domino's pizza inceased its popularity with 16-24 male consumers using an online sitcom, and an earful of football banter. But Pizza is not just a bloke thing. How can domino's expand its customer base and fight off a lot of competition to sell a lot more product this year?
The Marketing Plan…
… is to be produced in groups of 4 or 5. The assignment (Word Count: 3000) requires you to prepare an annual strategic marketing plan to address the situation you are facing. You can use any model that you find suitable to structure your plan, but an example is included at the end of this unit guide. At a minimum you must include:
The plan will be assessed on style, layout, structure and sequence, components, application of theory to practice and the use of quantitative methods, strength of argument, conclusions and recommendations.
§ No more than one page summarising the strategy, its recommendations and rationale.
§ Current market summary (Identifying demographics, needs, trends, growth areas)
§ TOWS matrix
§ Competitor analysis
§ Current offer
§ Keys to success
§ Mission Statement
§ Marketing Objectives
§ Financial Objectives
§ Societal Objectives
§ Target Marketing (Who?)
§ Positioning Statement (What & Why?)
§ Marketing Mix (How?)
§ Control systems (including timings and contingency planning)
§ Report Format
§ Referencing & Bibliography
§ Overall Presentation
What domino's marketing plan should include
THE MARKETING PLAN CHAPTER CONTENT
1.0 Executive Summary
Although this topic appears first in the plan, you normally write it last. Wait until you're almost done so you can include the main highlights. You should cover the most important facts, and those facts may change during the planning process.
The contents of the summary should include the main highlights of the plan. Make sure to address target markets, market needs, sales prospects, expenses, and strategy. Remember to match your plan to your purpose. This is business, not writing class.
As a general rule, your first paragraph should include what products or services you sell, to what target market, filling what target need, at what general level of sales and expenses. Make sure also to include the nature and purpose of this plan. You might also refer to the keys to success, or at least summarize them briefly.
Another paragraph should highlight important points. Projected sales and expenses are normally included, as well as unit sales and contribution margin. Include the news you don't want anyone to miss. That might be an important strategic focus for the plan, new product or service, or something else.
2.0 Situation Analysis
This first paragraph is a summary which addresses the key points that describe your current situation.
The situation analysis sets the scene. As you develop your marketing plan, this early section is critical to bring your plan up to speed on the key points to follow. This is where you inventory what your firm offers, introduce your marketing situation, and the main components of the marketing plan. These components include your markets, competition, products, distribution channels, the microenvironment, and historical results.
The most important single point is the market need. Every marketing plan should take a market-oriented strategic planning approach that focuses on the market need.
2.1 Market Summary
This first paragraph is a simple summary about your market. Assume that this paragraph might be the only one somebody reads, so you need it to concisely summarize the rest of this section.
One effective technique is to skip this topic until you have finished the three others that follow, then come back here to write the highlights. Be concise. Generally describe the different groups of target customers included in your market analysis, and refer briefly to why you are selecting these as targets. You may also want to summarize market growth and cite highlights of some of your growth projections, if this information is available.
2.1.1. Market Demographics
Markets can be described in terms of geographic, demographic, psychographic, and behavioral attributes. Analyzing your market from this perspective can be a useful way to categorize what you know about the people that you want as clients and lead to identifying and confirming opportunities the market presents.
Market Demographics - Consumer wants, preferences and the frequency of their purchases are often associated with demographic information. Demographics consider information about your market’s age, gender, nationality, education, household composition, occupation and income. Think about the demographics of the people in your market. Are there common demographic factors that describe the people you expect to be potential clients?
Market Geographics - This factor addresses where your customers are physically located. A landscape architect may serve those people within a specific climate or region. If you are marketing your services over the Internet, your client's physical location may be irrelevant.
Market Psychographics - The market can also be described in terms of psychographic information. It is more challenging than the previous categories because it is less quantifiable and more subjective. Psychographics categorize people on the basis of their lifestyle or personality attributes. For example, the lifestyles and personality attributes of people in a large metropolitan city are going to be quite different from those of a small agricultural-based community. Consider the general lifestyles or personalities that best describe your market.
