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Marketing plan project (final)
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A detailed business plan designed to analyse the prospects of successfully introducing a new consumer product to the UK market.
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- 1. Marketing Plan Project “Karums” Prof. Agnes Nairn Prepared by Team2 (Greenwich): Ahmed Sadawi Faris Jafar Francesca Mifsud Hubertus Lorenz Marta Uva Roberta Rudukaite Tagaris Cheikh Ali HULT InternationalBusinessSchool London Campus
- 2. ii December 2011 London
- 3. i Table of Contents Executive Summary..............................................................................................................................................................iii 1. Background..........................................................................................................................................................................1 a. Parent Company...........................................................................................................................................................1 b. Product............................................................................................................................................................................1 2. Secondary Market Research..........................................................................................................................................1 a. Current UK statistics....................................................................................................................................................2 b. Size, growth and trends of UK dairy product market......................................................................................2 c. Size, growth and trends of UK confectionery market......................................................................................2 d. Competition...................................................................................................................................................................3 3. Primary Research Insights..............................................................................................................................................4 a. Descriptive statistics.................................................................................................................................................4 b. Correlations ..................................................................................................................................................................4 c. K-Means Cluster Analysis & Segmentation......................................................................................................5 4. SWOT Analysis....................................................................................................................................................................5 a. Strengths.........................................................................................................................................................................5 b. Weaknesses....................................................................................................................................................................5 c. Opportunities.................................................................................................................................................................5 d. Threats.............................................................................................................................................................................6 5. Marketing Strategy...........................................................................................................................................................6 a. Customer Value.............................................................................................................................................................6 b. Positioning......................................................................................................................................................................7 c. Target market................................................................................................................................................................7 6. Marketing Mix....................................................................................................................................................................7 a. Product............................................................................................................................................................................7 b. Price..................................................................................................................................................................................8 c. Place..................................................................................................................................................................................8 d. Promotion.......................................................................................................................................................................8 7. Launch................................................................................................................................................................................10 a. Launch Material.........................................................................................................................................................10 b. Launch Budget............................................................................................................................................................10 c. Contingency plan......................................................................................................................................................10 Appendices............................................................................................................................................................................12 Bibliography..........................................................................................................................................................................21
- 4. ii List of Exhibits Exhibit 1: Eating habit trends 2008-2011 Base: Internet users aged 16+...............................................12 Exhibit 2: How UK retails sales of Fairtrade confectionery have grown (£m)......................................12 Exhibit 3: Main Competitors ........................................................................................................................................12 Exhibit 4: Price positioning compared to competitors.....................................................................................13 Exhibit 5: Questionnaire ................................................................................................................................................14 Exhibit 6: Descriptive Statistics..................................................................................................................................15 Exhibit 7: Pearson Correlation table ........................................................................................................................16 Exhibit 8: K-Means cluster analysis output...........................................................................................................16 Exhibit 9: S.W.O.T. analysis...........................................................................................................................................17 Exhibit 10: Budgets for the 5 year period ..............................................................................................................17 Exhibit 11: Karums Active campaign advertisement ........................................................................................18 Exhibit 12: Advertisement costs break down.......................................................................................................18 Exhibit 14: Karums informational advertisement..............................................................................................19 Exhibit 13: Karums advertisement targeting parents ......................................................................................19 Exhibit 16: Outdoor advertisement ..........................................................................................................................20 Exhibit 15: Karums advertisement ...........................................................................................................................20
- 5. iii Executive Summary The aim of thismarketingplanisto introduce the new product,Karums,intothe UK market.The idea of ourbusinessistooffera healthy,guilt-free,tastysnackforthe childrenandparentssegments.The followingpaperincludesanintroductiontothe companyandthe productin question.The product is new for this market and has no direct competitors, whereas we base our initial assumption that there is a profitable niche in the dairy market. Therefore, in this marketing plan we analyse the marketsituationintermsof demographics,needs,growth,andfuture trends.Inordertoidentifyour target market we have used the survey method and analysed the data gathered in order to distinguish which of the market segments to target. The survey was also intended to gather quantitative data to identify and capture needs of our target market. We have found that demand for healthiersnacksexist,whichisreplacing the classiconesthathave negativeeffects.Based on the secondaryandprimarymarketresearchwe have developedaSWOT analysistograspa betterlookat where the product would stand in terms of the market and how we aim to use the strengths and opportunities to cast a shade on our threats and weaknesses. In our marketing strategy and marketing mix we explain in detail the actions we wish to take in order to make this product a success. The marketing mix is also intended to explain the product and its unique selling points clearly. By being the first mover in the UK we will penetrate the market in building strong brand awarenessandexpecttobreakevenina five-year period. We plan to have a two phase operational plan,phase one includesthe simple importingof the productfromLatviaand storing it in our special refrigerated warehouse and then distributing it using our own refrigerated trucks to authorized retailers. The second phase is dependent on the success of phase one and it constitutes the productionof Karumslocally.Local productionwouldallowformore capacityanda variousselection of products and flavours as opposed to the one flavour we wish to focus on in phase one. Towards the endof the reportis a descriptionof the productlaunchandall the strategic preparations we will take before and during the actual launch of Karums in the market. Also included is a budgetary breakdownof all the operational expenses and launch components including advertising materials. Last but not least is a contingency plan divided into two parts depending on the obstacles of each phase.
