Expert answer:what is the major purpose of the lyb?
Expert answer:very narrow power point on the launch your business(lyb) i have attached all the documents you need for this presentation. Looking for 5 slides that straight forward. A couple titles for each slide would be what is the lyb. Marketing plan, marketing strategy, swot analysis which is the strengths and weaknesses, the stp analysis. do not worry about the names for the intro slide just the documents below can be a guidance.
developing_an_effective_marketing_plan.pdf
launch_your_business_info_1_.pdf
marketing_plan_outline_for_project__1_.docx
mcc_lyb_fall_2017_2_.pdf
career___transfer_ctr_fl14.pdf.pdf
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Developing an Effective
Marketing Plan
A ppe n d i x A
Overview
>>
>>
>>
>>
“What are our mission and goals?”
“Who are our customers?”
“What types of products do we offer?”
“How can we provide superior customer service?”
These are some of the questions addressed by a marketing plan—a detailed
description of the resources and actions needed to achieve stated marketing
objectives. Chapter 2 discussed strategic planning—the process of anticipating events and market conditions and deciding how a firm can best achieve
its organizational objectives. Marketing planning encompasses all the
activities devoted to achieving marketing objectives, establishing a basis for
designing a marketing strategy. This appendix deals in depth with the
formal marketing plan, which is part of an organization’s overall business
plan. At the end of this appendix, you’ll see what an actual marketing plan
looks like. Each plan component for a hypothetical firm called Blue Sky
Clothing is presented.
marketing plan
Detailed description of
the resources and actions
needed to achieve stated
marketing objectives.
strategic planning
Process of anticipating
events and market
conditions and deciding how
a firm can best achieve its
organizational objectives.
Components of a Business Plan
A company’s business plan is one of its most important documents. The business plan puts in
writing what all of the firm’s objectives are, how they will be met, how the business will obtain financing, and how much money the company expects to earn over a specified time period. Although business plans vary in length and format, most contain at least some form of the following components:
•
An executive summary briefly answers the who, what, when, where, how, and why questions for
the plan. Although the summary appears early in the plan, it typically is written last, after the
firm’s executives have worked out the details of all the other sections.
•
A competitive analysis section focuses on the environment in which the marketing plan is to be
implemented. Although this section is more closely associated with the comprehensive business
plan, factors specifically influencing marketing are likely to be included here.
•
The mission statement summarizes the organization’s purpose, vision, and overall goals. This
statement provides the foundation on which further planning is based.
•
The overall business plan includes a series of component plans that present goals and strategies
for each functional area of the enterprise. They typically include the following:
>>
The marketing plan, which describes strategies for informing potential customers about
the goods and services offered by the firm as well as strategies for developing long-term
relationships.
75368_appA_ptg01_hr_A1-A12.indd 1
business plan
Formal
document that outlines what
a company’s objectives are,
how they will be met, how
the business will obtain
financing, and how much
money the company expects
to earn.
A-1
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A-2
Appendix A Developing an Ef fective Marketing Plan
“A corporation is a living
organism; it has to continue to
shed its skin. Methods have to
change. Focus has to change.
Values have to change. The
sum total of those changes is
transformation.”
—Andy Grove
Co-founder and former CEO,
Intel Corporation
Figure A.1
>>
The financing plan, which presents a realistic approach for securing needed funds and managing debt and cash flows.
>>
The production plan, which describes how the organization will develop its products in the most
efficient, cost-effective manner possible.
>>
The facilities plan, which describes the physical environment and equipment required to implement the production plan.
>>
The human resources plan, which estimates the firm’s employment needs and the skills necessary to achieve organizational goals, including a comparison of current employees with the
needs of the firm; and which establishes processes for securing adequately trained personnel if a
gap exists between current employee skills and future needs.
This basic format encompasses the planning process used by nearly every successful organization.
Whether a company operates in the manufacturing, wholesaling, retailing, or service sector—
or a combination—the components described here are likely to appear in its overall business plan.