Market Behaviors - Buyers can also be analyzed based on their knowledge, attitude, use, or response to a product. These behavioral variables may include the occasions that stimulate a purchase, the benefits they realize, the status of the user, their usage rate, their loyalty, the buyer-readiness stage, and their attitude toward the products you offer.
2.1.2 Market Needs
This may be the most important topic in your marketing plan. Always emphasize the market need that you seek to fill. What value are you providing? Your marketing efforts will always benefit from focusing on the benefits you are providing your customers, rather that the benefits you are realizing. It isn't how you sell the product or service; but rather, what customer needs are you satisfying.
Value is realized in tangible and intangible forms. Are you saving your clients time, effort, or money? Are you enhancing their net worth, their self-confidence, or their potential? Are you enriching their skills, their sense of security, or their self-esteem? Are you minimizing their real or perceived risks, fears, or liabilities?
This topic is a good reminder that all of your marketing activities should be based on meeting the underlying needs of your clients. For each market segment included in your strategy, explain the market needs that lead to this group's wanting to buy your product or service.
2.1.3 Market Trends
To describe market trends, think strategically. What factors seem to be changing the market, or changing the business? What developing trends can make a difference? Market trends could involve changes in demographics, changes in customer needs, a new sense of style or fashion, or other factors that may influence purchase behavior of your market. Much of this depends on what business you are in.
2.1.4 Market Growth
Is the market growing, is it static, or is it shrinking? Documented market growth enhances the implied value and potential of your business. Ideally you will be able to cite experts, a market research firm, trade association, or credible journalists describing projected growth. This may be particularly important when your plan is used to communicate with those outside the marketing department or outside the organization, such as for investors, board members or advisors.
If you are projecting the market will experience growth, briefly describe how you are going to leverage your strengths to take advantage of the market growth. If the market is static or shrinking, your task is much more challenging. You will need to take away market share from your competitors to experience growth in your business.
2.2 SWOT Analysis
A valuable step in your situational analysis is to assess your firm's strengths, weaknesses, opportunities and threats (SWOT). The primary purpose of the SWOT analysis is to identify and categorize each significant factor, positive and negative, into one of the four categories and allow you to take an objective look at your business.
Think about the strengths within your business that add value to your product or your marketing efforts. Strengths describe your positive tangible and intangible attributes. Strengths capture the positive aspects internal to your business that add value or offer you a competitive advantage.
Weaknesses are factors that detract from your ability to have a competitive edge. These are factors that are under your control but, for a variety of reasons, are in need of improvement to effectively accomplish your marketing objectives.
What opportunities exist in your market or the environment from which you hope to benefit? Opportunities assess the attractive factors that represent the reason for your business. These opportunities reflect the potential you can realize through implementing your marketing strategies.
Threats include factors beyond your control that could place your marketing strategy, or the business itself, at risk. It may be valuable to classify your threats according to their "seriousness" and "probability of occurrence."
Describe your major competitors in terms of the factors that most influence revenues. This may include their size, the market share they command, their comparative product quality, their growth, available capital and resources, image, marketing strategy, target markets, and any attributes you consider important.
Discuss how your product offering compares to the others. Discuss how you are positioned in the market. List your specific competitors and the strengths and weaknesses of each.
2.4 Product Offering
List and describe the product(s) your company offers. For each business offering, cover the main points including how much it costs, what sorts of customers make purchases, and why. It is always a good idea to think in terms of customer needs and customer benefits, as you define your product offerings, rather than thinking of your side of the equation -- the products you sell -- first. For example, an installer of office air conditioning systems is selling the office environment, not just the air conditioning machines themselves.
2.5 Keys to Success
The idea of keys to success is based on the need for focus. You can't focus efforts on a few priorities unless you limit the number of priorities. The more priorities listed (beyond three or four), the less the chance of implementation. Keys to success are a few factors that make the difference between success and failure.
2.6 Critical Issues
Bring the four areas of the SWOT analysis together to formulate critical issues affecting the marketing plan. The objective is to leverage the strengths of the business to take advantage of the available opportunities, offset or improve the stated weaknesses, and minimize the risk of potential threats. Your marketing plan should address the critical issues to place you in an optimal position to succeed -- optimizing revenues with the allocated marketing resources.
