MARketing Plan
MARketing Plan
MARketing Plan
Introduction
The most important part of a business plan is the Marketing Plan. To keep ones
business on course this plan must be geared toward the businesss missionits
product and service lines, its markets, its financial situation and marketing/sales
tactics.
The business must be aware of its strengths and weaknesses through internal and
external analysis and look for market opportunities.
The business must analyze its products and services from the viewpoint of the
customeroutside-in thinking. What is the customer looking for and what does the
customer want (benefits)? The business must gain knowledge of the marketplace
from its customers.
The business must analyze its target markets. What other additional markets can
the business tap into and are there additional products or services the business can
add?
The business must know its competition, current and potential. By identifying the
competitors strengths and weaknesses the business can improve its position in the
marketplace.
The business must make decisions on how to apply its resources to the target
market(s).
The business must utilize the information it has gathered about itself, its
customers, its markets, and its competition by developing a written Marketing Plan
that provides measurable goals. The business must select marketing/sales tactics
that will allow it to achieve or surpass its goals.
The business must implement the plan (within an established budget) and then
measure its success in terms of whether or not the goals were met (or the extent to
which they were). The Marketing Plan is an ongoing tool designed to help the
business compete in the market for customers. It should be re-visited, re-worked,
and re-created often.
Contents Before you begin vii Topic 1: Devise marketing strategies 1 1A Evaluate
marketing opportunities that address organisational objectives and evaluate their
risks 2 1B Develop marketing strategies that address strengths and opportunities 17
1C Develop increased resources and expertise to identify existing gaps between
marketing capabilities and objectives 28 1D Develop feasible marketing strategies
and communicate reasons that justify their selection 32 1E Ensure strategies align
with the organisations strategic direction 40 1F Develop strategies to review the
organisations marketing performance 41 Summary 44 Learning checkpoint 1:
Devise marketing strategies 45 Topic 2: Plan marketing tactics 49 2A Implement
marketing strategies in terms of scheduling, costing, responsibilities and
accountability 50 2B Identify coordination and monitoring mechanisms for
scheduled activities 56 2C Ensure tactics are achievable within an organisations
projected capabilities and budget 59 2D Ensure tactics meet legal and ethical
requirements 61 2E Use tactics and performance review processes to adjust
marketing targets and budgets 66 Summary 70 Learning checkpoint 2: Plan
marketing tactics 71 Topic 3: Prepare and present a marketing plan 73 3A Ensure a
marketing plan meets and incorporates organisational marketing objectives,
approaches and strategic mix 74 3B Ensure a marketing plan contains a rationale
for objectives and information that supports strategic choices 80 3C Present a
marketing plan for approval in the required format and time frame 83 3D Adjust a
marketing plan in response to feedback and implement it within the required time
frame 86 Summary 89 Learning checkpoint 3: Prepare and present a marketing plan
90 Unit release 1 (Aspire Version 1.1) Aspire Training & Consulting vii Before you
begin This learner guide is based on the unit of competency BSBMKG609 Develop a
marketing plan, Release 1. Your trainer or training organisation must give you
information about this unit of competency as part of your training program. You can
access the unit of competency and assessment requirements at:
www.training.gov.au. How to work through this learner guide This learner guide
contains a number of features that will assist you in your learning. Your trainer will
advise which parts of the learner guide you need to read, and which practice tasks
and learning checkpoints you need to complete. The features of this learner guide
are detailed in the following table. Feature of the learner guide How you can use
each feature Learning content Read each topic in this learner guide. If you come
across content that is confusing, make a note and discuss it with your trainer. Your
trainer is in the best position to offer assistance. It is very important that you take
on some of the responsibility for the learning you will undertake. Examples and case
studies Examples of completed documents that may be used in a workplace are
included in this learner guide. You can use these examples as models to help you
complete practice tasks, learning checkpoints and the final assessment. Case
studies highlight learning points and provide realistic examples of workplace
situations. Practice tasks Practice tasks give you the opportunity to put your skills
and knowledge into action. Your trainer will tell you which practice tasks to
complete. Video clips Where QR codes appear, learners can use smartphones and
other devices to access video clips relating to the content. For information about
how to download a QR reader app or accessing video on your device, please visit
our website: www.aspirelr.com.au/help Summary Key learning points are provided at
the end of each topic. Learning checkpoints There is a learning checkpoint at the
end of each topic. Your trainer will tell you which learning checkpoints to complete.
