Step by Step Instructions-

1.  As you use this guide, as well as the Resource Page and Marketing Template, you will determine the type of information you need, and some possible sources to use.

Research Tips:  Sources of information you may need have been divided into three color coded categories shown below. The actual sources can be found  on the  Resource Page where links are provided whenever possible. 

• Print Sources  (i.e., library books that can be found in most libraries).

• Free Websites Resources (i.e., free online at the time this guide was developed).

• UW restricted (i.e., online sources that are free if affiliated with the UW).

Some of the same sources appear throughout the Marketing Template, so going to that source once and getting all of the data you need on the first visit could save you time. 

The sources we mention here are by no means the only ones you should use.  For example, you can use the Libraries catalogue  to search for more targeted information on your product or company.

2.   If you do not yet have a product idea, brainstorm.

• If you have a product that is too cutting-edge, it will be more challenging to research.

• Are you considering entering an oversaturated industry, where you are one of many?  What innovation do you offer? 

• Make sure you can communicate your idea to people outside of the industry such as: potential investors, lending officers and venture capitalists.  Know your audience.          

3.   Set up a document that you can work on. 

Use the  Marketing Template page we have provided or go online and find a template for your industry.   Remember each plan should be unique.

1. Copy and Paste into a new blank word processing document.

2. Provide enough space to include information and  footnotes. 

3. Cite your sources so users can locate them.   

Note: It helps to cite your sources as you go.

4.   Research Situational Environments

5.   Determine Strengths, Weaknesses, Opportunities and Threats (SWOT analysis)

6.   Research the Segment, Target & Position (STP)

7.   Marketing Objectives and Goals

8.   Marketing Tactics

9.   Marketing Strategy, Implementation and Control

10. Summary

11. Compile Appendices

12. Write your Introduction.  This is very similar to the Executive Summary in that it should be written after all of the research is completed and it is an overview of your plan. However, the difference is that the introduction should make the audience want to read the entire plan, not just the Executive Summary. 

13. Write your Executive Summary. Writing this synopsis last will allow you to know what is important to highlight so that your reader can get a quick idea of what your plan entails. 

Marketing Plan Template

I. Executive Summary 

A short summary of the overall plan, (think of it as your elevator pitch) that gets the reader interested and allows you to mention the important aspects of your plan and then go in to more depth in the body of the Marketing Plan.    (Typically this is written last as it is a summary of the important data you will gather below.)

II. Introduction

Introduce your product or service, explaining why it is differentiated from other products in the market currently.  Some of this should be defined after you have researched your competitors, how the market is changing and any new technologies or regulations. 

III. Situational Analysis

A. The Situational Environments

1. Demand and demand trends.  What are the demand trends of your product or service?  Where will it be bought?  How (card, cash, payments) (also how often)? When (time of day, seasonal, period in life)?  This is probably one of the most difficult areas to research if it is a new product.  Try to find similar products and compare your product while being honest about the benefits and drawbacks. 

For example,

• What is the demand currently for the product, how is it changing?  Do you see more dramatic changes in the future?  Can you take advantage of these?

• Is your product a less expensive substitute or a product that is easier to use with more features?  

• Will you be selling to other businesses (b2b)? In which case:

  • Who would make the purchasing decision for your product/service?

  • Who would be the purchase agent? How do they decide whether or not to buy?

• Or will you be selling directly to customers (b2c)?  How would this change the marketing of your product/service? 

2. Social and cultural factors-  Are you trying to appeal to a certain social or cultural group? How will they perceive your product? 

• Research the culture to make sure you are offering the right product. 

• Talk to or survey people in the community or the type of people to whom you hope to market

You may find out that the town won't eat potato salad since the church food poisoning accident in 1998 or that college graduates want flashing mortarboards for nighttime graduation ceremonies.   

3. Demographics- What is the target market that will buy your product? 

• Age?  Education? 

• Location (internet or brick and mortar, mall or city center)? 

• Income bracket? 

• Gender?  Religion?  Race? 

• Type of household?  

• What media do they consume?

4. Psychographics- Who are the type of people that will purchase your product or service?  What belief systems do they hold? 

5. Economic and business conditions- What are the economic and business conditions in the area you have chosen? 

• What are the current conditions and trends for this geographic area for your product?

• What are the current conditions and trends for this Industry for your product?

• What segment of the Economy is growing, what is shrinking, and how will this effect your industry? 

• Changes in income:  are people losing jobs, getting paid more, receiving bonuses?  

• What are the changes in spending habits? Are more people taking the bus and driving less? 

• Is your product something people buy in boom or bust economies?
   

If you have selected the site of your business, use the city's Chamber of Commerce as a resource,  (e.g., Bothell, Woodinville, Ballard).   You can join the Chamber of Commerce to get really good insight and to network for ideas.  You will also be able to  meet your competition and see what you can do differently from them.

6. State of technology for this class of product-  

• Is the product high-tech, state-of-the-art?  Are other companies producing versions?

• How quickly is the market changing (short life cycle)?

• How is technology affecting this product or service?

• Are you coming upon an open playing field (new market) or half way through a game (a mature market)?

  • Check for competing products by looking up recent patents; this will help let you know if your product is sound before going to market. 

  • Also check for competing companies newswires (could be company hype) as well as newspaper, magazine and journal articles. 

Patents and trademarks: What patents have been issued or applied for in your product or service field.   

