The Marketing Plan: Your guide to a more successful product launch - - PowerPoint PPT Presentation

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

The Marketing Plan:

Your guide to a more successful product launch

1

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Statistics

• How Successful Are New Products?

Ø Why do you think many new products fail?

2

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Pre-Launch Phase Pre-Launch Phase

• 1. Market research

Market research is lacking on the product or the market.

• 2. Most of the budget

budget was used to create the product; little is left for launching, marketing, and selling it.

• 3. The product is interesting but lacks a precise market

market.

• 4. The product’s key di

difg fgerentiators and advantages erentiators and advantages are not easily articulated.

• 5. The product defjnes a new category, so consumers or

customers will need considerable education education before it can be sold.

3

Statistics

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Pre-Launch Phase Pre-Launch Phase

• 6. The sales force

sales force doesn’t believe in the product and isn’t committed to selling it.

• 7. Because the target audience is unclear, the

marketing marketing campaign is unfocused.

• 8. Distribution

Distribution takes longer than expected and lags behind the launch.

• 9. Sales channels are not educated

educated about the product and thus slow to put it on shelves.

• 10. The product lacks formal independent testing

testing

HBR HBR

4

Statistics

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Role of Marketing

“Marketing plays a signi “Marketing plays a signifj fjcant role in the cant role in the success of a new product launch.” success of a new product launch.” To illustrate this point, let’s listen to a story about selling condoms in the Congo.

5

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Defjnition

• A marketing plan outlines the speci

A marketing plan outlines the specifj fjc actions c actions that will be taken to interest potential customers that will be taken to interest potential customers in the product/ service and persuade them to in the product/ service and persuade them to purchase it. purchase it. Ø The what, how, and to whom sales will be made

6

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Levels

7

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Components

• Title Page
• Table of Contents
• Executive Summary
• Mission Statement/Goals & Objectives
• Market Overview & Situation Analysis
• Product/Brand Strategy
• Marketing Programs & Tactics
• Financials/Budget/Forecast
• Monitors and Controls
• Appendix & Exhibits

8

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Executive Summary

ü Prepare last, after rest of plan is written

• Provides a high-level summary/overview of the plan.
• Introduces the ofgering and explains the major

points of the plan.

• Summarizes the marketing goals and objectives of

the plan. Ø Tell decision-makers the key things they need to know about the plan

9

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Mission Statement/ Goals & Objectives

• Brief description of the purpose and

marketing goals and objectives of the ofgering § Company objectives (if appropriate) § Marketing objectives Ø What you want to achieve with the ofgering

10

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Market Overview and Situation Analysis

• Market overview, defjnition, analysis

§ Profjle socio-cultural, political, legal, economic and technological environments

• Company and competitor analysis

§ Description of market drivers & dynamics § Comparative SWOT analysis § Market shares

• Profjle of target audience/segments

§ Demographics § Size § Their wants & needs § How they will decide to adopt and use the ofgering § Support requirements, etc.

11

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Product/Brand Strategy

Ø How you plan to achieve the objectives

• Present core strategy (yours will be one of the

following):

Ø Market development Ø Technological innovation Ø New product-new market Ø New product-same market Ø Product line extension

• State the value proposition
• Describe the product positioning and rationale

12

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Marketing Programs and Tactics

Ø Application of the 4 P’s

• Describe the ofgering, including features and benefjts and

competitive advantages and disadvantages

• Describe pricing and rationale
• Describe the distribution and rationale (dealers, distributors,

sales people, etc.)

§ How and where customers will have access to the ofgering

• Describe the tactics of how the ofgering will be promoted and

rationale

• Advertising
• Personal selling
• Sales promotion
• Public relations
• Publicity

13

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Financials/ Budget/Forecast

• Budget to achieve plan goals and objectives
• Sales forecast
• Profjt & loss statement

14

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Monitors and Controls

• Market research
• Customer feedback
• Market share analysis
• Financial and accounting analyses
• Sales call reports, etc.

15

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

Key Considerations

16

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016 17

1. What is your value proposition? What is the unmet need you are fjlling? What is your business model? 2. How does your product support the corporate goals and objectives? How does this compare to your marketing goals and objectives? 3. Identify your Macro Environment: What are the uncontrollable factors that will impact your product? (e.g. Political-Legal, Economic, Social- Cultural, Technology)

• 4. Defjne your Market: How would you defjne your industry, market,

segment where you will compete? Analyze Market Trends. How large is this market? How much potential growth is there? How is it structured? Conduct a Competitive Analysis: Who are your competitors and what advantages do you ofger?

Marketing Plan Exercise

Caterpillar

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 2016

end

18