- 6. 1 1. Background a. Parent Company SIA Rigas Piensaimnieks is a leading company in the dairy market in Latvia. It was founded in 1993 in Riga; however, the company originates from Rigas Piena Central which was founded back in 19281 . (Karums: 2011a) Company firstly produced only curd snacks, later started to produce other products. Now its products include ice lollies, curd snacks, dairy products, jam, cheese, mayonnaise, milk and otherproducts.The company sellsitsproductstoretailers,restaurants,hotels,officesandcafeterias.In 1994 SIA Rigas Piensaimnieks introduced the Karums brand, which is now one of the most favourite curd snacks in Latvia. (Karums: 2011a) Besides the Karums brand, the Company also has other brands such as Dzintars, Zilonitis, Fabio and others. The company was very successful in its local market (in 2010 it covered90% of local dairyproduct market(AAAOE:2011)), thusinorder to expandtheirmarket share it started to export products to other countries such as Baltic States, European Union countries, and North America. (William Reed Business Media SAS: 2004) b. Product Karums is a curd snack which is approximately five centimetres long, made from milled and pressed curd2 , and glazed with chocolate. A standard curd snack has vanilla flavour; however, SIA Rigas Piensaimnieks has 15 different flavours such as strawberry, chocolate, apple jam, coconuts, etc. Curd snack isveryrich innatural nutrients and calcium, which is useful and healthyforthe individual.Asitwasmentionedbefore Karums was introduced to market in 1994. (Karums: 2011a) In 2005 this brand won three prizes at the Riga Food exhibition, which was a record since the beginning of the exhibition. In 2009 SIA Rigas Piensaimnieksintroduced the whole spectrum of products under the Karums brand. Product line included various curd desserts, curd snacks, milk, etc. (Karums: 2011a) In theirlocal market, Latvia, the company advertise their product via TV ads and billboards. Nevertheless, while entering new marketsthe Companyemphasisesitsmarketingstrategyatthe sellingpoints,meaning that customer’s attentionisgrabbedinthe supermarketsduringthe shoppingprocess.The customerstaste the product at the supermarketand buy it right away; this was one of the most successful promotions. Due to the fact, thatthis productwas locallyknownsince the 1940’s the Company’s marketing strategy was more basedon word-of-mouth,thanactuallyusinglotsof adsinthe media.In addition to that, the Company first of all entered the market only with the main curd snack product. Different flavours were introduced later when consumers already got to know the product. 2. Secondary Market Research In orderto introduce the curdsnack Karums inthe UnitedKingdomwe have analysed the market. First of all, we have analysed current UK population and break down by age groups. Further on, dairy industry researchshowed that there is no such product in the UK market yet, meaning that we have a 1 Latvia experienced milk consumption boom at that time (Karums: 2011a) 2 Curd is formed when sour milk clots. Figure1: Karums curd snack (Source: Karums: 2011b)
- 7. 2 niche. We have alsoanalysed confectionery marketaswe notify that main competitors are going to be from this market and it is necessary to capture all the trends. a. Current UK statistics Based on the recent data there are 63 million (July 2011 est.) people in the United Kingdom. (Central IntelligenceAgency:2011) Population growth rate is estimated to be 0.557%. As to the break-down of the populationintoage groupswe have 17.3% for childrenagesbetween0-14years old almost equally splitbetween male and female, 66.2% of the population is between the ages of 15-64 years old again almost equally split between male and female, finally there is the age bracket between 65 years and older of 16.5 % split, males 4,564,375 and females 5,777,253. The UK is a highly urbanized country as 80% of the population is living in the major cities. (Central Intelligence Agency: 2011) b. Size, growth and trends of UK dairy product market Our productKarums shouldbe placed inthe dairyproductmarket. The concept of a curd based product is new to the UK market which places us at an advantage as first movers. However, the lack of direct substitutes, many other forms of diary product and glucose based snacks act as substitutes for the Karums. The dairy market in the UK mainly comprises of milk, yogurt, cheese, butter, whole milk powder,condensedmilkandskimmedmilkpowderproducts.Basedonthe latestdataprovided,the UK produces approximately 13bn litres of milk each year, which is then made into a wide range of dairy products. 50% of the milk is processed into liquid milk, other 50% are basically used in cheese, milk powdersandbutterproduction.(DairyUK:2011) Basedonthe researchmade in 2010 it wasfound that yoghurtisthe thirdmost profitable indairyindustryandisthe fastestgrowingsector,pushing milk and cheese sectorsbehind.The increase invalue wasapproximately 7% in 2010, which was driven by price rise and interestin healthy eating. (Nieburg: 2010) Research shows that dairy industry has a potential for growth in the future due to the constant increase in healthy eating trends. Moreover, in the research it is stated that health image has market potential among parents as 82% of the surveyed consider dairy products good for children. (Nieburg: 2010) Analysisof the dairyindustryshowsthatourproduct couldhave a huge potential in the market as curd is a healthy snack, which has natural nutrients and calcium. In addition to that, this product is made without any preservatives and has natural flavours. Nevertheless, it is also important to analyse the confectionery market as our main competitors are going to be from this industry. c. Size, growth and trends of UK confectionery market While analysingconfectionerymarket,firstandforemost,ourresearchshowsthatinspite of the recent economic slowdown, the confectionery market has managed to keep a strong position. (Key Note: 2011) Over the 5-year period spanning 2006 to 2010, the UK market for sugar and chocolate confectionerygrewby14%to £5.03bn in value.Chocolate isstillbyfarthe largestsectorof thismarket, having its sales rise by approximately 17% over the 2006-2010 period, while the sugar confectionery market only grew by a mere 6.3% over the same period of time. Additionally, the chocolate sweets account fora 65% share of the overall confectionerymarket; sugar represents around 30%. (Key Note: 2011) Thiseffectcanbe attributedtothe continued popularity of chocolate products and the fact that a chocolate treatis perceived as an affordable treat and displays a strong level of market penetration despite recession effects. In order to better illustrate customers’ perception and the level of market penetration, a line chart is provided in appendices Exhibit 1. (Perkins: 2011)
- 8. 3 Recentyearshave alsoseenanincreasedpublic perception of a need to be ethical when sourcing and producingconfectioneryproducts.Thiseffectively resulted in a new trend and thus, companies in the UK have startedusingfairtrade and organicingredientsmore widely.Globalfairtrade cocoadoubledin sales in 2010 to an estimated amount of 30,000 metric tonnes. In addition, in 2010 fair trade sales accounted for 10% of the UK chocolate confectionery sales with an approximate value of £343m, as seeninappendices Exhibit2.(Fairtrade Foundation:2011b) The fairtrade trendhas not beenwitnessed in this sector only, but rather in many others ranging from tea & coffee to cosmetic products that involve fairtrade ingredients.The Fairtrade Foundationannouncedthat,“Fairtrade products soared by 40% in 2010 to an estimated retail value of £1.17bn compared with £836m in 2009. UK shoppers are continuingtoembrace Fairtrade,showing no downturn on ethical values despite the tough economic times.”(2011a) Well-knownbrands,suchasNestle andCadbury,have capitalizedonthis trend from its early stages: for instance, Nestle has promised to use only sustainable palm oil in its products by the year 2015. Furthermore, due to the increased perception of a need for a healthier lifestyle, confectioneryproductsare continuouslybeingchanged,withproducersreplacingartificialcontentsand flavourings with natural alternatives in an attempt to provide the market with a healthier profile. (Fletcher: 2006) Accordingto KeyNote (2011) statistics, almost 9 out of 10 adults buy chocolate or related products on a regular/semi-regular basis. This appears to work in the advantage of relevant businesses; however analystsargue that the sheer size of the market, the dominant presence of world-famous brands (i.e. Nestle,Kraft-Foods,MarsInc.) and the great diversityof products translate into a limited potential for growth. (Key Note: 2011) Confectionerymarketanalysisshowsusthatthe same trends are noticedasindairy industry.Society is movingtothe healthierlifestyle andsearchesforhealthyproducts. Even confectionery market shifted to “fairtrade”products.Both of the markets, confectionery and dairy, are growing and has a potential to grow in the future. This leads us to believe that our product would capture the trends both in the market and societies perceptions. In order to capture customer needs we have performed primary research. d. Competition Thisproduct,for beingsounique,doesnothave anydirectcompetitors.Byenteringthe UK,we are the pioneers in this market, although we do have indirect competitors. One can classify the main competitors into different segments. Our main competitors are from the dairy industry, whereas indirect competitors are from the confectionery and cereal markets (See appendices Exhibit 3). Firstly, we have dairy products, which are cheese snacks and yoghurts. These can be Karums competitors, although Karums has a competitive advantage over them (Karums is more practical to have on “the go” and contains curd ingredient). Main competitors from the dairy industry are Muller, Ambrosia,andLaughingCow. Secondly,there are sweet candies and cookies (which also include dairy ingredients).Inthissection we identified mainly cookie snacks and chocolate snacks; these would be Happy Hippo,Caxton’swafers,Fox’scow biscuits. Thirdly,we canalsoconsidercereal andprotein bars. Although these are usually bigger, more consistent, more energetic, and usually not milky products they can still substitute as energetic snacks. Our product Karums is healthy, which is why we are considering this segment as well. Main competitors from this segment are Kellogs and Oh yeah!
- 9. 4 As forthe price positioningamong the competitors we have analysed where our product would lay in terms of the competitors. Assuming that distributors would put a maximum mark up of 50%, price of our productshouldbe approximately£0.63. Thusfor comparisonwith competitors we have estimated product prices per 100gr. One can see from the appendices Exhibit 4 that Karums compared to the dairy products and cookies on the left side in the graph is twice or three times more expensive, whereascomparedtothe cereal bars ourprice islower. This positioning is very important considering our promotional campaign, which is discussed in the further sections. 3. Primary ResearchInsights The basis for this primary research is a comprehensive questionnaire (see Exhibit 5), which has been filledoutby134 respondents.Mostof ourrespondentscompletedthe survey online, while about 25% of themwere surveyed in person. The questionnaire is intended to find out the respondents’ needs, preferences and opinions on current snacks and our new suggested product. Based on analysis of consumer needs and by applying K-Means Cluster Analysis with SPSS, the market will be segmented intodifferentgroupstoget deeper insights about whom to target and how to position Karums on the market.Inaddition,evaluatingcorrelationresults and descriptive statistics will help us to get a better understandingof potential consumers.Besidesnominalmeasurable data, e.g. gender, we used a scale with a range from 1 – 4 for ordinal measurable data. a. Descriptive statistics Descriptive statistics (seeExhibit6) give clearevidence that the awareness of consuming healthy food ingeneral isquite high (mean: 3.04), but slightly lower in terms of consuming snacks, bars and similar products (mean: 2.61). Furthermore, the results show that on average parents are more concerned abouttheirchildren’shealthydietingeneral(3.19) andabout theirchildren’ssnackconsumption(2.82) than abouttheirowneatingbehaviour.Itseemsasif consumersare still tending to consume healthier snacks,but compromisingabitbyacceptingthe unhealthy nature of snacks. We state that the generic needforsnacks(almost90% of all respondentsconsumesnacks) is currently mostly satisfied by rather unhealthy products (chocolate & crackers). This insight shows us that in contradiction to our results regardingthe healthawareness,consumersbuyunhealthysnacks,althoughthey actually would rather tend to buy healthier ones. This indicates that there is no product on the market, which can fulfil consumer’s requirements at the moment. With our Karums product we want to attract exactly those customerswhofeel astrongdesire forbothtasty and healthysnacks.One of the biggest issues to face, and which will be further discussed in following sections, is to sharpen the awareness for curd in general:While only17.2%of all respondentshave ever tried curd, almost 60% do not even know what curd is. Nevertheless, 79.9% of all participants said they would try Karums, which points out the high potential demand for such a product. b. Correlations The results from executing a bivariate Pearson correlation (see Exhibit 7) clearly indicate a strong positive correlationbetweenbothownandparental health awareness and type of snack consumption at a significance level of 0.01.In addition,whetherornotto try Karums correlatespositively significant with both health awareness and type of snack consumption. Having in mind the results from our secondary research regarding the increasing health awareness, we are confident to meet consumer needs with our healthy snack now and in the future.
