- 28 Mar, 2021
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Marketing Strategy Plan
Create a Marketing Plan for a service/product
my service/product is a mobile barbershop with a mobile van
The first portion you will complete is the Situational Analysis,
Situation Analysis
Environmental situation
Competition
Target Market(s)
Size
Growth rate
Critical issues and relevant trends
I have added some “best guess” page estimations. Some of you are more wordy than others. Some of you may have more “moving pieces” in your plan to address. Some of you will find vast resources and will need to do some serious weeding out. (If you have some real good data but are running into length issues consider using an appendix to store much of this.) These are estimates and NOT absolutes!
The environment situation evaluates what is going on in the world that impacts the business in general and your product specifically. Consider: economy, technology, industry trends, politics, legal system and laws, business trends, cultural changes, demographic trends, natural environment and other external forces that might have an impact on your product/service. Support with data! Size: this will vary with the product and range from 1/2 page to 1 page, maybe more in some cases.
Competition: Who are they? What to strengths do they have? What weaknesses do they have? How do they stack-up to you? Remember competition may be head-to-head (Coke versus Pepsi), but it can also be the whole soft drink industry (Coke or 7-up?), or even the whole beverage industry (Coke or Milk?). A good way to think about this is “If they don’t drink Coke, what are they drinking?”
Are you the market leader or the market challenger, etc.? Explain. (This has an impact on the rest of your marketing plan.)
Even if you consider your product to be the first on the market, what has your potential customer done to take care of the problem beforehand? Think of the horse and buggy to car transition.
You really want to know all you can about your head-to-head competitors, but be watchful and aware of the other tiers. Your competitive analysis should include your head-to-head competition and, perhaps some of the potentially most troublesome from the next tier. A table works nicely, but you’ll want to make sure we understand your criteria. What does this table/research tell you ? How might you use this information? Size: 2 – 3 pages