Concepts Required For Marketing Plan Section of Business Plan
Clearly defined quantifiable objectives derived from SWOT that are measurable,
achievable and profitable.
Segmentation Strategy and Target Selection
You must first define your overall generic product market and then understand the
criteria for which you are segmenting the market. Your segments must be homogeneous
within and heterogeneous between. You must identify your sources. There are many
ways to segment a market including but not limited to geographic, demographic, product
usage, message response, geo-demographic, psychographic, attitudes and behaviors,
buying patterns, and customer types.
Bar Goers
General Out of Towners over 21
Students over 21
Parents visiting students
Live on Metro Route
Convention attendees at hotels
Age 21 to 30
Age 30 and above
Income less than $30,000
Income above $30,000
Hotel Specific
Tourist Special Events over 21
Rodeo
Metra events
Occupation Specific
Towners over 21
Live on Metro Route
25 and above
Income over $30,000
Occupation Specific
You must go after a sizeable enough market to be profitable. You should find a target or
two or three where you are strong in resources and can either beat your competitors head
on or have your own niche. Look for operational, identifiable, growth oriented segments
and use other marketing models you have studied to explain your opportunity for
business potential.
Dimensions and Decision Making Process
Clearly understand your target audience by walking through their buying process. Is this
a routine or extensive buying process. Define each step 1 though 5 so that you will be
able to design your strategy of how to influence each step. Understand their activities,
interests, opinions, and demographics by giving a portrait of your typical customer.
Means End Chain Conceptual Advertising Strategy (MECCAS)
(Leads to Value Proposition)
This process of brainstorming and conceptual development is a means to an end of giving
the product value in the mind of the customer. The elements are then used to develop the
values for the scales of the perceptual map. It is important to think in terms versus the
competition. These elements are also used in the promotion process to help determine
the advertising and communication strategy by using them for message development with
specific “hook” and benefits described below.
Product
Attributes
Nightly Cruiser
Bus
30 Seats with
Air
Conditioning
and Heat
Stops at
popular bars
Runs every 30
minutes bar
route
Metro route to
take you home
Advertising
Strategy
Elements
Physical
Consequences
Comfort
Psychological
Consequences
Feeling
Pampered
Values
Convenience
and Safety
Feeling Smart
and responsible
Entertainment
Feeling
Socially
Included
No worries
My family and
friends won’t
worry about me
I won’t worry
about them
Designated
Driver for the
evening
Benefits
A responsible
good time
Great for the
community,
bars too
Driving Force
Hook
Perceptual Map
This is good for everyone
NIGHTLY CRUISER
More Independent
TAXI
Social with Friends
DESIGNATED DRIVER
Protecting myself
Brand Positioning Statement
Where does your product fall on the perceptual map, between what two values? The two
values should be combined to make the best statement possible versus the competition.
Here is why all of your brainstorming to make the best perceptual map possible pays off.
THE NIGHTLY CRUISER IS A GREAT WAY TO HAVE FUN WITH YOUR
FRIENDS THAT IS GOOD FOR EVERYONE.
The value scales are not positive and negative values as your competition will not be
negative. The scales are opposites. The brand positioning statement is not a slogan. It is
how you position your product versus the competition.
Objectives for Place Price Promotion ….must be consistent with the Brand Positioning
Statement as well as your original sales and marketing objectives. You must define your
objectives before your strategy and specific tactics for Place, Price and Promotion.
Clearly understand where you are in the Product Life Cycle to make sure you are
understanding the competitive environment with your objectives and strategy.
Place Objectives fall between High Customer Care and Low Cost Provider
Price Objectives options are Sales, Profit or Status Quo
Promotion Objectives options are Inform, Persuade or Remind
(Use Awareness, Interest, Desire and Action to meet the objectives)