The instruction below outline is to be used to write a marketing plan. This marketing plan should be about taking the existing business known as AVON and expanding its customer base to target men. I will still keep targeting women, but in this plan, I want to target men so they can purchase more products from AVON. I will provide more products and services for men, thus increasing my customer base.
Marketing Plan Outline
- Executive Summary Begin with a professional executive summary to your marketing plan. You should introduce your product (or service) and then briefly discuss your target market and how you will meet their needs. This is a section that someone unfamiliar with your marketing plan should be able to read and then easily understand the main concepts. It should be approximately 1 to 2 pages.
- Detailed Product Explanation A. Product class (consumer or business product)
- Product liability, safety and social responsibility considerations
- Describe the core physical good and/or service, such as materials, features, quality, etc.
- Branding (manufacturer versus dealer, family brand versus individual brand, etc.)
III. Customer Analysis A. Segmentation – On what set of shared characteristics will the market be divided? (Including appropriate demographic characteristics, psychographic characteristics, geographic characteristics, etc.) As a result of segmentation you should be able to identify distinct markets to target.
- Identification of target market(s) (one or more specific segments) – What specific segments (based on the preceding “Segmentation” discussion) will you target?
- Key psychological and social influences on buying purchases – What factors will influence whether or not members of the target market purchase the product?
- Analysis of the External Market Environment and Competitor Analysis Write an analysis of the external environment including a discussion of the following components:
- Social and Cultural environment – What social and cultural factors will enhance or inhibit the market’s acceptance of the product?
- Economic environment – What economic factors will enhance or inhibit the product’s success in the market?
- Technological environment – What technological advances will enhance or inhibit the market’s acceptance of the product? Additionally what upcoming technological advances will the product be compatible with or be able to leverage?
- Political environment – What political factors will enhance or inhibit the product’s success in the market?
- Legal environment – What legal factors will enhance or inhibit the product’s success in the market? What regulations will dictate the manner in which the product can be sold or marketed?
The competitor analysis should analyze both direct and indirect competitors and include:
- Current and prospective competitors
- Current competitive strategies (low cost leader, market leader, etc.)
- Competitive barriers to overcome and sources of their potential competitive advantages.
- Porter’s Five Forces Analysis of the Market A. Buyer Power – How much power do the buyers in that product market have to negotiate terms, determine prices, etc.?
- Supplier Power – How much power do suppliers in that product market have to negotiate terms, determine prices, etc.?
- Threat of Substitutes – To what extent can customers find an alternative means of meeting the same need?
- Threat of New Entrants – What is the likelihood that new competitors will enter the product market? What barriers to entry exist –i.e. what factors will inhibit new competitors from entering the market?
- Degree of Rivalry – How intense is the existing competition in the product market?
- Price A. Pricing strategy (customer value based, low price leader etc.)
- Cost of the product
VII. Place A. Channel of distribution (description, specify direct or indirect)
- Type of wholesalers and/or retailers
VIII. Promotion A. Objectives
- Major message theme(s) for integrated marketing communications (desired “positioning”)
- Advertising, sales promotion and publicity strategy
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