Sample Marketing Plan: Executive Summary
Our company, Innovative Marketing Solutions has come up with a new marketing plan or IMC plan for the Rio mp3 player. In this report, we will further introduce ourselves and how we got started, our client background, the internal and external situational analysis, and why a new IMC plan is needed. Innovative Marketing Solutions is a strong competitor in the electronic marketing industry and is focused on increasing the brand equity and profitability of companies focused on increasing their share of the electronic and technological market. Our mission is to make sure that our clients have the tools and information that they need to become successful in the electronic and technological field. This is a sample of a marketing plan, if you would like to make your own marketing plan (or business plan), please use this free marketing plan template / outline.
To help SigmaTel Inc. decide if they should target the baby boomer generation with an mp3 player that can fit their lifestyle, we have looked at the strengths and weaknesses of the Rio product as well as the opportunities and threats and have included them in this sample marketing plan. We feel that SigmaTel Inc. would profit from making a simple mp3 player that older adults can use and understand. Not many companies are focusing towards the older generation with electronics, and we want SigmaTel Inc. to be one of the first companies to have an mp3 player that everyone can use no matter what a person’s age is.
Sample Marketing Plan (IMC): Introduction to our agency
Sample Marketing Plan (IMC): Background
Innovative Marketing Solutions (name created for the use of this sample marketing plan. If there is a company with that name we are not representing them) was created in the mid 90’s to assist companies in Northwest Ohio to better understand customers interested in technology and electronics. Innovative Marketing Solutions partnered with a small electronic company called Loblaw Audio Solutions. The owner, Bob Loblaw, had invented a new system for connecting component audio parts with people’s existing stereo systems. Innovative Marketing Solutions tirelessly worked with customers and audio distributors to understand the best approach for Mr. Loblaw to introduce his new product to the market. With help from Innovative Marketing Solutions, Loblaw Audio Solutions has grown and become one of the largest distributors of audio component parts in the Tri-state area. Innovative Marketing Solutions continued to work with electronic manufactures and continued to assist organizations around the nation with their marketing needs. Innovative Marketing Solutions uses their focus on hard work, communication and developed partnerships with clients to play a competitive role in the marketing needs of electronic and technology organizations to this day. Like this sample marketing plan? Make your own marketing plan by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Mission statement
Innovative Marketing Solutions exists to provide clients with the necessary tools and information to be successful in constantly growing market of electronics and technological advances. It is our focus to create strong partnerships with our clients in a never ending attempt to increase awareness, a positive image and consistently growing equity for their products and brand as a whole. We are sure we can successfully demonstrate a measurable value by creating growing and profitable solutions to our client’s marketing needs. (This sample marketing plan includes items that are usually included in a marketing plan. If you would like to create your own marketing plan (or business plan) please use this free marketing plan template / outline. It includes an outline of what to include in your marketing plan and when completed your plan would look similar to this sample marketing plan.)
Sample Marketing Plan (IMC): Purpose
Innovative Marketing Solutions is a strong competitor in the electronic marketing industry and is focused on increasing the brand equity and profitability of companies focused on increasing their share of the electronic and technological market. We work with companies in the audio/visual and computer electronic market with the goal of obtaining and implementing market research that can help our clients better understand their customers and develop their overall brand image. Like this sample marketing plan (or business plan)? Create your own marketing plan (or business plan) by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Execution
At Innovative Marketing Solutions we use a developed approach that involves goals, research and implementation. By setting achievable goals we are able to create measurable and obtainable marketing plan with a vision that is in sync with our client’s goals and desires. By conducting extensive primary and secondary research that is highly focused on a reachable target market we are able to gain a greater understanding for the markets buying habits and behaviors. Finally, we create a developed plan for implementation that is fine tuned to the needs of our client and will meet and exceed the expectations set at the conception of our sample marketing plan (or business plan).
