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MARKETING PLAN A Marketing Plan should contain various strategies, aimed at individual or multi product line which is put to use in planning one or more Strategic Business Units (SBU). However, here, we deal with a plan focused on a single product-Straw Hats! Dan and Sam being long time good friends and fairly well placed in society as successful entrepreneurs, decided to get into business where they plan to sell straw hats as joint venture. So, they started this drive through convenience store which they called D&S Drive Thru. 1. The Challenge-the product would be in 4 sizes, catering to- unisex, in particular dimensions-the size of the dome and brim, in single color, launched to enter a market with associated goals such as sales figures and strategic goals. 2. Situation analysis-This covers six key areas such as, 1.
Product Analysis, where you know description of product as above, benefits for the users, current branding strategy 2. Pricing-to final users, distributors, with incentives and discounts. 3. Distribution-channels used, shipping and handling (special packaging needed here to take care of the hats from loosing shape). 4. Promotions-advertisements, public relations, personnel selling etc. 5 Position in the market, that is how will the product thrive against Competitors. 6 Services offered to final user on after sales. 3. Target Market Analysis- How to aim to reach mass market / selective market through studying Demographic / psycho graphic profile of the market, gender, income, age, occupation, education, family region and lifestyle, attitudes.
Evaluate the market size, current target market size, largest possible future growth rate with a time frame in mind. Market segmentation so as to Description of the Product, percent of sales, what the user want, how to reach them and price sensitivity. 4. Distribution Analysis-D&C plans to do direct sale and does not need distributors. But online distribution has to be open.
Logistics as transportation, warehousing and order fulfillment have also to be main criteria as far as the place of distribution is concerned. Environmental problems and opportunities can be considered under social, economical, demographic, technological, even political, legal, regulatory and ethical circumstances. 5. Competitor Analysis-Evaluate the main competitors serving the same market on market served, product attribute, pricing, promotion, distribution, service offered. Examine competitors strength and weaknesses, financial standing, competitive trends and future threats. 6. Financial Analysis-for product or product line should be handled within a graphical format for regular or seasonal (here Straw Hats are seasonal) product, provide monthly or weekly figures in spread sheet layout style showing detailed breakdown of marketing revenues and expenses. As what we analyze here is a joint venture, the financial support and the profits / loss have to be on a strict 50 - 50 share.
Budgeting and Implementation-this part of the Marketing Plan is the area that will ultimately sell the plan to those who have the power to give final approval. There are three key topics in Budgeting and that are-Marketing budget which prescribes a clear view of the financial implication plan, the second is Performance Analysis which presents the expected results of the plan including its financial impact. The third one is Implementation schedule which gives Timelines and identify those responsible for performing tasks. Any business has to have an alternative Marketing Strategy which gives you the smartness to discontinue or rebounding or positioning the product as a premium or value product, thus giving the entrepreneur the confidence to move on without the severity of the market pinch if at all the market is harsh. The Straw Hats available at D&C Drive Thru do have a resounding business because the firm adheres to a Marketing Plan somewhat similar to the above said one. The joint venture partners would be better off when they pay attention to the financial strategy strictly.
Bibliography: Bangs, Jr. David H. The Marketing Planning Guide-Creating a Plan to successfully Market your Business, Products or Service
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Research essay sample on Joint Venture Marketing Plan