- 10. 5 c. K-Means Cluster Analysis & Segmentation Followingthe needs-basedmarketsegmentationapproach,we identifiedthreesegmentsafter running a K-Means Cluster Analysis with relevant variables (see Exhibit 8). As our target markets we selected Cluster1, whichrepresentsthe youngergenerationwith a high health awareness and Cluster 2, which representsmiddle-agedparentswithahighhealth awarenessandanevenhigherhealth-awareness for their children, while choosing a selective specialization strategy in line with suggested by Kotler and Keller (2008). In addition, both segments rate favourably on the five key criteria for useful market segmentsastheyare:1) Measurable:Please,see section2andabove,2) Substantial:Segmentsaccount for 43% and 41% of the total market,3) Accessible:Distributionviasupermarketsandgrocerystores, 4) Differentiable:Youngergenerationwithno childrenonthe one handand middle-aged generation with children on the other hand, 5) Actionable: Several different programs will be presented in following sections. 4. SWOT Analysis One of the ways to analyse the success of the product is to use the S.W.O.T. analysis approach. This analysislooksintoexternal and internal factors by analysing its strengths, weaknesses, opportunities and threats.Itprovides a good framework for reviewing strategy, position and direction of a product. Analysisisbasedonoursecondaryand primaryresearches.Nevertheless, one has to bear in mind that our productis justinthe stage of ideageneration so the more proper analysis could be provided after the establishment of the Company (S.W.O.T. analysis summary is in appendices Exhibit 9). a. Strengths Currently in the UK there is no other snack or treat made from curd. The brand we are bringing in Karums isa snack made from the curd.The Karums brandthat we will be importing is well established and solid.We will be launching initially with only one of the product categories, however, as demand growswe may considerlaunchingnewtypesof products (Karums has an extensive product portfolio). Since there isnoother productmade fromcurd we feel that we have a first mover’s advantage, which we can use to our benefit. Our product is going to be sold as a healthier snack. The UK market is adaptinga healthconscioustrend, which is supported by the government. So as one can see from our marketanalysisourproducthas strengthincapturingmost recenttrends:healthy,noartificial flavours, and affordable tastytreat.Inaddition, Karums comes in small sizes which are easy to fit into bags and school cases(ideal forchildren). Finally,since we are importingthe productandnotproducing it locally (would require a high initial investment), we can invest more into advertising to develop the brand. b. Weaknesses Unfortunatelyforus, our product Karums has no brand name existence and no brand value in the UK. Also not everyone may know what the ingredient curd is, so we must explain this to the public and educate them about curd’s health benefits. The market for healthy, organic, lactose snacks and products is highly competitive and brand dominated by companies and products such as Special K, Nestle,andMulleramongst others. In addition, the switching costs from buying one snack to another are very low, although presence in the market may be very relevant on this case. c. Opportunities The UK government(NHS) encouragesthe populationtolive ahealthylife (campaignssuch as 5-a-day). Since our product is a healthy and tasty snack, the backing by the government for a healthy British
- 11. 6 population is certainly an opportunity. Furthermore, we are seeing this as an opportunity to create a position in the market for our product to be a healthy, tasty snack made from curd. d. Threats Although there is no direct competition substitute and indirect competition is fierce and well establishedinthe market.Thuswe needtodevelopabrandimage for Karums;thisrequireshigh initial capital to be spent on the market. Should the ingredient curd become popular and our well -known competitorsstartusingitwe couldbe wipedoutof the market,therefore,we need to spend capital on marketing,brandingandcapitalizingonourfirstmover’sadvantage.Thismarketcanalsobe considered as not havinghighentrybarriersin terms of customer loyalty. When a customer is choosing a snack or dairyproduct,the customerdoesnotnecessarilychoose the product, the choice changes periodically. Customer choices for snacks are not very regular or long lasting. Moreover, Karums depends on distribution channels to be able to make sales. In the UK, Karums does not have any other way of selling, apart from the distribution channels we are going to utilize Based on the S.W.O.T. we have noticed a few issues which will affect our success in the market: Ensuring the target audience understands what curd is. Targeting the right consumers. Generatingthe rightmarketingposition to ensure the consumers perception of the product is correct- healthier snack, which is also tasty (contains chocolate). Creating a well-known brand name for the product and using the right marketing strategy to ensure the product stands out amongst the vast amount of the indirect competition. 5. Marketing Strategy a. Customer Value Customervalue isbeingexplainedbelow usingthree elements,whichare adaptedfromthe Price-Value Communication Quadrants (Nagle and Hogan: 2005). Functional benefits: The product is relatively inexpensive. The packaging is very colourful and eye- catching.It mustbe notedthatthe brandis notwell known,therefore,whenwe are buildingthe brand, it is important to reassure customers that Karums has a long history (60 years of expertise) of high quality and standards. Psychologicalbenefits:There are fewcurdproductson the market whichwe feel will benefit us. Since the product is healthier and tastes good (contains small amount of chocolate) it allows us to call it a guilt-free snack. When targeting parents, psychologically they feel confident that their children are eating something that provides them with a healthy dose of calcium which growing children most certainly need (the best thing a mother wants is a happy child). Relative cost of search:As a consumer good that will be sold in the major supermarket chains the cost of finding the product is relatively low. Basedon all the benefitsof the product(thatwe believe are relative tothe targetmarket) and the ease of searching for the product, we can deliver ‘customer value’ that matches our brand.
- 12. 7 b. Positioning Currently the market is unaware of the brand Karums. It is up to us to ensure that the marketing communications we use to launch and promote the brand position in the way we want. We need to develop a position for the brand to ensure the target audience have the right perception about the product. We needtocreate a positionthatwill buildourbrandandalso ensure successful introduction and educationabout the curd ingredient, “Deciding on a position requires (1) determining a frame of reference,(2) identifyingthe optimal pointsof parityand points-of-difference brand associations, and (3) creating a brand mantra to summarize the positioning” (Kotler and Keller: 2008). 1) Competitive frame of reference: this would include brands that sell dairy products and dairy snacks(yoghurtsfromMullerand Alpro-Soya).We alsocompete withbrands that sell crackers, cereal bars and chocolates, as these are also snack options. 2) Pointsof parity and Points-of-difference:Pointsof Parity:healthy,natural ingredients, calcium, snack size. Pointsof difference:curd,genuine healthyimage thatgivesyouandchildrenenergy, “healthy and tasty” a term not often seen together. 3) Brand mantra: the productline we are launchingistargetedto children. It is our aim to ensure the childrenlookatour productand know it isgood forthemand helpsthemgrow (the calcium in the product is healthy for their bones) more importantly it is a colourful product that looks fun and is tasty since it includes chocolate. We must also ensure the parents understand the health benefits of the product made with natural ingredients. The above three points are usedto helpdefinethe brandposition.The positionwill be highlightedwith the use of one of PortersGenerisStrategies,the differentiationstrategy.Ourmarketingcommunication will be aimedtoshowthe productis unique butspeakstoour target audience.We want the product to initially target children and parents; however, if the market grows successfully, Karums have other product lines that can be used to target adults (curd desserts, curd, milk, etc.). c. Target market We believe thatall those whoare healthconsciouswillsee the attractivenessof ourproduct. However, initially we are specifically targeting the market for children. We will communicate the product to children through fun and colourful marketing communications. Whilst children are usually the influencers in the purchasing decision, the parents are the deciders. Therefore, we must also target them. The parents need to be educated about the product and its health benefits. 6. Marketing Mix a. Product Karums is a 45-gram snack made of curd, a product of sour milk and lactic acid, natural vanilla flavouring and a glaze cover of chocolate. We have chosen to go with only one product of various selectionsof flavoursanddifferentgoodsthatthe manufacturingcompanyproducesaspart of our first phase of marketpenetration.The productwill be packedinitsoriginal orange packagesastonot invest any capital inchangingthe colouringorthe packaging and focus more on the marketing strategies and tools we wish to implement to penetrate the market successfully. Once the product has shown its successand the marketisdeemedfitformore flavours,Karums will introduce phase twoof thisproject which includes manufacturing of the curd snacks with different flavours in the UK. There have been discussions about customizing the product to better suit the trends of the UK market upon the local