Sample Marketing Plan (IMC): Client Background
Our client is SigmaTel Inc. and their brand is the Rio. The Rio brand, which technology assets were bought by SigmaTel from D&M Holding Inc. in 2005, has always been seen as the innovator of the mp3 world. From the time that the Recording Industry Association of America (RIAA) filed a lawsuit against Rio for its Diamond model in 1998, Rio has been developing new technology before anyone else. After defeating the RIAA who tried to ban mp3 players on the basis that they would encourage and increase music pirates and destroy the business Rio opened the door for a digital audio market (www.rioaudio.com). Rio’s major models include the Rio Carbon, Rio Forge, and Rio Karma. The Rio Carbon is palm-sized and has either a 5 or 6 GB hard drive. The Rio Forge is targeted to the athletic crowd and is a flash-memory player. It has convenient features including an arm strap, stop watch, and lap timer. The Rio Karma has a 20 GB hard drive and plays mp3 files without any gaps between them which allows full albums to be listened to as they were intended.
Make a marketing plan like this sample marketing plan (or business plan) by using this free marketing plan template / outline.
The new product offering, called the Rio Innovo, will be targeting active consumers over the age of fifty. The Rio Innovo will feature a easy-to-use, wide display screen with large control buttons. The Innovo will have a 2GB hard drive so that users can easily store all the music that they enjoy. The product will also utilize an innovative easy-to-use menu. Users can access their favorite music through an in product music database for easy download. The new target market, as mentioned before is consumers over the age of fifty years old. Traditionally, the brand’s target market has always been young, technology savvy consumers. Make a marketing plan (or business plan) with this free marketing plan template / outline. Your completed plan would be similar to this sample marketing plan.
Sample Marketing Plan (IMC): Internal Situation Analysis
Sample Marketing Plan (IMC): Current Target Market
The target market is baby boomers: more specifically early baby boomers or mature consumers also known as seniors that are age 55 and older. They make up about a quarter of the U.S. population and have larger disposable incomes than other segments. These are active, vital, and busy people which are the main reasons they are the target market for the Rio Innovo music player. By active me mean physically energetic people who enjoy participating in aerobics, swimming and social walking. It has easy to use features including large buttons and screen as well as an overall durableness. These valuable benefits are most important to and sought out by those in the baby boomer demographic. They want something easy to use and that is made well for an active lifestyle. Health conscious consumers are also included in our target market because Rio offers a waterproof and durable product that can accompany them on their workout. Rio’s company image will remain innovative especially in serving to this niche market of baby boomers and active consumers who require a simple, but durable mp3 player. We will be targeting consumers who have not traditionally been the majority of users in the mp3 market. The new targeted consumers have not traditionally been the main buyers of the music players. Make a marketing plan similar to this sample marketing plan (or business plan) by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Positioning
Positioning is how target market defines in relation to competitors. SigmaTel, Inc.’s Rio Innovo mp3 player is unique because of its simplicity. It’s easy to start using it right away which is a huge benefit to busy people who might shy away from complicated music players because they do not have the time to learn a complicated process just to listen to music. Our positioning is based on a combination of attribute positioning and benefits positioning. We will combine positioning in terms of a particular feature that represents a competitive advantage and with respect to brand benefits that appeal to consumer needs. Our attribute positioning is product related in that our design is made with superior materials and with a differentiating appearance such as large buttons and screen which makes it easy to use. The superior materials include the durableness and waterproof features. By using benefit positioning, we will show the customer how the product will suit their needs. The main benefit positioning need we are appealing to is functional needs. We are attempting to fulfill the consumer’s consumption-related problems. Our large easy to read function buttons and waterproof rubber casing fulfill the consumer’s need for convenience. The waterproof ability is only offered with the Rio brand and gives us a competitive advantage. It is an outstanding feature that allows the customer to virtually have their music with them at all times which is great for the active and health conscious consumer. These unique features are what will give the Rio the competitive advantage against other mp3 players. Our target market will respond well to these features and find it easy to join the mp3 craze with the Rio. This is a sample marketing plan. Make a marketing plan (or business plan) that will fit your needs by going to the following link and using the free marketing plan template / outline.
