Describe how you intend to act in the market: objectives and strategy to follow.
1. Evaluating the value of your supply
Provide an estimation of the overall value of what you are offering to the market.
2. Setting the objectives
Where do you want to go?
- Usually, target results are related to increase the market share, the profitability, the sales volume (quantity) and to improve the image of the product as well as its relative position on the market (quality).
- They are also a consequence of the more general objectives of the General Management, the marketing management, the sales management, the communication management and the product management.
- In general terms, all these objectives have to be precise (quantifiable as much as possible), realistic and coherent.
- It is a good practice to break-down the objectives by intermediate objectives, i.e. milestones. A chart might also be useful.
3. Elaborating a strategy – marketing mix
- Product Policy
- Product portfolio
- Product differentiation
- Brands, models, packaging
- Development of related services
- Modification and removal of existing products
- Planning of new products
- Price Policy
- Costs, margins, discounts
- Price setting to only one product
- Price setting to a whole line of products
- Place Policy
- Distribution channels: How will you reach your customers?
- Which partners will be needed in your distribution channels?
- Promotion and Exploitation Policy
- Sales management:
- How will you make your sales?
- Do you have a sales plan? Have you considered which sales method will be the most effective and most appropriate for your market, such as selling by phone, over the internet, face-to-face or through retail outlets?
- Are your proposed sales methods consistent with your marketing plan?
- And do you have the right skills to secure the sales you need?
- Sales promotion: How will you promote your product or service and attract new customers? Identify your sales process methods, e.g. direct marketing, advertising, PR, e-mail, e-sales, social marketing.
- Corporate image
4. Segmentation and positioning strategies
|1. Business Plan: Strategy and Implementation Summary, accessed October 2020, https://www.masterplans.com/help/articles/business-plan-section-strategy-and-implementa|