- 13. 8 manufacturing, perhaps a different package colour and more targeted at other segments. Some of those segments include the health conscious, the flavour oriented, and the busy metropolitan city inhabitants. However, as far the first phase of operations goes, the customization of the product will remain to a minimum, which is changing the writing on the package to English. Moreover, the real customization occurs inthe promotional campaign(see promotion part) that we wish to execute. Each tool used has been especially customized to fit the UK’s trends. b. Price Enteringa newmarketwill require Karumstouse amarketing-penetrationpricingscheme. Karums will be charged at a competitive price of £0.42 perunitto our distributors.We will limitthe maximum price our distributors can charge by allowing them to sell the product at a maximum premium of 50%. This will be ourMSRP (Manufacture SuggestedRetail Price) price forourretailers to prevent over pricing of the product. We determined the price of our product by evaluating the unit cost of our product and projecting a target price. We projected the target price of our product at a 40% return based on a 2,1 millionpoundinitialinvestment. In order for our product to succeed in the UK market we will need to focuson highervolume of sales.We believe thatourproductiscompetitivelypricedinawayto achieve our projectedsalesvolume of 5millionunitsinthe firstyear of operations (we have considered target market population). The price is considerably low because of the limited shelf life and the need to increase turnover due to its perishable content. Our productcomparedto our competitorsisunique,thus Karums does not have a direct competitor in the UK market. However, Karums does have indirect competitors that sell products in the healthy category.The price of Karums comparedtocompetitorswill be sold approx. 20% lower than any of our indirectcompetitors(Kelloggs,etc.).Asmentionedbefore,we are estimating high volume sales of our product in the first year. c. Place In firstphase of our operationswe plan to import the product straight from the manufacturing facility in Latvia, a little less than a two-hour flight, to our 2.500 sq ft warehouse in the South East London, strategically chosen due to low cost and proximity to distributors. The warehouse is of course refrigerated to suit our fragile product contents. From the warehouse the products are then transportedusingourrefrigeratedtruckstoourauthorized retailers around the UK. Those distributors include mainstream supermarkets such as Sainsbury’s, Waitrose, and Tesco. Distributors will also include school cafeterias and school catering companies to make the product available for our target marketeasilyandconveniently.We have chosen this distribution scheme to best suit our operational plans,once the productis well establishedinthe marketthisscheme isdue tochangestocope withour growth. Placing our product on the shelves of the above mentioned supermarkets and distribution centres creates an easy access to our product whether the decision maker is the parent or the child. d. Promotion Communicating our product value to the customers is essential to the success in the UK market. Karums has many benefits in addition to it being a tasty treat it also acts as a healthier substitute to otherchocolate or glucose basedsnacks.Hence,ourpromotional campaignwill constitute of twomajor
- 14. 9 parts: the firstbeinganawarenesscampaignaboutwhat Karums isand whatit representsthe secondis an educational introduction to curd. Firstly, to introduce the product we plan to set tasting stations placed in various supermarkets, shoppingmalls,and parks spread across the UK. This gives us a chance to see how the people react to the product in termsof the quality,the brand, and the idea behind it. Simultaneously with our tasting stationswe wish to target our clients by using print advertising in magazines targeted at mothers and healthorientedpeople,examplesof the printadvertisementsare includedinAppendices (see Exhibits 13 - 16). In addition to print advertising we plan to execute the use of outdoor advertising such as mobile banners and billboards (see Exhibit 16). This would most definitely increase our coverage of various areas and implement the “everywhere” strategy. Being a new product the public should be constantly reminded of Karums. Thus we do not fear the disadvantages of using mass advertising to deliver our message. Another media vehicle we wish to use to communicate our message to our customerswouldbe radioadvertising.Placingadvertisementsonthe radioduring peak hours, morning and late afternoon as those would be the times when children will be heading to school and heading back home, would allow us a massive range of coverage to reach the maximum amount of customers possible within a short period of time. One of the radio advertisements is part of a series of songs by Rock n’ Roll legends the Beatles, we have chosen to go with the Beatles to show our dedication to customizing our product and business to British terms. We have based our radio advertising on being short and concise. (Please listen to attached file) Moreover,we are suggestingusing a brand ambassador to help launch our product. We suggest Jamie OliveraBritishchef whoiswell knownandcertainlywellloved.Jamie haslaunchedJamie Oliver’sFood Revolution;amotionto goaround schoolsinthe UK and the US to promote healthiereatingtochildren inschools.Jamie isa successful chef andalsoa publicfigure whois respected for his fight against child obesity as well as to encourage a healthier Britain. Since our product is a healthier snack, which is targetedtochildrenandtheirparents,usingabrand ambassadorlike Jamie would ensure that parents associate the productwitha healthylife-style.AlsoJamieisaresponsibleandrespectedchef andpublic figure with a stable family of his own. We feel confident about associating his image with our brand image. The other part of our promotional campaignwillincludethe same mediatools but instead of the mere education of what curd and Karums are, this will focus more on the benefits of Karums, and the possibilityof itbeingahealthiersubstitutetootherclassicsnacks.Thiscampaignwill be launched right before the introduction of the product to the market and after the public has a better idea of what Karums is. This campaign will concentrate more on active healthy words such as “health, happy, guilt free,andtasty.”With sucha campaignwe believethatwe will be able to penetrate the market in such a way as to surely enter the market, create the demand, and create a new trend. The new trend of treating oneself to guilt free, tasty, and fulfilling snack at the end of a long day or not worrying about one’schildrenmunchingontoomany snacks,whichcouldcause anydangeroushealthrelatedillnesses (see appendices Exhibit 13 and 15). As part of our launchcampaign,we planto start a new children’sjuniorfootballcompetitionto be held annually.Thiscompetition will be called “Karums Active” (see appendices Exhibit 12) and it will be in associationwiththe departmentof educationandthe ADCS(The Association of Directors of Children’s ServicesLtd). Karums Activeisa chance for children of different ages to come together and have a fair competition,we hope thatthiswouldteachthe childrenlessonsin teamwork, get them to be active in
- 15. 10 the society, and give them an incentive to lead a healthier life style. This campaign will also shows Karums’s commitment to the UK market, the concern we have for the leaders of tomorrow, and help establish a health-centred image in the public’s eyes. 7. Launch a. Launch Material The launch of a product isan essential partindeterminingitssuccessrate.Byutilizing the promotional campaigns and tools mentioned above (Marketing Mix) we believe we can achieve great results by creating a niche market, educating and generating awareness, and establishing a brand image in the public.Some of the magazine andprintadvertisingmaterial is included in the appendices please refer to appendices Exhibits 11 - 16. Launch date is very important if one wants to capture large proportion of share at once. Thus we will launch Karums at the time of the UK’s Children’s Day on the 20th of November 2012. The promotional campaign will begin in September, two months before, and this would generate the education and curiosity that would aid in achieving the sales results and success of Karums. b. Launch Budget As mentionedearlierthe promotional campaign,we are utilizingforthe launchof Karums, isone that is essential for the product’s success by using a range of print, outdoor, and radio advertisements in a balanced accord to deliver Karums message out to the public. The budget is based on the initial investment of 2.1 million pounds. Forecast of the sales are based on population in the targeted segments. Based on the budget we plan to break even in the Year 5 see appendices Exhibit 10. After deducingthe fixedandvariablecostssuchas the warehouse,the purchase of the transportationtrucks, office space etc.the remaindercanbe comfortablyusedtoinvest in advertising. Since we plan to start the campaigntwo monthsbefore the launchall the expensesshowninExhibit 11 show the break down between the radio, magazine, and outdoor advertisements for the span of three months. c. Contingency plan Phase One: Asmentionedearlier,phase one constitutes the direct importing of Karums from Latvia to the UK. This minimizesthe initial capital investmentandreducesmanyrisksincase the productwere to fail for any reason it would be easy to discontinue operations and cancel orders. In the case of campaign failure with a full warehouse the company will adopt a damage control policy where the products will be sold at a lower price (£0.27) and distributed at lower standard off license stores, in order to minimize losses. Phase Two: Upon the success of phase one, the company plans on starting the production of Karums witha variousselectionof flavours locally in the UK. The implementation of the second phase means that the product proved successful in phase one which also means that the brand has already been established and Karums has a generous piece of the market share. In case of failure in phase two the companyplanson pursuinganumberof strategies.The firstbeing focusing back on manufacturing the original vanilla flavoured snack that has already proved successful and returning to make a more detailed market research on what flavours would work best for the market. Another strategy to be studiedandputintoaction isthe concentrationonmarketsnearbysuchas Irelandor Scotland.There is
- 16. 11 great potential to be met in these markets given the close distance and the common language; transportation and labelling are not be unfeasible issues.