Regardless of the size or longevity of a company, a business plan is an essential tool for a firm’s owners because it helps them focus on the key elements of their business. Even small firms just starting
out need a business plan to obtain financing. Figure A.1 shows the outline of a business plan for Blue
Sky Clothing.
Outline of a Business
Plan
Creating a
Marketing Plan
The Blue Sky Clothing Business Plan
I. Executive Summary
•
Who, What, When, Where, How, and Why
II. Table of Contents
III. Introduction
•
Mission Statement
•
Concept and Company
Keep in mind that a marketing plan should
be created in conjunction with the other elements of a firm’s business plan. In addition,
a marketing plan often draws from the business plan, restating the executive summary,
competitive analysis, and mission statement
to give its readers an overall view of the firm.
The marketing plan is needed for various
reasons:
•
To obtain financing, because banks and
most private investors require a detailed
business plan—including a marketing plan component—before they even
consider a loan application or a venture
capital investment
•
To provide direction for the firm’s overall business and marketing strategies
•
To support the development of
long- and short-term organizational
objectives
•
To guide employees in achieving these
objectives
•
To serve as a standard against which
the firm’s progress can be measured and
evaluated
• Management Team
•
Product
IV. Marketing Strategy
•
Demographics
• Trends
•
Market Penetration
•
Potential Sales Revenue
V. Financing the Business
•
Cash Flow Analysis
•
Pro Forma Balance Sheet
•
Income Statement
VI. Facilities Plan
•
Physical Environment
•
Equipment
VII. Human Resources Plan
•
Employment Needs and Skills
•
Current Employees
VIII. Résumés of Principals
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In addition, the marketing plan is where a
firm puts into writing its commitment to
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A-3
Appendix A Developing an Effective Marketing Plan
customers and to building long-lasting relationships. After creating and implementing the plan,
marketers must reevaluate it periodically to gauge its success in moving the organization toward its
goals. If changes are needed, they should be made as soon as possible.
Formulating an Overall Marketing Strategy
Before writing a marketing plan, a firm’s marketers formulate an overall marketing strategy. A firm
may use a number of tools in marketing planning, all of which are described in Chapter 2. These
include business portfolio analysis, SWOT analysis, and the BCG matrix; executives may take
advantage of a strategic window, study Porter’s Five Forces model as it relates to their business, or
consider adopting a first- or second-mover strategy.
In addition to the planning strategies discussed in Chapter 2, marketers are also likely to
use spreadsheet analysis, which lays out a grid of columns and rows that organize numerical information in a standardized, easily understood format. Spreadsheet analysis helps planners answer various “what if ” questions related to the firm’s financing and operations. The
most popular spreadsheet software is Microsoft Excel. A spreadsheet analysis helps planners
anticipate marketing performance given specified sets of circumstances. For example, a spreadsheet might project the outcomes of various pricing decisions for a new product, as shown in
Figure A.2.
Once general planning strategies are determined, marketers begin to flesh out the details
of the marketing strategy. These include identifying the target market, studying the marketing
environment, and creating a marketing mix. When marketers have identified the target market, they
can develop the optimal marketing mix to reach their potential customers:
•
Product strategy. Which goods and services should the company offer to meet its customers’
needs?
•
Distribution strategy. Through which channel(s) and physical facilities will the firm distribute
its products?
•
Promotional strategy. What mix of advertising, sales promotion, and personal selling activities
will the firm use to reach its customers initially and then develop long-term relationships?
•
Pricing strategy. At what level should the company set its prices?
“A strategy delineates a territory in which a company seeks
to be unique.”
—Michael Porter
American management
theorist and writer
spreadsheet analysis
Grid that organizes
numerical information
in a standardized, easily
understood format.
Figure A.2
How Spreadsheet
Analysis Works
Fixed Costs
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Per-Unit
Variable Sales Break-Even
Cost
Price Point
Manufacturing
Marketing
R&D
Total
$100,000
$120,000
$90,000
$310,000
$5
$10
$62,000
$100,000
$230,000
$90,000
$420,000
$5
$10
$84,000
$100,000
$120,000
$90,000
$310,000
$4
$9
$62,000
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A-4
Appendix A Developing an Ef fective Marketing Plan
The Executive Summary, Competitive Analysis,
and Mission Statement
“Failing to plan is planning
to fail.”