This discussion may also include an assessment of your ability to compete in the market, the fit of the products you offer based on the needs of the market, your price and promotion policies, or investment in the research and development activities to enhance your products.
3.0 Marketing Strategy
Start with a summary paragraph or two, introducing the discussion of the strategies to follow. Include the most important highlights of the chapter.
3.1 Mission Statement
Insert your mission statement here: and use it to refer to.
3.2 Marketing Objectives
Think about sales, market share, market positioning, image, awareness, and related objectives. Make your objectives concrete and measurable. Financial objectives are very different from marketing objectives. A financial objective might be to increase 2008 profits by 10%. The associated marketing objective to attain the profit goal might be to increase market share by 3%.
3.3 Financial Objectives
Financial objectives are very different from marketing objectives, and generally easier to measure. A financial objective might be to increase 2008 profits by 10%, or sales by 10%, or contribution margin by 5%, or gross margin by 10%.
3.4 Societal Objectives
Include your targets for ecological protection and ethical and social objectives. These should be measurable and concrete.
3.5 Target Marketing
Introduce the strategy behind your market segmentation and your choice of target markets. Explain why your business is focusing on these specific target market groups.
The positioning statements should include a strategic focus on the most important target market, that market's most important market need, how your product meets that need, what is the main competition, and how your product is better than the competition. Consider this simple example:
For [target market description] who [target market need], [this product] [how it meets the need]. Unlike [key competition], it [most important distinguishing feature].
3.7 Marketing Mix
Marketing mix is the combination of your marketing programs, including your product positioning, pricing, distribution channels, advertising and promotion, service, delivery, and other factors.
The best way to handle this, is to note the highlights of your marketing mix. Don't try to include all the details, just emphasize what makes you different, what isn't obvious, what might surprise somebody.
3.9 Market Research
Think about and explain what market research you need on a regular basis. This might include customer surveys, market surveys, market forecast reports, market share reports, trends, etc.
4.0 Financials, Budgets and Forecasts
This chapter contains your expense budgets, sales forecasts, and breakdowns by category.
Normally it is mainly tables and charts, with texts to explain the numbers in them. As a summary, cite the main points. Sales are expected to grow to what, from what level? Expenses are to be held at some level, which is only XX% of sales.
4.1 Break even analysis
Use this chapter to explain the break-even point, and the assumptions behind it.
4.2 Sales Forecast
This is text intended to explain the highlights of the sales forecast that normally follows it. What level of sales are you projecting? What are the most important components of sales performance? What growth rates are you expecting for the more important lines? What are the main driving forces behind the sales forecast? How does it relate to your market analysis, your main target segments, your sales strategy and marketing strategy? Is your sales forecast believable? Why?
What risks are involved? What events might turn the sales forecast downward?
4.3 Expense Forecast
What is your total expense budget? How fast are you proposing to increase (or decrease) your sales and marketing expenditures? Why? How are the larger portions of the marketing expenses being spent? Why are you choosing to spend your resources in this way?
How does your budget for sales and marketing expenses compare to your projected sales? What percent of sales are you planning to spend on expenses? Why are you planning to spend that percent of sales? Is that level appropriate for your industry?
5.1 Implementation milestones
Established milestones make a marketing plan a real plan with specific and measurable activities, instead of just a document. This is normally the text that goes with a table, so use it to explain the table in as much detail as you can. This is the heart of your marketing plan. Include as many specific programs as possible. Give each program a name, a person responsible, a milestone date, and a budget.
5.2 Marketing Organisation
This is a section describing your sales and marketing organization. It describes roles and the relationship of those people and their responsibilities.
5.3 Contingency Planning
Contingency planning encourages you to think about the challenges ahead and consider alternatives. The objective is to avoid or minimize the negative impact on your marketing plan, and keep you ahead of these changes.
Review the threats you identified in your SWOT analysis.
|Due By (Pacific Time)||03/30/2014 12:00 am|
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