These checkpoints give you an opportunity to check your progress and apply the
skills and knowledge you have learnt. Final assessment The final assessment
provides you with the opportunity to demonstrate all of the learning that you have
undertaken for this unit of competency. Your trainer/assessor may ask you to
undertake the final assessment tasks. Unit release 1 (Aspire Version 1.1) Aspire
Training & Consulting 1 Topic 1 Devise marketing strategies Marketing is the process
of supplying products and services to meet and exceed the needs of customers. The
process involves a number of strategic activities such as conducting research to
identify customer needs, developing a product or service to meet those needs, and
implementing a marketing mix to attract and retain profitable customer
relationships. Profitable customer relationships involve mutual value exchange. That
is, both buyers and vendors receive some type of value. Buyers receive value in the
form of a service or product they need, and vendors receive value in the form of
money or a contra product or service. The more the value exchange is repeated, the
more profitable the relationship becomes. Large organisations may have multiple
marketing strategies for products or services, especially when there are many
product lines or many geographical markets. Marketing strategies need to support
the corporate strategy for competitive advantage and organisational sustainability,
and they must avoid exposing the organisation to risk. In this topic you will learn
how to: 1A Evaluate marketing opportunities that address organisational objectives
and evaluate their risks 1B Develop marketing strategies that address strengths and
opportunities 1C Develop increased resources and expertise to identify existing
gaps between marketing capabilities and objectives 1D Develop feasible marketing
strategies and communicate reasons that justify their selection 1E Ensure strategies
align with the organisations strategic direction 1F Develop strategies to review the
the customer segment (number of customers in the segment) and then applying an
industry conversion rate to that number enables a prediction of the number of
customers who will buy (penetrated market). Where no information is known about
the target customer segment or the product is totally new to the marketplace, then
a marketing manager may need to get an expert opinion of market demand or even
market test the product or service to a sample of the target customer segment. It is
always vital in any case that an organisation uses all available data to estimate both
penetrated and potential marketplaces. 14 Unit release 1 (Aspire Version 1.1)
Aspire Training & Consulting BSBMKG609 Develop a marketing plan Understanding
the penetration of potential markets requires the number of prospects: to be
contacted through an email campaign predicted to navigate to and view an offer
on a website on the database of an alliance partner that will be contacted to be
contacted via LinkedIn, Facebook or other social media on a purchased database.
Evaluate financial return Another aspect of the evaluation of a new marketing
opportunity is the bottom-line financial return. A marketing manager or anyone
involved in the marketing process has to make a projection of sales income and
then deduct the marketing mix costs to identify the expected gross profit return. In
most instances, an organisational gross profit return is usually calculated by
deducting the marketing mix (price, promotion, placement, distribution) from the
sales income. In retail, for example, the gross profit return is calculated by
deducting the cost of a sale (price, promotion, placement, distribution) from the
revenue made from each unit sold. Example: differentiation on quality Daniel is the
marketing manager for a medium-sized organisation that offers a lunch-delivery
service to local businesses. He is planning a marketing strategy where the company
differentiates on quality. However, this marketing strategy for differentiation on
quality does not align with the existing organisational strategy for low-cost
leadership. The risk of this marketing strategy is that customers who have bought at
a low price will expect to continue to place orders for the same price. This will
conflict with Daniels desire to increase prices through a differentiation strategy. His
differentiation strategy would lead to value-based pricing such that a better quality
of service would lead to higher prices for orders. The higher price would return more
gross profit, but at the risk of losing some existing customers. There is also an issue
with the organisational capability of the company, because more resources may be
needed to provide the improved service, as well as cater to more customers
obtained through market development. Increased sales could require an additional
staff person just to take phone orders from customers, as well as more food
preparation staff, a dedicated driver for delivery and collections, etc. Daniel would
likely need a second vehicle to service customers at the local business park. There
is also a possible ethical issue of employing casual staff for a long time, as the
business has already been running for two years with only casual staff. Unit release
1 (Aspire Version 1.1) Aspire Training & Consulting 17 Topic 1 Devise marketing
strategies Organisational strategy is essentially the strategy for competitive
advantage in the industry in which the organisation operates. The organisation will
have core capabilities and strengths that create industry advantage over
December Customer segment: females 1555 years Product Crazy cats calendar, 14
pages, full colour, photo illustrated Creative concept (Bono Design) Photography
(123rf stock photos) Offset printing and packaging (Galway Printers) Production
budget: $101,250 Placement Brothers Popup Stores (key account) Distribution ex
Sydney to stores 40 popup stores Brothers Popup Stores (key account) Going &
Gone Distributors (intermediary) Distribution ex G&G Sydney to retail accounts 350
retail accounts listed on G&G portal Going & Gone Distributors (intermediary) Price
RRP $19.99/unit Trade price to Going & Gone $9.50/unit Sale price to Brothers
$12.50/ unit Promotion mix Sales promotion (launch to trade) September Sales
presentation to Brothers/G&G Web creative (Bono Design) Link on Brothers portal
SeptDec Link on G&G portal SeptDec Magazine advertising October (full colour, 1
page ad) x 4 inserts Australian Womens Weekly Creative execution and placement
(Bono Design) Public relations (digital media), October to December Content editing
and stock photos (Marketing team) Communities on Facebook, Twitter, YouTube, etc.