Sample Marketing Plan (IMC): SWOT Analysis
Sample Marketing Plan (IMC): Strengths
The unique selling points are a larger screen, and large buttons that make it easier to see and it more user friendly. It is simpler to use then an iPod. The Rio Innvo player can be charged by a USB cord or adapter. An excellent feature is our unique, durable, water-proof casing which enables the mp3 player to be used during sporting activities without worrying about damage. The Rio brand has always been seen as an innovator to the mp3 world. The target audience baby boomers that tend to have the majority of disposable income. This is a sample marketing plan (or business plan). Make your marketing plan with this free marketing plan template / outline.
Sample Marketing Plan (IMC): Weaknesses
A problem is that Apple iPod is the market leader. Currently when considering mp3 players, a lot of people think of iPods and they don’t have a brand loyalty to Rio. Currently there is not enough brand recognition or promotional strengths. This could be a problem until the Rio brand is better known. This is a sample marketing plan. Make a marketing plan (or business plan)for your company with this free marketing plan template / outline.
Sample Marketing Plan (IMC): Opportunities
Our niche market is the baby boomers who maybe aren’t as technology advanced. We will offer a product that is easy to use and that they can start enjoying right away instead of being turned off by the technology. The growing emphasis on keeping fit, could lead to an opportunity to market are product to start walking and jogging. With our durable casing, Rio Innovo can be taken anywhere. New cars are being sold with built in adaptors for mp3 players that allow music to be taken wherever people go. We could consider partnering with the auto industry in the future baby boomers have more disposable income and our product is the positioned to capture that market. Make a marketing plan (or business plan) for your company by using this free marketing plan template / outline. It will be similar to this sample marketing plan.
Sample Marketing Plan (IMC): Threats
iPods market share is huge. We have to show how Rio Innovo is more beneficial to baby boomers. The threat of new technology is always a consideration. We must continue to be innovative in research so that the Rio Innovo does not become obsolete too quickly. Another threat is future lawsuits from the recording industry. The Rio brand has successfully beaten a lawsuit from the recording industry and must endeavor to stay ahead of other legal problems. The cost of downloading music could be seen as a threat if it suddenly rises. If the costs of downloading music rises people will be less likely to download music and therefore less likely to purchase an mp3 player. Include the threats to your company or product in your marketing plan. You can create a marketing plan (or business plan) similar to this sample by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): External Situational Analysis
Sample Marketing Plan (IMC): Customers
SigmaTel, Inc.’s Rio brands mp3 players have traditionally been marketed toward the younger, more technologically enabled consumer market. The Rio Innovo will be geared at an untouched target market. The current MP3 player market is comprised of twenty and thirty year old consumers who like music and who like technology. The Rio Innovo will change the demographics that make up the current MP3 market. This is a sample marketing plan (or business plan). Make your own by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Environmental factors
With all the technology around us today people either learn it or try earnestly to ignore it (which tends to not work). The baby boomers are one of the groups caught in a struggle to either become technologically savvy or fall behind. The reason for the Rio Innovo 2G model is solely due to the ability and willingness of the older adult population to learn how and use the new mp3 technology that was originally geared toward the younger population. The Rio 2G model was released due to the socio-cultural developments within our society regarding technology and the push for the latest and most advanced within the industry: “Now given the rapid development of digital music production and storage, as well as broadband wired and wireless access and distribution technologies, music is among the most potent forces in existence...” (Burger 1). America and many other foreign nations’ alike are moving forward to innovate the latest gadget; if we can simplify the technology through its appearance and use, then we can attract the baby boomers. This is a just a sample marketing plan (or business plan). Make your own by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Competitors
Our research for this sample marketing plan has revealed several mp3 players that could potentially be competitors in our market niche. These include the SanDisk Sansa, the Coby MP7095C, and the Samsung YP-K3JQB. Specific attributes of these models will be discussed in further detail below. All of these mp3 players have attributes that could give the proposed version of the Rio Innovo brand competition. They do not, however, target the proposed niche in the mp3 product market. No brands were found that directly targeted the baby boomer market niche.