- 17. 12 Appendices Exhibit 1: Eating habit trends 2008-2011 Base: Internet users aged 16+ Source: Perkins:2011 Exhibit 2: How UK retails sales of Fairtrade confectionery have grown (£m) Source: FairtradeFoundation: 2011b Exhibit 3: Main Competitors Segment Brand Product Description Dairy Muller Yoghurt Yoghurt Dairy Ambrosia Devon Custard Custard dairy pot, similar to yoghurt Dairy Laughing Cow Triangle Cheese Cheese in a triangleformat
- 18. 13 Dairy Laughing Cow Cheez Dippers Snack with cracker stickers to dip in the cheese Candy Kinder Happy Hippo Candy/cookiemade of wafer biscuit outsidewith milk flavoured icing inside Cookie Caxton Pink and White Candy/snack made of wafers with pink and white marshmallowinside Cookie Fox's Biscuits Cow Malted milk biscuits Cereals Kellogs Mini Breaks Cereal Snack Cereals Kellogs Bars Cereal Bar Cereals (protein) Oh Yeah! Protein Bars Protein bars all natural with peanut butter, honey and nuts or peanut butter chocolatechip Source: made by authors Exhibit 4: Price positioningcompared to competitors Source: made by authors £0.35 £0.33 £0.66 £0.91 £0.97 £0.53 £0.44 £1.26 £1.83 £1.39 £2.35 Comparison with competitors (price per 100gr) Cereal bars Candies/Cookies
- 19. 14 Consent: I understand that the research I am taking part in is for an assignment completed by MIB Participants at Hult International Business School. I understand that I will not be personally identifiable in the research and that any personal details I give will be shared only with the student project group and the academic staff at Hult International Business School for the purposes of assessment. I am happy to participate in this project and understand that I am free to leave at any point during the research. (compulsory question) Yes <18 18 - 25 26 - 35 36 - 50 >50 2 Please select your gender. (compulsory question) Male Female 3 Do you have children? If you don't, please skip to question 6. (compulsory question) Yes No 4 If you do have children, how strongly do you take care of a healthy, balanced diet of your children in general? (1=low; 4=high) 1 2 3 4 5 If you do have children, would you rather say that you accept your children’s snacks,bars etc. being unhealthy (tick 1) or do you feel a strong desire for buying healthier snacks,bars etc. (tick 4)? 1 2 3 4 6 How strongly do you take care of a healthy, balanced diet for yourself in general? (1=low; 4=high) (compulsory question) 1 2 3 4 7 Would you rather say that you accept snacks,bars etc. being unhealthy (tick 1) or do you feel a strong desire for buying healthier snacks, bars etc. (tick 4)? (compulsory question) 1 2 3 4 8 Do you often eat or buy snacks? (like crackers,chocolates, yoghurt, fruit, bars) (compulsory question) Not at all Yes,often (from 2 to 5 per week) Sometimes (up to 1 per week) Yes,very often (more than 5 per week) 9 What kind of snacks do you prefer? (compulsory question) I do not eat/buy snacks Yoghurt Chocolates 1 Which category below includes your age? (compulsory question) Questionnaire Exhibit 5: Questionnaire
- 20. 15 Crackers Fruit CerealBars 10 Do you know what curd is? (compulsory question) Yes No 11 Have you ever tried curd before? (compulsory question) Yes No I am not sure 12 Our product is a curd snack which is approximately five centimeters long, made from milled and pressed curd, and glazed with chocolate. This curd snack is very rich in natural nutrients and calcium, which is useful and healthy for the individual. Would you be interested in our product? (compulsory question) Yes No Thank you for your participation! Source: made by authors Exhibit 6: Descriptive Statistics Descriptive Statistics N Minimum Maximum Mean Std. Deviation Age 134 1 5 2,73 1,287 Children 134 1 2 1,57 ,496 Health 134 1 4 3,04 ,779 Bars 134 1 4 2,61 ,900 ChildrenHealth 57 2 4 3,19 ,667 ChildrenBars 57 1 4 2,82 1,020 KnowCurd 134 1 2 1,59 ,494 TriedCurd 134 1 3 1,99 ,694 TryKarums 134 1 2 1,20 ,403 Valid N (listwise) 57 Source: made by authors with SPSS WhichSnacks Frequency Percent Valid Percent Cumulative Percent Valid None 11 8,2 8,2 8,2 Crackers 26 19,4 19,4 27,6 Chocolate 51 38,1 38,1 65,7 Yoghurt 12 9,0 9,0 74,6 Fruit 12 9,0 9,0 83,6 Cereals 22 16,4 16,4 100,0 Total 134 100,0 100,0 Source: made by authors with SPSS
- 21. 16 Exhibit 7: Pearson Correlationtable Source: made by authors Exhibit 8: K-Means cluster analysis output Source: made by authors with SPSS Source: made by authors with SPSS Correlations Age Children ChildrenHealth ChildrenBars Health Bars TryKarums Age Pearson Correlation 1 -,533** ,562** ,532** ,122 -,013 ,004 Sig. (2-tailed) ,000 ,000 ,000 ,159 ,883 ,966 N 134 134 134 134 134 134 134 Children Pearson Correlation -,533** 1 -,965** -,904** ,080 ,133 -,132 Sig. (2-tailed) ,000 ,000 ,000 ,357 ,127 ,128 N 134 134 134 134 134 134 134 ChildrenHealth Pearson Correlation ,562** -,965** 1 ,916** ,036 -,037 ,015 Sig. (2-tailed) ,000 ,000 ,000 ,676 ,667 ,862 N 134 134 134 134 134 134 134 ChildrenBars Pearson Correlation ,532** -,904** ,916** 1 ,100 ,008 -,066 Sig. (2-tailed) ,000 ,000 ,000 ,253 ,927 ,452 N 134 134 134 134 134 134 134 Health Pearson Correlation ,122 ,080 ,036 ,100 1 ,792** -,623** Sig. (2-tailed) ,159 ,357 ,676 ,253 ,000 ,000 N 134 134 134 134 134 134 134 Bars Pearson Correlation -,013 ,133 -,037 ,008 ,792** 1 -,529** Sig. (2-tailed) ,883 ,127 ,667 ,927 ,000 ,000 N 134 134 134 134 134 134 134 TryKarums Pearson Correlation ,004 -,132 ,015 -,066 -,623** -,529** 1 Sig. (2-tailed) ,966 ,128 ,862 ,452 ,000 ,000 N 134 134 134 134 134 134 134 **. Correlation is significantatthe 0.01 level (2-tailed). Final Cluster Centers Cluster 1 2 3 Age 2 4 4 Children 2 1 2 ChildrenHealth 0 3 0 ChildrenBars 0 3 0 Health 3 3 3 Bars 3 3 3 TryKarums 1 1 1 Number of Cases in each Cluster Cluster 1 58,000 2 55,000 3 21,000 Valid 134,000 Missing 1,000
- 22. 17 Exhibit 9: S.W.O.T. analysis Strengths Weaknesses no other snack or treat made from curd well-established and solid company firstmover advantage launch a selectiverange of products importing products are small and can easily fit healthy, snack with a difference- curd Karums has no brand name in the market it may be difficultto explain the term ‘curd’ market is highly competitive low switchingcosts Opportunities Threats the government is constantly encouragingthe UK population to eat healthily develop a unique position in the market lot of indirectcompetition no customer loyalty dependable on distributors Source: made by authors Exhibit 10: Budgets for the 5 year period Budget Year 1* Year 2 Year 3 Year 4 Year 5 Revenues 1.050.000 4.200.000 8.400.000 10.080.000 12.096.000 CoS Import costs 500.000 2.000.000 4.000.000 4.800.000 5.760.000 Additional costs 125.000 500.000 1.000.000 1.200.000 1.440.000 Gross profit 425.000 1.700.000 3.400.000 4.080.000 4.896.000 40% 40% 40% 40% 40% Variable costs Advertisingcosts 112.000 95.000 120.000 120.000 120.000 Other variablecosts 250.000 1.000.000 2.000.000 2.400.000 2.880.000 General expense 50.000 150.000 150.000 150.000 150.000 Salaries 133.333 430.000 430.000 430.000 430.000 Rent 4.000 12.000 12.000 12.000 12.000 Truck Expense (insurance, licenses) 12.000 12.000 12.000 12.000 12.000 Profit/Loss -136.333 1.000 676.000 956.000 1.292.000 Notes: Forecasted sales of units 2.500.000 10.000.000 20.000.000 24.000.000 28.800.000 Import cost/unit 0,20 0,20 0,20 0,20 0,20 Sales priceto distributors 0,42 0,42 0,42 0,42 0,42 Sales priceto end customers 0,63 0,63 0,63 0,63 0,63 *first year comprise only 4 months as launch is planned in November Source: made by authors
- 23. 18 Source: made by authors Media Vehicle Price Type Price/month Period/ Frequency in months Total Radio 200 30 second space played 4 times a day 24.000 3 72.000 Magazine 1.000 Full page with colour 1.000 15 15.000 Mobile Billboards 2.000 Mobile Poster 2.000 25 50.000 Billboards 7.000 Large Still Billboard 7.000 10 70.000 Total 207.000 Source: made by authors Exhibit 12: Advertisement costs break down Exhibit 11: Karums Active campaign advertisement
- 24. 19 Source: made by authors Source: made by authors Exhibit 14: Karums advertisement targeting parents Exhibit 13: Karums informational advertisement
- 25. 20 Source: made by authors Source: made by authors Exhibit 15: Outdoor advertisement Exhibit 16: Karums advertisement
- 26. 21 Bibliography AAAOE(2011) Sell Sweet Curd SnackKarums. [online] Available at: <http://www.aaaoe.com/sell/7/milk_products_6163/Sell_Sweet_Curd_Snack_Karums.html> [Accessed:24 November,2011] Central Intelligence Agency(2011) The World Fact Book. [online]Available at: <https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html>[Accessed:24 November,2011] DairyUK (2011) Milk Utilisation. [online] Availableat:< http://www.dairyuk.org/industry-data- mainmenu-277/milk-utilisation-mainmenu-289>[Accessed:20November,2011] Fairtrade Foundation(2011a) FairtradeSales Soarto Well Over£1bn Showing theUKStill Caresin Tough Times [online] Available at: <http://www.fairtrade.org.uk/press_office/press_releases_and_statements/february_2011/fairtrade _sales_soar_to_well_over_1bn_showing_the_uk_still_cares_in_tough_times.aspx>[Accessed:17 November,2011]. Fairtrade Foundation(2011b). FairtradeFoundation Commodity Briefing:Cocoa Summary [online] Available at: <http://www.fairtrade.org.uk/includes/documents/cm_docs/2011/c/cs0004_cocoa_summary_down load.pdf>[Accessed:17 November,2011]. FletcherA.(2006) UK Confectionery MarketOutlook‘Positive’ [online] Available at: <http://www.confectionerynews.com/Formulation/UK-confectionery-market-outlook-positive> [Accessed:17 November,2011]. Karums(2011a). History of Karums.[online]Available at: <http://www.karums.eu/en/history/history-of-karums>[Accessed:16 November,2011] Karums(2011b). Products. [online] Available at: <http://www.karums.eu/en/products/curd-snacks> [Accessed:16 November,2011] KeyNote (2011). Confectionery MarketReport [online] Availableat: <http://www.keynote.co.uk/market-intelligence/view/product/10421/confectionery>[Accessed:17 November,2011] KotlerP.and KellerK.L.(2008) A FrameworkforMarketing Management (FifthEditioned.).UK: Pearson. Nagle T.T.and Hogan J. E. (2005) The Strategy and Tactics of Pricing - A guide to Growing More Profitably (FourthEditioned.).PearsonInternational Edition. NieburgO.(2010) Yoghurtfastestgrowing dairy market –YouGov research.[online] Availableat: <http://www.dairyreporter.com/Markets/Yoghurt-fastest-growing-dairy-market-YouGov-research> [Accessed:20 November,2011]
- 27. 22 PerkinsB.(2011). ChocolateConfectionery [online] Available at:<http://www.mintel.com/> [Accessed:17 November,2011] WilliamReedBusinessMediaSAS(2004). Latvian dairy goesmulti-functional. [online] Available at: <http://www.foodnavigator.com/Financial-Industry/Latvian-dairy-goes-multi-functional>[Accessed: 16 November,2011].