—Alan Lakein
American time management
expert; author of How to Get
Control of Your Time and
Your Life
Because these three elements of the business plan often reappear in the marketing plan, it is useful to describe them here. Recall that the executive summary answers the who, what, when, where,
how, and why questions for the business. In the early days of Google, the executive summary of the
company’s business plan included references to its strategic planning process for its search services,
which involved “developing the perfect search engine … [one that] understands exactly what you
mean and gives you back exactly what you want.”1 The summary also answered questions such as
who was involved (key people and organizations), what length of time the plan represented, and how
the goals would be met.
The competitive analysis focuses on the environment in which the marketing plan is to be
implemented. Trenton, New Jersey–based TerraCycle manufactures a wide variety of products, all
made from recycled materials. Believing the green movement will eventually hold sway in consumer
products, TerraCycle’s business goal is to become the leading eco-friendly organic brand in each of
the product categories in which it competes. It doesn’t attempt to overpower the category leader;
instead, it aims to beat other eco-friendly competitors. For example, TerraCycle differentiates itself
in the collection and reuse of nonrecyclable waste. Recently it even devised a process for recycling a
commodity widely considered to be nonrecyclable: cigarette butts.2
The mission statement puts into words an organization’s overall purpose and reason for being.
According to Nintendo’s corporate mission, the company is “strongly committed to producing and
marketing the best products and support services available.” Not only does Nintendo strive to manufacture the highest-quality video products, but it also attempts “to treat every customer with attention, consideration and respect.” Nintendo is similarly committed to its employees and believes in
treating them “with the same consideration and respect that we, as a company, show our customers.”3
Description of the Company
A company description is included near the beginning of the marketing plan, typically following the
executive summary and before the mission statement. The company description may include a brief
history or background of the firm, the types of products it offers or plans to introduce, and recent
successes or achievements. In short, it consists of a few paragraphs containing the kind of information often found on the home page of a company’s website.
Statement of Goals and Core Competencies
The plan then includes a statement of the firm’s goals and its core competencies—the things it does
extremely well or better than anyone else. The goals should be specific and measurable and may be
divided into financial and nonfinancial aims. A financial goal might be to add 75 new franchises in
the next 12 months or to reach $200 million in revenues. A nonfinancial goal might be to enter the
European market or to add a new product line every other year.
Core competencies make a firm stand out from everyone else in the marketplace. Costco’s core
competency is offering a wide variety of goods at low prices, including unexpected bargains like
luxury-brand watches and Dom Perignon champagne. Costco leadership regards its workforce as
a significant differentiator in the company’s success and, for that reason, pays above-market wages.
The average Costco hourly wage is nearly $21—35 percent higher than the highest minimum wage
in the United States.4
Small businesses often begin with a single core competency and build their business and reputation on it. It is important for a new firm to identify its core competency in the marketing plan so
investors or banks understand why they should lend the firm money to get started or to grow to the
next stage. As a college student, David Kim found he enjoyed tutoring children. When he discovered a real demand for skilled tutoring, he decided to launch a tutoring business, which he named
C2 Education. Because C2’s core competency is helping students to excel, employees are hired and
trained according to rigorous standards. Today, C2 Education serves students from elementary
through high school, operating in 110 locations in the United States and Canada.5
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Appendix A Developing an Effective Marketing Plan
A-5
Outline of the Marketing Environment (Situation Analysis)
Every successful marketing plan considers the marketing environment—the competitive, economic,
political–legal, technological, and social–cultural factors that affect the way a firm formulates and
implements its marketing strategy. Marketing plans may address these issues in different ways, but
the goal is to present information that describes the company’s position or situation within the
marketing environment. J. Crew, for instance, has a well-known brand name and a CEO with an
impressive track record, Mickey Drexler, who previously headed The Gap. The retail environment
for stores such as J. Crew is highly competitive. Merchandise that doesn’t appeal to enough customers ends up on a clearance rack and hurts the bottom line. According to Drexler, the key to J. Crew’s
success is that it sells merchandise that cannot be sold elsewhere. Drexler pushes his buyers to “outproduct” their competitors.6 A marketing plan for J. Crew would include an evaluation of competing
stores, such as The Gap and Urban Outfitters; any technological advances that would affect factors
such as merchandise distribution or inventory; social–cultural issues such as fashion preferences and
spending habits of customers; and economic issues affecting a pricing strategy.
