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Homework 3 - Marketing Plan

Marketing Plan Criteria

Depending on the nature of your business, your marketing plan should be 3 to 8 pages in length.
It should include (however you choose) the following elements:

1. Target Market Description
a. geographic
b. demographic population, age, race, gender, education level, etc.
c. income levels low, medium, high
d. preferences
e. fluctuation/seasonality profile typical sales cycle
f. industry analysis growth rate, preference trends, other trends and future outlook

2. Product / Service Description
a. what needs of the customer does it satisfy
b. what wants of the customer does it satisfy
c. what are customers' expectations for this type of product/service

3. Positioning what will be your competitive advantage?
a. price (i.e. cheapest price, fair price, price for quality, etc.)
b. examples of other factors (assortment, parking, service, sales personnel, quality, fashion, convenience, location, atmosphere)

4. Market Research you should do at least the following:
a. observe 2 or more of your competitors
b. talk to 10 or more likely customers
c. talk to or research 1 or more of your main suppliers
d. optional conduct a specific survey or a focus group

5. Forecast Your Sales
a. determine what percent of the target market purchases your type of product or service
b. determine what the average person in your target market's annual expenditures might be (this will tell you the total amount of money spent in that market)
c. determine what percent of that market will be your customers rather than your competitors' (this should give you an idea of your annual sales volume)

6. Set Your Pricing Structure this may be general and the cost element will be difficult to determine at this stage, but you should determine where your prices should be, without regard to the profits. You will determine your costs and profit margins when you perform your financial analysis and operations analysis. Your price should be related to your position in the market.

7. Analyze Your Competition

8. Strategic Plan Make sure it discusses your businesses core competencies (i.e. those things at which you are good)

9. External Market Influences

10. Advertising and Promotion

11. Distribution Resources

Business key words: marketing plan, target market, internal and external environment, demographic, competitors, competition, promotions, cycle, advertising, customer dynamics, sales, products and services, customers, market research, cycle, budget.

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