choose which of the following segmentation bases and variables would make most sense for your product or company (do not forget to justify your choices). In general, two to three variables are enough to segment a market, so do not attempt to use all of them.
· Geographic Segmentation
· Behavioural Segmentation
· Income Segmentation
Further, decide (here again, justify) which precise segment you wish to target
Now decide the:
10. Type of Consumer Product and Branding Issues
This exercise relates to product type and branding issues. Refer to the consumer product you will be focusing on in your marketing plan and:
· Decide whether your consumers will view it either as convenience product, a shopping product (homogenous vs. heterogeneous), a specialty product or an unsought product. Defend your reasoning.
· Decide whether you will develop a brand for your product or whether you will offer a generic product. Defend your choice.
· If you decide to develop a brand, explain which of the following branding strategies would work best for your product (here again justify your choice):
Manufacturer's brand: Individual vs. Family Brand
Private brand: individual vs. family brand
11. Developing and Managing Products
This exercise relates to the development and management of products. Refer to the consumer product you will be focusing on in your marketing plan and:
· Explain which category of new products best describes your new offering
· Decide on the product category your product belongs to (justify your decision) and discuss at which stage in the product life cycle you would place this category and why.
· Discuss the implications of the product life cycle for your product in terms of product strategy, distribution strategy, promotion strategy and pricing strategy.
· Discuss, in terms of the five product characteristics that are used to predict and explain the rate of acceptance and diffusion of a new product, whether your new product is likely to be accepted quickly by your target market
12. Channels and Physical Distribution
This exercise relates to channel choices and physical distribution. Refer to the consumer product you will be focusing on in your marketing plan and:
· Choose which of the following distribution channels would be most adequate for your product (justify your choice in terms of market factors, product factors and producer factors)
· What level of distribution intensity will your product require and why?
13. Sales Promotion
This exercise relates issues concerning sales promotion. Refer to the consumer product or company you will be focusing on in your marketing plan and decide which tools for consumer and trade sales promotion you will use (justify your choices):
· Consumer Sales Promotion
· Trade Sales Promotion
This exercise relates to the development of your advertising. Refer to the consumer product you will be focusing on in your marketing plan and:
· Define the benefits your product/company has to offer.
· Based on these benefits, develop at least two advertising appeals and evaluate them in terms of desirability, exclusiveness and believability.
· State which of these appeals is going to be your unique selling proposition and develop a slogan.
· Decide on the executional style of your ad.
15. Pricing Issues
This exercise relates issues concerning pricing issues. Refer to the consumer product or company you will be focusing on in your marketing plan and decide:
· Which pricing objective you will pursue (justify your choice)
· Which pricing strategy you will pursue (justify your choice)