Marketing Mix (Four Ps)
Product Strategy
Briefly describe your product or service. Where is it in the product life cycle? What recommendations do you have for improving the offering to fit your target market’s needs? Be sure to consider:
- What level of quality and consistency does the offering have?
- How many features does it have and can they be removed or added?
- How well does your product or service deliver what the customer values? How can it improve?
- What improvements would help your offering compete more effectively?
Pricing Strategy
How is your product or service priced today? How does this compare to competitors, assuming competitors are at or near break-even point with their pricing? Analyze pricing alternatives and make recommendations about pricing going forward based on the following:
- How sensitive are your customers to changes in price?
- What revenue you need to break even and achieve profitability?
- What does the price says about your product in terms of value, quality, prestige, etc.?
Place: Distribution Strategy
What is your current distribution strategy? What missed opportunities or disconnects are you seeing in this distribution approach? Make recommendations about your future distribution strategy based on the following:
- What are the best distribution channels and methods for you to use, and why?
- Will you have a retail outlet and if so, where will it be located?
- In what geographic area(s) will your product/service be available?
Promotion: Integrated Marketing Communications Strategy
Use the template below to lay out your design for a marketing campaign aimed at your target segment.
Approach
How will you achieve your goal? What promotional or engagement strategies will you use? Think creatively about campaigns you’ve seen for companies or brands that have caught your attention, and how your campaign will make an impact on your target audience. Will your campaign influence? Engage? Educate? Nurture? Build awareness? Etc.
Example: Use email marketing, social media and a sales promotion (prize drawing at conference) to encourage veteran attendees to post online about their experiences and plans for attending the user conference using the event hashtag. Use these testimonials to amplify dialogue about the conference (via social media), build awareness (via email marketing, Web site and targeted digital advertising) and convince peers they should attend.
Goal
In consideration of the of your previous analysis, you need to identify at least one goal for the campaign.
- Describe the target segment for your campaign.
- What is the goal you want to achieve with the campaign?
- What is your call to action?
- Make sure your goal is S.M.A.R.T. (specific, measurable, attainable, realistic, and timed.)
Example:
- Audience: HR professionals who are casual and power-users of Chumber systems
- Increase event registration by 20% by the start date of the annual user conference.
- Call to action: Register online today.
Messages
Identify the primary message for your campaign, 2-3 message pillars and proof points for each. Be sure to include a call to action that helps to achieve your goal. Remember that messages should align reinforce your positioning statement. Be sure to include a call to action that helps to achieve your goal.
Example:
- Primary Message: The annual user conference provides phenomenal value for training, professional development, peer networking and learning how to get the most out of your investment.
- Message Pillar: This conference welcomes you into a dynamic, well-connected and highly competent professional community.
- Proof Point: Veteran attendees return year after year because it is recharges their skills, knowledge and professional networks.
- Call to Action: Register online today.
Promotional Mix and IMC Tools
Identify the key marketing communication methods and specific IMC tools you will use in your marketing campaign. How will you use each of these tools? Look for ways different methods and tools can build on each other: advertising, direct marketing, public relations, digital marketing, guerrilla marketing, personal selling, sales promotion.
Example:
Digital Marketing
- Web site: Add testimonials from prior attendees, event hashtag, rolling hashtag Tweets box, social media buttons to make registration easy to share via social media
Direct Marketing
- Email marketing: Reach out to prior year’s attendees who are already registered. Ask them to post about plans to attend upcoming conference. Conduct email campaign with target audience list to generate awareness, interest, desire to attend conference.
Sales Promotion + Digital Marketing
- Contest/giveaway: Offer giveaway where Facebook, Twitter and LinkedIn posts trigger entries in a “conference evangelist” contest/giveaway to take place at conference opening session, one entry per social media tool per day
Executive Summary
Do this section last. This short summary should provide a holistic overview of your marketing plan. All of this information is covered in more detail in the rest of the marketing plan. For the Executive Summary, provide a clear, concise overview of the following points:
Company Description
Briefly description the organization and offerings (products and/or services) your marketing plan focuses on, and the problem(s) they solve.
Target Segment
Identify and briefly describe your target segment.
Competitive Advantage
Explain your organization’s competitive advantage.
Positioning Statement
Provide the positioning statement your marketing plan will apply.
Marketing Plan Objectives
List the objectives of marketing plan: What will it accomplish? Be as specific as possible: anticipated increase in sales, profits, market share, etc.