The first of the possible competing brands is the SanDisk Sansa mp3 player. This brand has 1-4 GB of the same type of flash memory we are suggesting. It also has a subscription download service similar to the download service that our proposed version of the Rio mp3 player. It supports the Microsoft PlaysForSure download subscription service. The brand is targeting the Innovators on the VALS framework. The SanDisk company is attempting to attract consumers with the products unique and innovative design. Prices for this mp3 player vary from $39.99 to $79.99, based on the amount of memory available. This is a sample marketing plan. Create your own marekting plan (or business plan) by using this free marketing plan template / outline.
The second brand that we will look at is the Coby MP-C7095 mp3 player. This brand has 1 GB of flash memory, 2” LCD color display, and FM radio. It can be used to play music and videos and it stores photos and text documents. The navigation buttons are small compared to the buttons we are proposing for our brand and menu navigation structure is to engaging for our target market segment. Like the SanDisk Sansa it does have a download subscription service similar to the one we are proposing for the Rio. The product is regularly priced at $58.00. This is a sample marketing plan. If you make a marketing plan (or business plan), be sure to include products or companies that would compete directly with your product.
The last competing brand we will discuss is the Samsung YP-K3JQB. This brand’s positioning is product related attribute positioning, and is based on the slim product design, the fact that the mp3 player is P2 subscription enabled and that it is touch enabled. The communication message for the product is, “Imagine the power of touch, Imagine slim size big sound.” Its competitive advantage is that the mp3 player is touch enabled and it is very easy to download music with the music players P2 subscription service. The ease of use will be attractive to our targeted market segment, but it may appear to be to technologically advanced for the majority of the baby boomer market niche. The communication message Samsung is using may not be an effective means of reaching the proposed market niche. A more appropriate message would enhance the ease of use rather then innovative product features. The price for this brand is $119.99 and it has 4 GB of flash memory. This is just a sample marketing plan. Make a marketing plan (or business plan) for your company or product by using this free marketing plan template / outline.
Sample Marketing Plan (IMC): Need for new IMC plan
SigmaTel, Inc. needs our services to develop a new IMC plan (or this sample marketing plan) for its Rio Innovo mp3 2G model. The new integrated marketing communications plan (marketing plan) will be developed around the five key features of the marketing plan. The product was designed specifically for the older adult population; so step one (start with the customer) has already been completed. Step two is to use any relevant form of contact; this will be discussed later in the midway report. The target market, in this case is the older adults (known as the baby boomers). Our agency will achieve synergy (the third step of the marketing plan (IMC)) through specific mediums that will speak with a voice. We will build relationships with the target market and encourage them to try out the new technology made easy. Lastly, through our new marketing plan we want to affect behavior by making the sale. This is just a sample of a marketing plan. Create a marketing plan (or business plan) for your company by using this free marketing plan template / outline.
Sample Marketing Plan: IMC Objective Setting
a.The new marketing plan (IMC) will accomplish many marketing communications objectives; objectives that will provide the foundation for remaining decisions to be made by the not only our company, but also by our client. The goals are measurable and they are based off our current objectives covered in our SWOT analysis. The overall objective is clearly to improve the Rio brand name through increased brand image, in which will increase sales and then win market share. This is a sample of a marketing plan (or business plan). Create your own marketing plan by using this free marketing plan template / outline.
b.The goals of the new marketing plan (IMC) will vary in degree, but the overall objective is clearly to improve the Rio brand name through improved brand image. In order to reach our stated goals, we must first recognize and complete objectives that will help in fundamental and implementation decisions. The goals or this sample marketing plan that have been established in order to increase the Rio brand market share are as follows:
•To move customers in our identified baby-boomer target market from unawareness to awareness (through advertising)
•To build sales of the Rio brand through new product offerings aimed at our target market
•To facilitate the successful introduction of the new product offering
•To gain consumer trust and loyalty
•To offer a product that is unlike any other in the market today, aimed specifically at providing simple, easy-to-use technology for the future.