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To finish my master's coursework, I decided to do a project for my capstone because of the hands-on nature that is associated with a project-based capstone. It has been a goal of mine throughout the master's program to incorporate as many hands-onexperiences as possible into the academic curriculum. I recently completed an internship where I was able to incorporate knowledge I gained in the program into a practical setting. I am grateful for the things I have learned over the past few years and hope this information will assist me in achieving great things as I move forward in my life.
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David Sprague
Journal of Marketing for Higher Education
The importance of social media as platforms of social interaction, communication and marketing is growing. Increasing numbers of businesses in various industries have already integrated or plan to integrate social media applications into their marketing programs. Higher education institutions show increased interest in the potential of social media as a marketing tool. Particularly important is the potential of these tools to reach and attract future students. An important issue for research is to understand how potential students use social media and what their role is in the decision making process of choosing a program of study, a University, or College. This paper identifies market segments among future students based on the use of the social media and examines the impact of the social media on the choice of a higher education program and institution.The study is based on data collected by means of a national survey among future university students in the Netherlands. Future students are pupils from the last two years of secondary education. Market segmentation was carried out based on the use of social media, by means of a cluster analysis and a factor analysis; the latter proved to be the best choice since it produced more differentiated market segments.The findings indicate the existence of three distinct segments in the population of future students in the Netherlands on the basis of social media use. Another major finding of the study is that future students are mostly interested in social interaction and information seeking when using social media, while the content contributed by this group is limited to photo and video sharing. Compared to traditional communication channels social media still play a secondary role in the students' choice.While penetration of social media is extremely high among future students, the impact of these in the choice of study and institution is relatively low compared to more traditional forms of university marketing. This paper provides university marketers with a useful insight into the developments in the market and discusses various options and opportunities for engaging social media as effective marketing tools.
Kandi Brown
Bela Florenthal
Vodcasts (video podcasts) have become part of the Internet multimedia experience and have been integrated into universities’ direct and interactive promotion strategies, but, more importantly, their integrated marketing communication (IMC) plans. While prior work has examined general advertising on the web, few studies have considered the impact of the interactive medium of vodcasts on student attitudes and behavioral intentions. This paper uses structural equation modeling to assess the effectiveness of vodcasts as an enhancer of a university’s existing integrated marketing communication strategy to recruit prospective students. Three theoretical models were tested, and our findings indicate that perceived informativeness, credibility, and irritation of the vodcasts are directly related to their perceived value to viewers. However, of those three factors, only the informativeness is directly related to students’ intent to take further action toward enrollment in a way that can utilize other universities communication resources (e.g., asking additional questions on the phone or via email). In addition, while prior work has suggested that perceived entertainment of a web site positively influences its perceived value, we find that for university-specific vodcasts, perceived entertainment is not a statistically significant factor. The results suggest that when creating vodcasts to portray campus life and activities, less attention should be given to entertainment value, and more attention should be devoted to providing useful information in a manner that is credible and not irritating to students. Implications for researchers and practitioners are provided based on these results.
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5 Steps To Creating A Top-Notch Marketing Project Plan
You already know that marketing is crucial to your business. A good marketing function is not only essential for strengthening brand awareness and educating customers–it can also significantly impact your bottom line. In a typical business, marketing contributes a whopping 15-30% of revenue when it comes to net-new customers.
So how do you max out on your marketing revenue? How can you get the most out of marketing for your specific business? It all starts with creating a marketing project management plan .
Marketing campaign template
Take the guesswork out of planning and executing your digital marketing campaign and spin up successful projects in seconds.
What is a marketing project plan?
A marketing project plan is a report that outlines your marketing strategy for the upcoming month, quarter, or year. Typically, these plans include:
An overview of your business’s marketing, advertising goals, and competitors
A description of your business’s current marketing position
A timeline of when tasks within your strategy will be completed
Key performance indicators (KPIs) you will be tracking
A description of your business’s target market and customer needs.
This may feel like a lot of moving parts to research and manage. But we’ll narrow the focus in on five essential steps that will get you moving towards those marketing goals.
What are the key responsibilities of a marketing project manager?
The role of a project manager is to set up and head up a project so that everything runs smoothly. Project managers are given overall responsibility for the successful initiation, planning, design , execution, monitoring, controlling, and closure of a project.
Projects will typically have fixed time-frames and fixed costs. And project managers need to make sure that tasks are completed within the set time-frames and budgets permitted.
While planning and tracking these details is an essential duty in a project manager’s day-to-day, they also must be great communicators. One of project managers’ biggest roles is to communicate with and manage their team members, making sure that each member knows what their responsibilities are and are staying on track.
Do you really need a plan for your marketing projects?
The answer, from research and professional marketers alike is a resounding “Yes!” Learning how to write a marketing project plan forces you to think through the important steps necessary for effective marketing. And a well-defined plan will help you stay focused on your overall marketing goals.
But in addition to helping you get your head in the marketing game, creating a marketing project plan yields a few other significant benefits:
According to one study from PriceWaterhouseCoopers, only 2.5% of organizations complete 100% of their projects.
A report from The Standish Group found that 90% of companies use some sort of project retrospective process to assess performance .
And Aditi Consulting says 3 in 5 projects companies execute are not relevant to their business strategy.
But, marketers who set goals have a 429 percent greater chance of reporting successful campaigns, and 81 percent of these marketers achieve their goals .
Setting clear goals and building out a thorough marketing project plan is one of the most difficult tasks for marketers, but this work pays off.
How to create a killer marketing project plan
We’ve broken this process down into seven straight-forward steps. Soon you’ll be cranking out stellar marketing project plans like the pro you are! Feel free to peruse these project management templates as you read along.
1. Create a clear marketing strategy
While a marketing project plan is like a roadmap , a marketing strategy is like a destination. So, before you start walking, figure out where you want to go. Your marketing strategy will include areas of research like your business’s vision, values, and goals; your audience; and your available marketing channels. Let’s quickly examine each of these further.
First, identify and note your business’ vision, values, and goals.
Your marketing strategy must align with your business’ overall vision, values, and goals. So identify what these are in your particular business. What is your company hoping to achieve? What makes you stand apart from your competitors? What values do your company refuse to compromise? Keep this back bone of your company in the forefront of your mind while filling out your marketing strategy.
Second, take a close look at your target audience.
Your target audience are those people who you are gearing your services or products towards and who are most likely to purchase your products. They are the reason you’re in business. Knowing what your target audience is buying or interested in purchasing is absolutely necessary when developing a marketing strategy and plan. When quality products or services are tied to your audience’s personal preferences, you can make a big impact and a big ROI.
Audience research and knowledge is at the core of good marketing strategies. In fact, successful marketers are 242 percent more likely to conduct frequent audience research. Additionally, 56 percent of professionals and experienced marketers say that they perform audience research at least once per month.
Lastly, your marketing strategy will include a list of your marketing channels .
Marketing channels are the venues you use to reach your customers. These channels are where you’ll publish the content that educates your buyers, generates leads , and spreads awareness of your brand. Lay out which channels you want to use during your marketing project, what you’ll use each channel for, and how you’ll measure your success on each channel.
Some of the most effective marketing channels that have been performing best this year include pay-per-click (PPC) advertising, social media, email marketing, a business website, content marketing using a blog , and word of mouth. Other marketing channels include influencer marketing, cold calling , billboards, or TV commercials.
Today, there are more online marketing platforms than ever before. As intimidating as that may sound, your overall online presence has the potential to be more connected than ever before.