One such method for outlining the marketing environment in the marketing plan is to include
a SWOT analysis, described in Chapter 2. SWOT analysis identifies the firm’s strengths, weaknesses, opportunities, and threats within the marketing environment. A SWOT analysis for J. Crew
might include strengths such as its corporate leadership, brand name, and upscale target market.
Weaknesses might include the risks inherent in the business of correctly spotting fashion trends.
A major opportunity lies in the fact that J. Crew can expand almost anywhere. For example, after
J. Crew acquired Madewell, a retailer that sells hip, casual clothes to an upscale audience, it expanded
the chain to more than 75 stores and launched an e-commerce site. Threats for J. Crew could include
competition from other trendy stores, sudden changes in customer preferences, and financial crises
that affect spending. A SWOT analysis can be presented in chart format so that it is easy to read as
part of the marketing plan. The sample marketing plan in this appendix includes a SWOT analysis
for Blue Sky Clothing.
The Target Market and Marketing Mix
The marketing plan identifies the target market for the firm’s products. The Cute Overload website (www.cuteoverload.com) contains photos and videos of animals that visitors can share and about
which they can post comments. But the site also offers a page-a-day desk calendar of the same name
featuring images of puppies, kittens, birds, and chipmunks with humorous captions. Cute Overload
targets women ages 18 to 34 who need a laugh and a brief escape from the real world. The calendars
are also offered for sale on Amazon.com, and the retailer’s inventory recently sold out in one day,
which astonished the developer.7 Weight Watchers has long regarded women as its primary target
market and, in fact, females currently make up 90 percent of its clientele. However, as the company
saw increasing interest from men, marketers for Weight Watchers began to tap into that segment,
launching a men-only website and a $10 million advertising campaign directed solely at men.8
The marketing plan also discusses the marketing mix the firm has selected for its products.
Hollywood studios are known for implementing lavish strategies for promoting their films. Not only
did Walt Disney Studios use traditional means to launch its recent movie, Frozen, but it also ran a
Disney Movie Rewards promotion. Under the promotion, moviegoers could score free admission to
the movie by buying selected Disney DVDs or Blu-Rays and registering a “magic code” online at
DisneyMovieRewards.com.9
Budget, Schedule, and Monitoring
Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the plan’s success or failure. At age 21, entrepreneur Joe Cirulli of Gainesville, Florida, made
a to-do list of ten life goals, which included “Own a health club” and “Make it respected in the
community.” By age 33, Cirulli had achieved all ten of his life goals, including the opening of his
Gainesville Health & Fitness Center. As Cirulli’s business grew, however, he discovered a larger
mission: to make Gainesville the healthiest community in America. Today, Gainesville is the first
and only city to win the Gold Well City award from the Wellness Council of America, and Cirulli’s
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A-6
“In marketing I have seen only
one strategy that can’t miss—
and that is to market to your
best customers first, your best
prospects second, and the rest
of the world last.”
—John Romero
American video game
designer, programmer, and
developer
Appendix A Developing an Ef fective Marketing Plan
fitness center is widely regarded as one of the best in the industry. Whether or not he realized it at the
time, Cirulli’s life and business plan at age 21 had the makings of a marketing plan, with goals and
budgets, a timeline, and measurements of progress—a formula for business success.10
Most long-range marketing plans encompass a two- to five-year period, although companies
that do business in industries such as auto manufacturing, pharmaceuticals, or lumber may extend
their marketing plans further into the future, because it typically takes longer to develop these products. However, marketers in most industries will have difficulty making estimates and predictions
beyond five years because of the many uncertainties in the marketplace. Firms also may opt to
develop short-term plans to cover marketing activities for a sin …
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