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DEVELOPING
MARKETING PLANS [PART 2]:
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Listen
to the Podcast Here: |
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total
running time: 16:27 -- Download the MP3 here |
In
part 1 we learned that an
effective, quality marketing plan
is part strategy,
part compass,
and part road-map
and must encompass the present, the near future and the
long term.
We
also learned that a critical component of a marketing plan
is its foundation. One element of a proper foundation is
to conduct a market
potential feasibility analysis.
The
feasibility analysis is like the COMPASS,
it orients us as to the direction we want to travel,
identifying for us our market – the “true north”.
However, a compass alone is of limited value.
In
addition to your compass, you’ll need a ROAD-MAP.
This is our
second foundational element to an effective, quality
marketing plan.
When
constructing an accurate map, you’ll need to determine
the topography of the land and identify all major
obstacles. We
do this with two tools, described below:
The
Business Topography or Environment
When defining the environmental forces with which your
venture must operate. I recommend using a P.E.S.T. or
PESTELI analysis. An excellent explanation and a free MS
Word template can be found at www.alanchapman.com/pestanalysisfreetemplate.htm.
But here is a brief description quoted from the site:
“Here
the PEST analysis template is presented as a grid,
comprising four sections, one for each of the PEST
headings: Political, Economic, Social and Technological.
The
free PEST template below includes sample questions or
prompts, whose answers can be inserted into the relevant
section of the PEST grid. The questions are examples of
discussion points, and obviously can be altered depending
on the subject of the PEST analysis, and how you want to
use it.
Make
up your own PEST questions and prompts to suit the issue
being analyzed and the situation (ie., the people doing
the work and the expectations of them).
Like
SWOT analysis, it is important to clearly identify the
subject of a PEST analysis, because a PEST analysis is
four-way perspective in relation to a particular business
unit or proposition - if you blur the focus you will
produce a blurred picture - so be clear about the market
that you use PEST to analyze.”
–
Alan Chapman, www.alanchapman.com
Major
Obstacles & Competitive Analysis
Identifying Major Obstacles is an analogy for a thorough
competitive analysis.
There are 2 parts to the competitive analysis, the
first plots the five forces of competitive position and
the second is a product or service positioning grid.
The
best explanation I’ve seen is Porters’ Five
Forces.
Free MS Word or .PDF template can be found at www.alanchapman.com/portersfiveforcesofcompetition.htm
Porter's
Five Forces Are:
(and are arranged as a cross, with item #1 being in the
center)
- Existing
competitive rivalry between suppliers
- Threat
of new market entrants
- Bargaining
power of buyers
- Power
of suppliers
- Threat
of substitute products (including technology change)
Product
/ Service Positioning Grid
For each of your products and services, you will want to
compile a positioning grid.
On
the left side of our grid is the quality axis, high
quality at the top, low quality the bottom.
On the bottom side of our grid is the price axis,
low price to the left, and high price to the right.
You should have 4 quadrants, each corner
representing a combination of price and quality.
By
plotting the competitive products and services on the
grid, you can determine how much competition you will be
directly facing for that niche market.
We
can also get very complex with this simple grid, and
overlay our market research data onto this grid to
identify underserved market niches to target and saturated
market niches to avoid. Below, is an example of product positioning grid.
The
next phase of your marketing plan is to determine “where
you are”. Now
that you’ve created a map, and a compass, the next
critical element is determining your relative location on
the map. We will delve in more detail how this is done in
our next installment.
Do
you have questions, comments or feedback specifically
related to developing marketing plans? I encourage
you to send all responses to me at
and
I'll do my best to integrate answers throughout the
series as we go.
PLEASE:
STAY IN TOUCH
And never miss out on future lessons
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Up-Coming
Topics For Discussion: (this is just the tip of the
iceberg as there were 22 topics that got a significant
vote).
-
Marketing
Plans (part 3)
-
eMail
Marketing
-
Creating
Joint Ventures and Alliances
-
Using
the Web for Listbuilding
-
Creating
a Funding Strategy
-
Managing
and Evaluating Ideas
Want to
contribute, ask a question or offer a comment?
Please send your input to me at
To your
success,
Allan
Sabo
Chief Success Advisor
ALTI Success Strategies
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