Pro tip: Don’t give a speech to an empty auditorium. You could write the most riveting blog post, put together the most eye-catching Instagram post , or create the cleverest tweet, but if your audience isn’t on those platforms or channels, you might as well have spent that time binge-watching Netflix.
2. Set S.M.A.R.T. goals
The next step to creating a strong marketing project plan is to start setting your project goals . There are a number of goals you might be interested in. Maybe you want to increase brand awareness or drive more traffic to your website. Perhaps you’re hoping to increase mentions in the press, generate new leads, or funnel customers towards a new ebook or course.
Whatever marketing agenda you have, set S.M.A.R.T. goals that are specific, measurable, attainable, relevant, and timely. For example, you could have the goal of increasing traffic to your website by 15% in the next 6 months. This way, you and everyone on your team can clearly understand each goal and analyze your progress.
3. Delegate tactics to reach your goals
The next step in building a fool-proof marketing project plan is to break down your goals into specific tactics. For example, if one of your marketing project goals is to reach 1000 followers on your company’s Instagram account, you might break down that goal into the following steps:
Post varied content that aligns with your target audience’s interests daily.
Seek out potential partners and engage with their content daily.
Pursue new followers by engaging with competitor companies’ following.
Once you have your list of smaller steps, you can start delegating. Good delegation begins with a good team. If you have people working with you that have proven themselves to be trustworthy and hard-working, delegate portions of the marketing project to the appropriate workers.
Routine and straightforward tasks are the best ones to delegate. Otherwise, you will end up being the bottleneck of your own marketing project. By delegating tasks to trusted employees, you’ll free up your own time to do what you do best–managing your marketing project plan.
4. Recognize parameters and resources
Include detailed information about the available resources for your marketing project. Factors like your timeline, budget, and available team members will help you write and run through the plan smoothly.
Without specific parameters around your marketing project plan, your projects will be as real as pies in the sky. Setting parameters around your marketing project plan will actually help you turn your goals into a reality and track your progress along the way. Try to get your numbers as specific as possible so that you can accurately manage and monitor each step of the project and know when you’re getting close to your budget or time limit.
5. Get everyone on the same page
One of the biggest responsibilities of a marketing project manager is to communicate well with the team and keep everyone working smoothly together. No matter what kind of marketing campaign you’re managing, your marketing team needs a clear plan and great execution to make it a success.
You know your team best, so decide whether it’s necessary to meet every morning for five minutes or once a week for an hour to make sure that everyone understands the goal of the project and their upcoming tasks and responsibilities. However often you decide, here are a few tips for keeping each member of your team on the same page:
Share the big-picture. Most of us work better when we know the ultimate goal. It can be motivating and empowering to your team members and employees to feel like their work is part of a larger company objective.
Clarify specific tasks and responsibilities. In addition to sharing the big-picture, make sure to clearly explain each of the smaller tasks as well. Offer clarity for each marketing teammate on their specific roles, tasks , and responsibilities. That way, you can ensure a smooth progression through the extent of the project.
Post a Project Calendar. Share a schedule with a set due date for every assigned task in your marketing project plan. This will help every member of your team stay on track and keep themselves accountable.
A calendar with the approaching launch day can also be a big motivator for the whole team, and coworkers will more easily be able to see the accomplishments and successes of each other’s work. Make sure your teammates can easily access your project calendar and celebrate them when they hit challenging deadlines.
Pay no attention to the man(ager) behind the curtain
Behind every project, whether it’s organizing a wedding or building a skyscraper, there is an unknown leader–the project manager who kept everything and everyone on track.
The role of a project manager is to deliver the desired result, anticipate potential problems, and fix them before they occur. Good project managers can delegate work to passionate employees and teammates. They run things excellently from behind the curtain so as to eliminate any hiccups and ensure the project’s success .
Better Project Management: The Key to Successful Marketing Campaigns
It’s a challenging role for marketers, but when done well, marketing project management leads to incredible business success. Solid project management and communication with your team is even more important and challenging with everyone working from home this year. But we’re not about to leave you hanging. Check out our guide for working through the six biggest challenges you might encounter while managing your team from afar.
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How to Write a Marketing Plan [With 20+ Templates]
![How to Write a Marketing Plan [With 20+ Templates]](https://visme.co/blog/wp-content/uploads/2020/05/marketing-plan-header-wide.jpg "marketing plan college project")
Written by: Mahnoor Sheikh
A solid marketing plan can take your business to new heights. It can help turn your business goals into reality by providing your team with direction, deadlines, actionable tactics and more.
If you've never done this before, it's completely understandable that you're confused about where to start and which sections to definitely include in your marketing plan.
In this article, you'll find a step-by-step guide on creating a marketing plan that will work for almost every kind of business. We've also included 20+ marketing plan templates throughout the post to help you get started on the right foot.
Here's a short selection of 8 easy-to-edit Marketing plan templates you can edit, share and download with Visme. View more below:
Want to skip the tutorial? Create your marketing plan right away with Visme. Use ready-made marketing plan templates , download them as a PDF or share online.
Table of Contents
What is a marketing plan, why your business needs a marketing plan, how to create a marketing plan, 10 marketing plan templates to get you started.
A marketing plan is a roadmap that helps you set goals, understand your target audience and optimize the impact of your marketing campaigns.
In simple words, it helps you get a clearer view of the what, why and how of all your marketing activities.
A good marketing plan also helps you communicate the “big” strategy and the different tactics involved to your marketing team . Last but not least, it lets you track the success of your campaigns.
A marketing plan should ideally include:
- Your long-term and short-term marketing goals
- A description of your target audience or buyer persona
- One or more high-level marketing strategies and tactics
Take a look at this one-page marketing plan template as an example.
Customize this template and make it your own! Edit and Download
If your plan is more detailed, you can also consider including:
- An overview of the current market situation
- Key performance indicators (KPIs)
- Any budget or financial considerations
- An execution timeline or roadmap
A marketing plan is usually presented as a PDF document, but you can also whip up a more creative version of it. For example, you can create an infographic , presentation and even an interactive web page to share your plan.
Or you can create a single-page marketing plan similar to the one above.
Scroll down to the end of this post to access seven full marketing plan templates.
I’ve already mentioned how a marketing plan can help you better understand your company’s marketing goals and how to achieve them, but that’s not where the benefits end.
A well-researched marketing plan can help you:
- Understand your business. Conducting thorough research on current market conditions and where your company stands can help you identify the strengths and weaknesses of your business, as well as new opportunities.
- Align marketing goals with business goals. Without a plan, it can be easy to lose your sense of direction. A marketing plan helps you ensure that your marketing goals are aligned with the vision, mission statement and goals of your business.
- Ensure everyone is on the same page. Having a working document of your marketing makes it easier for not just your team, but also the entire company to work together towards a common goal.
- Stay focused on what’s important. A marketing plan is a constant reminder of your goals and strategies, which keeps you from getting sidetracked.
- Make better decisions. Planning ahead of time can prevent you from making hasty decisions when difficult situations arise.
Looking to create a stand-out marketing plan?
- Choose from fully designed templates
- Create animated charts and creatively visualize stats and figures
- Customize anything to fit your brand and content needs
There’s no one way of creating a marketing plan, but there are some key components that should go inside a winning one. Follow the steps below to create an effective marketing plan.
1. Start with an executive summary.
The executive summary usually goes at the beginning of your marketing plan. It’s basically a short summary or brief overview of your company and the key takeaways from the entire marketing plan.
Here’s an executive summary template you can edit and use for your own business.
The template above is a great example of an executive summary that highlights the key function of a business and the purpose of its marketing plan.
You can also include company achievements and future plans of your business in your summary.
Remember, your executive summary should be concise and to-the-point. Instead of boring your readers to sleep, it should grab attention and get them excited about the rest of the plan.
2. State your company’s mission, vision and values.
Before you dive into all the marketing stuff, it’s a good idea to revisit your company’s values, vision and mission. This helps put all the information inside your marketing plan into perspective.
It answers the question of why you’re doing what you’re doing.
Here’s a neat mission, vision and values template to edit and use.
For anyone who reads your marketing plan, this section is important to educate them about the ultimate aim of your business so they can make better sense of your marketing goals, activities and future plans.
3. Identify the market and competition.
The next step is to back up your marketing plan with solid research.
This is often achieved by analyzing your current market situation, studying your competition and most importantly, looking into your own company’s strengths and weaknesses.
Here’s a market share template that can help you visualize that information and share it with your colleagues and stakeholders.
You can customize this template according to your own brand colors and input your own information. Use it on its own as part of a marketing plan or in a report or presentation .
Here’s another cool design to help you present your market research. Use this SWOT analysis template to highlight your company’s strengths, weaknesses, opportunities and threats.
Instead of adding a boring table that no one wants to read, use a well-designed SWOT like the one above to draw attention to your research.
Here's another worksheet-style SWOT analysis template that you can print out and fill, or edit using Visme before adding to your marketing plan document or presentation.
You can also conduct a SWOT analysis of your competitors, which takes us to another key component of your market research — the competitor analysis .
