The Marketing Plan (the basics) Spring Semester University of - - PowerPoint PPT Presentation

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The Marketing Plan (the basics) Spring Semester University of - - PowerPoint PPT Presentation

Mar 04, 2024 193 likes •359 views

Launching Your Concept The Marketing Plan (the basics) Spring Semester University of Illinois 1 At Chicago Innovation Center Interdisciplinary Product Development Launching Your Concept Definition The marketing plan _is a written

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester

The Marketing Plan (the basics)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester

The marketing plan… _is a written document _identifies objectives and time frame _outlines the activities needed for achieving those goals MP = tangible outcome of planning process

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Definition

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester

Actionable – implementation-focused Clear – systematic, logical, structured Succinct – only need-to-know info Encourage careful and disciplined thinking – iterative approach critical

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Principles

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 4

Consideration Levels

Strategic Questions: What is our… _target market? _positioning? Tactical Questions: How will we deliver the value by … _product _pricing _promotion _communication _service _distribution

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 5

Components

Chernev (2014)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 6

Components

Chernev (2014)

A busy supervisor should get the gist of what you are proposing (i.e., your specific proposed solution/action) AND what you expect to gain from it (i.e., benefits resulting such as profit, market share, etc.).

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 7

Components

Chernev (2014)

Company overview Market overview Target customer(s)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 8

Components

Chernev (2014)

Specific Target(s) Benchmarks

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 9

Components

Chernev (2014) Identifying Target Customers and Developing Optimal Value Proposition (OVP)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 10

Components

Chernev (2014) (Expanded) Marketing Mix: Tool for Creating the Optimal Value Proposition (OVP)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 11

Components

Chernev (2014)

(1) Organizational infrastructure, including key collaborators (2)Business processes (3)Implementation schedule

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 12

Components

Chernev (2014)

(1) Performance evaluation (2)Environmental analysis

What gets measured, gets managed. Peter Drucker

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 13

Components

Chernev (2014)

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester 14

Financials

  • Revenue
  • How does this product/service create monetary value?
  • What is the estimated revenue for the first 3 years?
  • Cost

Cost of providing the product/service to the customers

  • Profit

Components

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester

Due Dates

15

Thursday, February 22 The first written draft of your team’s marketing plan is to be handed in to Prof. Cui for review. It will be returned to you with written comments and suggestions for improvement at the following class session. In this draft, you should: (1) set up the outline of the document; (2)complete the Situation Analysis section in full detail; (3) enter preliminary contents in the other sections. Thursday, March 15 A second draft will be handed in to Prof. Cui. Once again, this second draft will be returned with written comments and suggestions the following week. Thursday, April 12 The third draft of your team’s plan is to be handed in to Prof. Cui for review, with comments and final revision requirements provided by Prof. Cui. Thursday, May 3 The final version of your Marketing Plan will be delivered to your IPD faculty and to BMW mentors on the day of final presentations.

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Launching Your Concept

University of Illinois At Chicago Interdisciplinary Product Development

Innovation Center

Spring Semester

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