7. Laws and regulations- (What laws or regulations will affect your product or service?) This is very dependent on the product you are promoting.  If changes are occurring, how will that affect you? 

B. The Neutral Environments-

1. Financial environment - If the economy suffers a down turn will customers still buy your product or service as they would during an up turn (and vice  versus)?  Same amounts? 

2. Government environment - Is there any current legislative action in state, federal, or local government likely to affect marketing of this product or service? (also see 3 & 4.) Are there any trends that will help or hurt your product or service?

3. Media environment - What is happening in the media?  Are people, celebrities or talk show personalities talking about similar products or concepts in good or bad ways?       

4. Special interest environment- Are any groups likely to oppose your product? Can you use this to your benefit? (e.g., PETA, Morals groups, PTA or environmental groups).   Are you exploiting or stereotyping anyone with your product?  

C. The Competitor Environments

Describe the other companies offering the same products or services, what are their products like?  What are their strategies.  Sum up their experience in the field and their resources (physical, location, human and supply chain).  (A SWOT analysis would be helpful but could be limiting.) 

• Would their customers leave them if provided with options? If so, why?

• How do the competitors market?

• Do they have any strengths and weaknesses?   

D. The Company Environments

Describe your company and your products or services.  Think about strategies; what is your experience in the field and what are your resources (physical, location, human and supply chain).  (A SWOT analysis would be helpful but could be limiting.) 

• Would your customers want to do business with you if provided with options? If so, why?

• Do you have any strengths and weaknesses?   

This will also be used below in SWOT. 

IV. Strengths, Weaknesses, Opportunities and Threats

(SWOT Analysis) 

(Note: For the appendix, summarize these in bullet points )

Why is each strength a strength and explain your reasoning for that. 

Why is each weakness a weakness and explain your reasoning for that. 

Why is each opportunity an opportunity and explain your reasoning for that.  (Do you get the idea?)

Why is each threat a threat and explain your reasoning for that. 

Write about how you can work to change the negatives to be positives.  Clearly state the competitive differential advantage.  Doing all of this will allow you to be ready to overcome the problems as they come up rather than struggling while you are in the midst of the problem.  

V. Segment, Target & Position

(STP)

Note: Use the research that you have completed above for this section.

1.  Segment- who are potential buyers of this product? 

2.  Target- who will you pursue? 

• This should be decided by which segment your product would appeal to the most, and if they have the means to buy your product.   

• Describe your target market segment in detail by using demographics, psychographics, geography, lifestyle, or whatever segmentation is appropriate.

• Why is this your target market?

• How large is it?

3.  Position- What is the position that you want in the customers mind and how will you achieve that?  

• Positioning is designing a product or service that the targeted market sees as distinct and valuable when compared to competitors' products.  (4 P's continued 2 cells below) 

Three ways to position a product:

1. Unique -  this is the only one of its kind

2. Difference - e.g., More than twice the speed, or more attachments, etc.

3. Similarities - e.g., Same as ______ but at a lower price. 

What is this telling your targeted segments?  Should you rethink anything?

VI. Marketing Objectives and Goals

What are your marketing objectives and goals on sales volume, market share, return on investment? What is the time frame in order to breakeven, to show a profit and to pay back investors?  

VII. Marketing Tactics (4 P's):

Product, Price, Place, and Promotion

Once you have done the above research you can then describe each of the following, which will  solidify all of the ideas that you have and help you to see what ideas are the best options.   

1. Product- What is the product?  Describe all of the attributes of the product or service?  Is it a service or tangible good? What is the product life cycle

Map out your consumption pattern

• How do people become aware of the item?

• How does the consumer become aware of the need for the item?

• Where do consumers find the item?

• How does the consumer select the item?

• How is it ordered or purchased?

• Delivered?

• Installed?

• How is the product used?

• When is the product done?

• How does the consumer get rid of it? (Examples; sell, garbage, loan or gifted)?

2. Price- How will you determine price?  What options will work best for your product?  How will your consumers & competitors react to your pricing? Will you have price promotions (see promotions)?  

3. Place- What are the locations that you will use to make your product available? 

• Distribution channels  or  directly

• Specialty stores, Big Box stores, online, or vending machines

4. Promotion- How are you going to promote your product or service?  What promotional ideas work with the market you have selected?   This is the reason for the whole report. 

Promotional Ideas:

Use the four P's (product, price, place, & promotion) and other tactical or environmental variables to show how your plan can succeed.   

VIII. Marketing Strategy, Implementation and Control 

Think about alternatives for your strategy.  Is your market in the early, mature or late stages.  Will you be producing everything for your product or service (horizontal) or buying parts of it (vertical).  Also how will this help you with niche marketing?      

What are the start up costs?  What are the costs per unit?  What is the breakeven point for your product or service at the price from above. When will the company show a profit? Project estimated sales out for three years. 

IX. Summary

Revisit all of the important information about why your product or service will succeed.  Written after all of the research, bulk of writing and plotting are done. 

X. Appendices

Includes all supporting information you used to write your report.  Perception map, Ansoff's matrix, purchase process, SWOT analysis, statistical data, time line, cost analysis and any charts or comparison tables that you created.  Diagrams of the product, packaging and screen shots of possible websites.   

Guide Created by
Charlene McCormack, UWB Business Student,
in collaboration with
 Doreen Harwood, Business Librarian,
UWB/CCC Campus Library
email: dharwood@uwb.edu
Last Updated: 12/31/2008