(E Book) Marketing Plan Presentation
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Transcript of (E Book) Marketing Plan Presentation
Music Marketing and Promotion
Putting Together a Solid Marketing Plan
Learning Objectives Understand the structure of a marketing
plan. Obtain a sense of how a marketing plan fits
into an overall business plan. Develop an appreciation for the critical
success factors in a marketing plan. Obtain the understanding needed to begin
the marketing plan project. Create a marketing plan good enough to
implement and professional enough to submit to a potential employer
Preliminary Comments The pathway to success in business is paved
with creating and implementing sound business plans.
Professionals who can create and implement a powerful strategy are far more likely to be successful and get promoted.
Without these skills, careers are greatly limited.
There is as much of an art in creating good strategy and plans as there is an playing any instrument. Virtuosos are just as rare.
What is strategy and planning? Every business organization must strategize
and plan. Generally, there are five strategies that the
organization must develop:– Financial Strategy– Human Resource Strategy– Manufacturing Strategy– R&D Strategy– Marketing Strategy
Let’s discuss a little on each.
Financial Strategy
From where does the firm get money/resources?– Taking on Debt (borrowing money, selling
bonds)– Selling equity (selling stock in the company)
How does the firm manage its cash flow. Many firms make as much money on cash flow as they do from operations.
Human Resource Strategy
What sort of people is the firm going to hire?
How much training will the firm provide?
For what time period will the firm hold employees?
What sort of culture will exist in the organization?
Manufacturing Strategy
How will the organization go about creating products?
Will they be produced by the organization or produced externally?
How much will the organization invest in its ability to produce products/services?
R&D Strategy
Every organization must produce new products and services.
How will the organization go about creating new products and services?– Create internally through a creative process?– Buy innovation from outside?
Marketing Strategy
To which customers is the organization going to target its efforts (market segmentation and target marketing)?
How do we mix the following elements to create a plan for success:– Product– Price– Promotion– P-distribution
We will spend the rest of the semester addressing each of these issues.
Business Plan and Marketing’s Role How a business goes about setting its
strategies and plans is largely a function of its strategic direction and the environment in which it operates.
That is, a firm will scan the environment and see the possibilities, in the context of its capabilities. Based on this assessment, it will create a strategy for moving forward. Plans will be created for implementing the strategy.
The firm will make general decisions on all five strategies and then dictate objectives to each area of the firm.
Marketing’s Role in the Business Plan
Marketing is generally given objectives that are non-negotiable, but most everything else is.
That is, marketing must meet some target (10% increase in revenues with a 5% increase in profits) but how to meet those targets is up to the marketing experts.
In many jobs in the music industry, you will be the one that is expected to make those expert decisions.
What we will discuss assumes that the decision on objectives has already been made.
The Steps in Creating a Marketing Plan Conduct a SWOT analysis/current situation
Convert the SWOT into a TOWS analysis Identify the organization’s aims, goals, and objectives. Identify the customers/target markets. Identify the customer requirements. Articulate the objectives. Create a strategy for accomplishing the objectives (4-Ps+). Create action programs for carrying out the strategy. Project profit/loss for at least two years. Install controls for monitoring progress.
Conduct a SWOT Analysis Look at 35,000 feet to assess the Strengths,
Weaknesses, Opportunities and Threats. Strengths and Weaknesses are internal. Opportunities and Threats are external. Successful examination of strengths and
weaknesses requires an objective assessment of what the organization does well and what it does not do well.
Successful examination of opportunities and threats requires an accurate assessment of the industry and its competition.
Conducting a SWOT Analysis
There are tons of industry specific data available on the music industry.
The current dynamics in the music industry are particularly relevant to anyone creating a SWOT analysis. The web is a great source.
Other sources include periodicals (Music Biz, Billboard, etc.) and research documents (Mediamark and Lifestyle Planner).
Conducting a TOWS Analysis The broad trends unearthed in the SWOT
analysis must be converted into relevant issues.
A TOWS analysis is one way of looking for patterns. Strengths Weaknesses
Opportunities
S/O O/W
Threats S/T O/T
Output of SWOT and TOWS After completing a SWOT and TOWS
analysis the strategic background of the project should be addressed.
All the relevant dynamics in the marketplace, especially competitive ones, should have been addressed.
This background is critical for establishing the possibilities.
Identify the Organization’s Aim, Goals and Objectives
Most marketing plans are set inside an organizational context.
What organizational objectives must the project satisfy?– The project cannot violate the aim of the organization
or its mission.– The project must contribute to the accomplishment of
some organizational goal(s). The organization can be an important “customer”
of the project. What constraints have been placed on the
project?
Identify the Target Market No project/product can satisfy every
potential customer. You must select a target market for
your project that can be satisfied and has a demand for the product/service.
This identification must be very specific.
Identify Customer Requirements The more that is known about the target market and its members’ needs, the more likely is success.
These needs are oftentimes not easily manifest and may not even be well-understood by customer.
You must have a concrete sense of what customer requirements are being satisfied.
Articulate the Objectives What performance is necessary to
satisfy customers and achieve the objectives?
This performance must be translated into measures that can be tracked.
When the objectives are fully reached, the project will be a success.
It is critical to define the objectives accurately. What gets measured gets done.
Develop a Strategy There are literally thousands of methods
that can be used to accomplish an objective. Strategies are “grand designs” for achieving
an objective. For example, suppose an objective is to sell
20,000 CDs. The following would be strategies:– Try to get airplay and then distribute them
through one-stops and moms & pops– Set up promotional events with sales in the back
of the room– Get access to an internet portal for “teaser”
downloading. Sell through your website.
Create Action Plans
Once a strategy is chosen, more detailed, concrete steps must be taken to ensure proper execution of the strategy.
These action plans must be sufficiently detailed to ensure success.
Methods for executing these action plans must be created.
Methods must be created for monitoring progress on them.
These are generally presented effectively on VENN diagrams.
More on Action Plans Each action plan must contain:
– The objective to be achieved in the action plan
– The target market of the action plan– A comprehensive, detailed description
of the action plan– Responsibility assignment for executing
the plan– Timing horizons– Budget– Controls for monitoring implementation
A Budget All the expenses incurred in the action
plans must be rolled up into an overall budget.
Revenues must be estimated from sales for each time period.
These are subtracted to from a potential profit/loss statement.
Controls Document All the controls in each action plan must
be rolled up into a comprehensive control plan.
There will always be overlap in controls (i.e., some control devices will ensure the success of several action plans).
Generally, these are consolidated by people (who is responsible) or by action (e.g., survey, action report, etc.).