Studying your competition is crucial to the success of your business. You need to know what they’re doing, what’s working for them and how you can do it better.
Here are a few things to research about your competitors:
- Their marketing and leadership team
- Their growth and financials
- Their best-selling products or services
- Their top-performing blog posts (use a tool like Ahrefs to do this)
- Their video marketing strategy
- Their social media marketing strategy
Here's a competitive analysis template you can use and add to your marketing plan.
A template like the one above can help you organize and visualize important information about your competitors. In turn, this can help you identify opportunities and set goals.
4. Define your target customer.
Differentiating the target audience and the target market will help you better understand the position of your business within the market. Therefore, it’s important to identify who your buyer or ideal customer is so you can create more informed and tailored marketing strategies.
Naturally, the target customer for every business is different. But the goal is the same — to increase customer awareness.
You may also have more than one kind of customer. For example, a clothing store could be making products for both teens and older women at the same time.
Check out this target audience template to visualize your various customer segments. Use it to better understand your potential customers' attitudes and habits.
You can edit this template and use it as part of your marketing plan or presentation. It’s a great way to present the different types of your audience in a way that’s easy to understand.
The pie chart helps identify which chunk makes the bigger part of your customer base so you can focus most of your marketing efforts in that area.
If you’re looking for a more creative approach, take a look at the buyer persona template below.
This infographic template is a fun way to visualize your buyer’s demographic details, habits and goals, i.e., whether they're interested in online learning options like digital marketing courses or if they prefer in-person.
Another cool way to create a customer persona is to design it like a resume . This is useful for adding more information in one page without cluttering up the design.
Here’s a resume-style customer persona template you can edit.
This type of buyer persona design makes use of icons and data widgets , like progress bars.
In the end, the goal of creating a buyer persona is to better organize and understand key information about your customer. Use the template that works best for your business.
5. Outline your marketing goals.
In this part of the marketing plan, you need to specify what you aim to achieve.
Outline your marketing goals and objectives, and make sure you use actual numbers instead of writing vague statements.
For example, if your goal is to increase website traffic , mention the exact target so you can track to see if you achieved it or not.
Here’s a marketing goals template you can use as part of your marketing plan.
Remember to create SMART goals for your marketing plan and strategy. SMART goals are Specific, Measurable, Attainable, Relevant and Time-Bound.
In the template above, notice how the target is defined as a percentage. You can also add a deadline to your marketing goal to make it time-bound.
If you want to share your marketing goals in an infographic format, here’s another template you can edit and use for your own company.
The template above is a more detailed goals infographic with three different phases, which makes it ideal for SaaS companies and mobile apps.
6. Present your marketing strategy.
Now comes the good stuff. In this step, write down one or more marketing strategies and the tactics to execute for each one. Make sure you include:
- How to do it
- The channels to use
This is best presented visually so the entire team can understand each step. You can divide your activities into stages, and present them using a marketing strategy template like the one below.
Another way to present your marketing strategy is by attaching deadlines to it. This can be easily done using a timeline or a Gantt chart .
Another way to present your marketing strategy is with the help of a roadmap. A roadmap outlines the tactics involved in your overall marketing strategy, and can be designed to look similar to a Gantt chart.
Here's a marketing roadmap template you can use for your own business.
If you want to do things differently, you can also use an infographic to visualize your marketing strategy.
An infographic is eye-catching and can be added to any of your presentations and reports. You can even share it on its own with your marketing team or other colleagues.
Here’s a marketing infographic template that divides your execution strategy into four phases.
Another way to visualize your marketing strategy is with the help of a mind map. Mind maps are great for providing your team with an overview of the different elements that are involved in your marketing strategy.
Here's a mind map template that shows how this can be done for a Twitter content marketing strategy.
You can easily build mind maps using our mind map maker .
Keep in mind that your marketing strategy should be actionable and detailed. Explain each step clearly and don’t leave out any information just for the sake of design.
7. Define your marketing budget.
Last but not least, detail your marketing budget considerations in your marketing plan.
This is important so you don’t lose sight of the financial aspect of things during execution and implementation. After all, marketing is costly and there are tons of hidden expenses involved.
Here’s an editable marketing budget template you can use.
Including a detailed marketing budget also helps in hiring the right staff and choosing between paid resources so you don’t exceed a certain amount.
Need help putting together a full marketing plan?
Here is our handpicked collection of 10 marketing plan templates for various types of businesses.
Pick the one that best fits your industry and start customizing it in the Visme editor right away. Replace the colors, fonts, text, images, icons and more with a few clicks.
You can also tap into a free library of stock photos and add animated characters, illustrations and gestures for advanced customization.
1. Restaurant Marketing Plan Template
Customize this marketing plan template and make it your own! Edit and Download
Create a comprehensive marketing plan for your food business, whether it’s a small cafe, a big fancy restaurant or a fast food joint.
This marketing plan features stock photos of food that you can replace with your own. It also has a versatile design that can be tailored to your own brand style and even an entirely different industry.
2. Real Estate Marketing Plan Template
This tailored marketing plan template is perfect for all kinds of real estate and property businesses, complete with a professional “About” section and SWOT analysis.
It has a modern feel to it with a clean layout and corporate color scheme. You can easily switch it out for your own brand colors if you want.
3. Content Marketing Plan Template
This content marketing plan template is carefully designed to match the needs of SaaS and other businesses who want to focus on taking their content strategy to the next level.
If your marketing goals are to drive traffic, generate leads and grow sales through publishing insightful content, this marketing plan will help you organize your editorial calendar.
4. Social Media Marketing Plan Template
A good social media strategy needs a marketing plan of its own, which is why this template is a must-have for any business trying to win at this game.
Customize this social media marketing plan template to lay out your goals for the next year or quarter, and outline the key points of your strategy for each social channel.
5. Digital Marketing Plan Template
Create an actionable marketing plan covering your digital channels with this detailed template.
This digital marketing plan has a classy design and layout, and features key headings like an executive summary, a SWOT analysis, key performance indicators and even a nice table of contents.
6. Product Marketing Plan Template
Creating an effective product marketing plan requires in-depth research of your target market, as well as company strengths and weaknesses.
This product marketing plan template covers all those basics, along with a detailed marketing budget that you can edit with your own financial data.
7. Personal Marketing Plan Template
Hiring someone to help build a powerful personal brand?
This personal marketing plan is perfect for that purpose. It’s a simple, three-page document with a professional resume detailing skills and experience, followed by a goals page.
8. Marketing Plan Presentation Template
This marketing plan presentation template is a great way to share your marketing goals, SWOT, strategy, timeline, deliverables and more with your team and the management.
You can easily get the slides printed later and share the copies with your team. Edit this marketing plan presentation online in Visme and create a slideshow that's powerful and effective.
9. Retail Marketing Plan Presentation Template
Here is another marketing plan presentation template you can use. This presentation template is especially relevant and useful if you're in the retail business.
Customize this marketing plan template online and download it in PDF or PowerPoint format, or save the slides separately in image format. You can also present this presentation online using a link — no downloads needed!
10. Marketing Plan Infographic Template
If you're not looking to create a detailed or formal document with several pages, this to-the-point marketing plan infographic template is a great pick.
It's a quick way to share the marketing plan for a one-off project and contains all the necessary details.
Create a Winning Marketing Plan for Your Business
For most businesses, operating without a solid marketing plan results in ineffective campaigns, reduced ROI and unexpected costs. And nobody wants that.
A marketing plan helps you align your marketing objectives and activities with your overall business goals, and brings entire teams together on the same page.
Ready to create a professional marketing plan of your own? Get started from scratch or choose one of our marketing plan templates today.
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About the Author
Mahnoor Sheikh is the content marketing manager at Visme. She has years of experience in content strategy and execution, SEO copywriting and graphic design. She is also the founder of MASH Content and is passionate about tea, kittens and traveling with her husband. Get in touch with her on LinkedIn .
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marketing project student marketing plan for marketing plan : richa rai executive summary honey pop is new company in boston, massachusetts. after
In Spring 2015, the SAC Marketing Team is engaged in a comprehensive marketing project to develop and implement a marketing plan in support of the college's
Research findings and this marketing plan will help MSU recruit a higher ... A wide variety of accredited academic programs in most colleges.
The Spree watch project will break-even in 1998. MARKETING STRATEGIES. General will introduce a new product, the innovative Spree watch, using penetration
A detailed business plan designed to analyse the prospects of successfully introducing a new consumer product to the UK market.
A college marketing plan is akin to an advertising strategy that colleges use to attract potential students and to turn them into actual student enrollees. It
Overall goals; Leisure marketing; Meetings and conventions marketing; Destination sales; Destination services; Special projects and events
FINAL PROJECT: SOCIAL MEDIA MARKETING PLAN FOR SNOW COLLEGE A Capstone Project submitted to Southern Utah University in partial fulfillment of the
What is a marketing project plan? · An overview of your business's marketing, advertising goals, and competitors · A description of your
Follow this step-by-step guide to create a marketing plan for any business. We've also included professional marketing plan templates to get