Sales promotion (2-for-1 offer to the trade), 1531 December Point-of-sale stickers
(Bono Design) Email promotion to buyers (Marketing team) Sticker distribution Ex
Sydney to Brothers stores Offload remainder stock to clearing houses 5 January
(cost price + 10% per unit) Promotion budget: $32,200 54 Unit release 1 (Aspire
Version 1.1) Aspire Training & Consulting BSBMKG609 Develop a marketing plan
Tactical execution After the tactical plan comes the tactical execution of the
promotion strategy, which means following through on the work schedule. Here are
some steps that can be followed. Tactical planning 1. Plan the work schedule for
production and delivery (the tactical plan). 2. Check for ethical and legal
compliance. Tactical execution 1. Manage the look and feel of the message (the
creative). 2. Manage the delivery of the message to target customers (the medium).
3. Work strictly to schedule so the promotion/offer gets to market on time. 4. Keep
costs of creative and media steps within cost allocations (the budget). 5. Monitor
ethical and legal compliance. Marketing strategy 1. Create customer value to meet
the needs and wants of customers in the identified target market. 2. Include plan
and budget for a marketing mix for a particular product or service. 3. Include in
marketing mix unique customer value propositions, product or service benefits,
methods of distribution of product, pricing policy and promotional activity. Example:
promotional strategies There are 10 common promotional strategies for product and
service marketing. Promotional strategies for products and services include: digital
marketing (blogging, videos, webinars, other web content) direct marketing
(personalised emails or letters or non-personalised letterbox drops) sales
promotions (discounts or other incentives from wholesalers to retailers, retailers to
customers, service providers to consumers) personal selling (sales force) direct
selling (online shops or mail catalogues) paid advertising events (seminars,
exhibits at trade shows, presentations at conferences) affiliates or referral
schemes brokers and agents sponsorships and other publicity. 74 Unit release 1
(Aspire Version 1.1) Aspire Training & Consulting BSBMKG609 Develop a
marketing plan There is no standard way to write a marketing plan. Each
organisation has its own preferred template and style. Whatever format is used, the
7,500 7,500 7,500 $30,000 New customer acquisition 2,000 11,300 18,300 28,400
$60,000 $90,000 Promotion mix and expenditure Online campaigns Pay per click
700 700 700 700 2,800 Banner ad 1,350 1,350 2,700 Affiliate marketing 500 500
500 500 2,000 SEO 500 500 500 500 2,000 Direct marketing Creative/placement
2,500 2,500 5,000 Customer relationship management (CRM) outbound 1,000
1,000 2,000 Sales promotions CRM outbound 1,000 1,000 2,000 Agents
incentives 2000 2000 2000 2000 8,000 Customer referral 800 800 800 800 3,200
$29,700 Product expenditure Programming 5,000 $5,000 ROI on growth strategy
Revenue $90,000 Revenue Less expenditure $34,700 Less expend ROI $55,300 ROI
Unit release 1 (Aspire Version 1.1) Aspire Training & Consulting 93 Final
assessment How to work through this final assessment This final assessment is
designed to assess your performance of competency for the unit BSBMKG609
Develop a marketing plan, Release 1. Your assessor or workplace supervisor will
help you fully understand assessment requirements for this unit. The features of this
final assessment are detailed in the following table. Feature of the assessment
resource Explanation Assessment information and scope This section provides
details of the unit of competency covered, setting out information about the aims of
the unit, what areas are covered, how the assessment tasks must be completed and
how the assessment is conducted. Are you ready for assessment? This section
provides you with the opportunity to self-assess your performance, to ensure that
you are ready to commence the assessment process. Final assessment overview
This section provides an outline of the final assessment tasks to be covered,
including options available. Assessment plan You can confirm exactly which tasks
and options you will complete using the assessment plan. Your assessor will discuss
the various options with you and may also customise the assessment tasks to suit
specific requirements where needed. Final assessment tasks This section outlines
the final assessment tasks in detail, including the relevant documentation you need
to complete and submit along with your final assessment tasks. Record of outcome
As you progress through the final assessment tasks, your assessor will use the
record of outcome to confirm your performance and provide relevant advice and
feedback. Further information Before you commence your final assessment tasks,
you should review the information provided by your training organisation about
assessment. You should not commence your final assessment tasks until you have
read and understood this information. 98 Unit release 1 (Aspire Version 1.1)
Aspire Training & Consulting BSBMKG609 Develop a marketing plan Final
assessment tasks Part A Questioning Purpose You will demonstrate a sound
knowledge of the unit requirements in your responses. Instructions to the candidate
All questions must be answered satisfactorily for Part A to be completed
satisfactorily. There is no restriction on the length of the question responses, or time
restriction in completing the assessment. You must complete all questions
unassisted by the assessor or other personnel, but may refer to reference material
as needed. Resources required The question responses section is the only resource
required for this questioning assessment to be completed. Assessment conditions
Assessment must be conducted in a safe environment where evidence gathered