The goals outlined for the sample marketing plan (IMC) are simple. In order for our sample marketing plan to be effective, we must move the general population from unawareness to awareness, implement new product offerings, facilitate those new offerings through successful introductions, build consumer relationships, and lead the market in user-friendly technology.
Sample Marketing Plan (IMC): Marcom message
To position the new Rio Innovo we are going to take a very different marketing approach in order to differentiate our product from existing mp3 players. We will be taking a reverse approach at marketing the new Rio Innovo by positioning the product around its ease of use and simplicity rather than innovation and advanced technology. Many of the new mp3 players including our direct competitors such as, the Coby MP-c7095 and the SanDisk Sansa, focus on attracting customers with advanced technology and fashionable usability. Although the younger generation does like the most up to date technology and trendy accessories we realize that the baby boomer generation cares about ease of use and compatibility with their lifestyle. Since the younger generation is already swept up by the iPod we will maintain our approach at targeting the older generation and our positioning will reflect the needs and wants of this market segment. This is just a sample of a marketing plan (or business plan). Write your own with this free marketing plan template / outline.
Proper positioning is all about establishing an image that consumers can relate to. The image should create a distinguishable differentiation between your brand and competitors while leaving an impression on the consumer they will not soon forget. The baby boomer generation is not overly impressed with flashy advertising and loud, overbearing messages that is why our theme will be simple yet sophisticated. The theme of our advertising will be focused on displaying the simple functionality of our product such as easy to access buttons, a highly visible display and simple to use software with step by step instructions. By showing our mp3 player being used by members of our market segment and enjoying the ease of use it will be simple to relate to our target customers since so much advertisement for such products is directed away from this particular segment of the population. This will give us an opportunity for differentiation by explaining how the Rio Innovo “is unlike any other mp3 player in the industry with its overall simplicity and easy to use functionality.” After developing an image of easy functional usage we can direct the consumer’s attention to how the Rio Innovo could be used in their life. This is where symbolic imagery will play a major role since we know the baby boomer generation still likes to be active and doesn’t want to be seen as behind conventional society this is how we will portray them. By showing consumers using the products while being active such as running or hiking we will open up the possibilities of use to our consumers and how our product can positively impact their active lifestyle. Also by showing consumers using the product at work or in other professional settings we will display some unique uses of the Rio Innovo our market segment could possibly relate to.
This is just a sample marketing plan (or business plan). Make the real thing for your company by using this as a guideline and by using this free marketing plan template / outline.
Our overall sample marketing plan (or business plan) will be focused on offering the consumer a “more for less” positioning strategy. Although our product does not offer the customer as much as our competitors in the way of advancing technology we do offer the customer more in the way of usability, unique design and compatibility with their lifestyle. We also offer the customer more in overall satisfaction because by easily understanding the product and having to spend less time figuring out how to use it the customer can spend more time enjoying the mp3 player in their everyday life. As far as getting “more for less” the consumer can expect to spend far less in effort, time and cost. By doing away with a lot of unnecessary technology that will only serve to confuse and cause difficulties for the user we will be able to offer the Rio Innovo at a reduced price compared to our competitors units. Since the software will allow our target segment, who may not be as capable as younger consumers at mp3 and computer usage, to easily transfer music from their computer to the player without difficult applications and services our product with save the consumer a great deal of time. Also by making the actual unit easy to use with small buttons and a highly visible screen we will save the consumer from any effort and strain associated with using trendy, sleek designed mp3 players. That is why our marketing communication plan will reflect our products image of offering “more for less” which will be reflected in our brands tagline “All the mp3 playback capabilities you could need without any unnecessary extras to slow you down!” THis is a sample marketing plan (or business plan). Make the real thing with this free marketing plan template / outline.
Sample Marketing Plan (IMC): Creative Style
Our creative style of this sample marketing plan (or business plan) wants to meet all the criteria needed for creative advertising to be effective. The creative style should come from a sound marketing strategy, take the consumer’s view, find a unique way to break through the clutter, not promise what it cannot deliver and prevent the creative idea from overwhelming the overall strategy. The creative style should be both original and appropriate meaning that the ideas should be new and the advertisement should have a solution to the customer’s problem. The focus of our advertising is to show the consumer that we have a product which will offer them the benefits of new-age mp3 players without the difficulty of use. We will communicate with the consumer by relating to them through visuals based around their demographics and activity based displays. This is why we will use a combination of creative styles including unique selling proposition, brand image, and resonance creative marketing techniques. We will use the unique selling proposition style to develop awareness of our easy to use software and simple design which takes advantage of enlarged buttons and a bigger display screen. We are attempting to create a brand image because we want our older target market segment to see our brand as fitting of their lifestyle. By creating an image of simplicity and overall ease of use we can attract an older segment to our brand that is not as tech-savvy as the traditional mp3 player customer. Finally by displaying an older consumer using our mp3 player and being active we can relate to their desired lifestyle and successfully use the resonance creative style approach. By using synergy to combine these three separate creative advertising styles we can successfully reach our target market segment in a way that will excite them and create desire to purchase our mp3 player. This is a sample of a marketing plan (or business plan). Create your own marketing plan with this free marketing plan template / outline.
Sample Marketing Plan (IMC): Promotional Tools
Since we are targeting the active baby boomer generation, we have decided that we are going to have demonstrations showing how to set up and operate the Rio Innovo. We will send representatives from our company to local YMCA’s, Lifestyles for Women, Curves, Bally’s and other workout facilities. As a company we feel that if we have some of our target market try our product while they are working out and then ask them what they think of the Rio Innovo, we will be able to get personal testimony from our target market. Another way we will promote the new Rio Innovo is by having an in-store display with a working model. With the working model there will be a brochure for the customer to take with them and a board displaying all the information about the Rio Innovo. We could either train the employees at the stores that we are thinking of selling the Rio Innovo or once again we could send out a representative out to show how to use the Rio Innovo. Some stores that we have in mind to sell the new Rio Innovo are Circuit City, Best Buy, Radio Shack, Target and Wal-Mart. This is a sample of a marketing plan (or business plan). Create a marketing that will serve your company with this free marketing plan template / outline.
Sample Marketing Plan: Media Selection
Our target market segment will be people above 50 and who have an interest/use technology on a regular basis. When the Rio Innovo is completed and we are ready to enter it into our target market, the main concern will be to get the innovators and early adopters to purchase and use the product. This will be done by specific message targeting that will get the attention of this segment of the 50 and over market. The internet will be the main form of advertising, because Internet users who are 50 and over are innovators in their target market and are already users of technology. This means that they are more likely to adopt a new technology. Direct mail will be the second form of advertising. It will be used to both introduce consumers to the product, and to re-enforce the advertising message that they may have received from the Internet usage.
The use of the Internet in this sample marketing plan
Internet advertising will be purchased through the Google Adwords program and through the Senior Citizen website, AARP. Adwords is a targeting advertising program that Google provides to businesses. Google will display ads on various participating websites according to the content that corresponds to the advertisers preferences. For example if a website’s content is related to retirement, then the Google Adwords service will display advertisements associated with retirement. Adwords provides a way to display advertisements on thousands of websites in targeted areas or all around the world. For the Rio Innovo, United States will be selected as the target country until the product has become well established in the market niche. 1 million dollars will be budgeted for Adwords advertising in the year following the product introduction. This budget would display millions of ad impressions to our target market, so that chances that a consumer would see the advertisement more then once would be substantial.
AARP is a website that does not use the Adwords service, but sells advertising space independently. The AARP website users are the ideal target audience. The visitors are generally hip, happy, healthy, and surprisingly tech savvy. The website says that its visitors are, “redefining our expectations on age, vitality, and life.” Below is part of a report Nielsen/Net Rating did on the website’s online visitors:
• 42.9% Male
• 57.1 Female
• 69.1 Married
• Mean Age: 54.9
• Mean HHI: $70,038
• 66.5% Employed
• 92% have been online for 3+ years
• 61% go online every day
• 78% go online 3+ times a week
• 77% have broadband access
The company has over 2 million unique visitors and over 16 million average page views each month. The average time spent on the website is 6 minutes, and 5.4 pages are viewed during each visit.
AARP charges rates based on the number of ad impressions each ad receives (in increments of a thousand views). Below a table that contains the different advertising options with the price per thousand impressions:
RON Dimensions CPM
Square Button 125 × 125 $27
Leaderboard 728 × 90 $27
Medium Rectangle 300 × 250 $27
Wide Skyscraper 160 × 600 $27
Skyscraper 120 × 600 $27
Topic Targeting Any Size $35
Sub Topic Targeting Any Size $55
Geo Targeting - RON Any Size $40
Geo Targeting - Topic Any Size $55
Geo Targeting - Sub Topic Any Size $65
During the first three months of the advertising campaign, there will be $350,000 budgeted for advertising space on the AARP website. This will result in approximately 13 million ad impressions. The type of ads will be varied and in different spots through out the website.
Sample Marketing Plan: Direct mail
One of the media selections (included in this sample marketing plan) used in the marketing communications program will be direct mail. This direct mail will be sent to individuals who are age 50 and up, and who have purchased a technology or music product within the last six months. The mailing lists will be sent to addresses that are obtained through InfoUSA targeted mailing list service. The mail pieces will be 4x6 postcards and will depict an individual from the target market niche using the product in a fun environment. $650,000 is budgeted for this form of advertising.
Sample Marketing Plan: Evaluation and Measurement of Success
We will measure our sample marketing plan’s success based on sales records and awareness. Return On Marketing Investment (ROMI) will be based on increase in sales volumes as well as increase in brand awareness and improved attitudes toward the brand. As we market our product the aim is to ultimately increase sales. Looking at the sales records we will know that our marketing plan is working if sales increase within three months after implementing it. Because marcom efforts in the current accounting period may not improve sales volume measurably until a later period we will allow three months to start seeing results. After the initial three months if we see no increase in sales we will reevaluate to see if brand awareness is increasing enough with our current marcom efforts to determine if we should continue with our these efforts.
Brand awareness is very important to us because there are so many other mp3 players available we want people to think of ours first in hopes that they will end up buying ours. Top of Mind awareness is our ultimate goal although we realize this will take time. Along with brand awareness, improved attitudes toward the Rio mp3 and increased purchasing intentions are also important.
Improved attitudes and purchase intentions must predictably turn into an increase in sales to be considered affective. An increase in brand awareness must translate in proportion to sales increases to be successful. If we decide that brand awareness is still increasing at a steady rate, but not affecting sales yet we will allow another two months to see if the increased in sales is just delayed. If after five months there is no increase in sales our sample marketing plan will have failed and we will rethink our marcom efforts.
Hope you enjoyed this sample marketing plan (or business plan). This sample marketing plan (or business plan) was added to this website to help you have a better idea about what a marketing plan should look like. It is just a sample of a marketing plan (or business plan), so most of the information is fictional. If you want more then a sample marketing plan (or business plan) and you would like to have a real marketing plan (or business plan) for your company, then you should consider using this free marketing plan template / outline and a guideline.
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