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Transcript of FFA Marketing Plan Workshop. Who are we? Overview of Competition State Convention competition ONLY 3...
FFA Marketing Plan Workshop
Who are we?
Overview of Competition State Convention competition ONLY3 FFA participants per teamTeam Scored Event – professional marketing
judgesWritten Plan:
Must select a local product/serviceThree-year planShould not exceed 8 single-sided, 8.5” x 11” pages
Presentation: Prelim Round – 5 minute presentationSemifinal Round – 10 minute presentation Final Round – 12 minute presentation
- Market Analysis- Industry Trends, Market Potential, Target Market,
Customer Profile
- Competitive Analysis- Identify Competitors, SWOT Analysis
- Business Proposition- Strategy Statement, Key Planning Assumptions,
Marketing Objectives
- Action Plan- 4 P’s. Marketing & Promotional Tactics
- Financials- Monitoring & Measuring
- Evaluating business performance thru metrics
Overview of Marketing Plan
MyMato:Dwarf cherry tomato plant that can be
grown inside, all year round. It can produce hundreds of tomatoes from one plant.
Market Analysis Section
Market Trends & PotentialsMarket PotentialTarget MarketCustomer Profile
What is Market Research?
Why is it important?
Market ResearchStudy of market conditions and trends to
determine whether a product has potential and the proper market for the product.
Answers questions like…. Who should I market to? What competition is in the market? Industry trends that would influence my business/product success? How much should I charge? Where should I market the product? When should I launch the product? How should I communicate to
my customers? What’s my market potential?
Market ResearchTwo forms of Market Research:
PrimaryYou collect the research
SecondarySomeone else collected the information first
What are some forms of each??Primary:
focus groups, interviews, observations, surveys, etcSecondary:
USDA, journals, periodicals, research papers, web
Market Trends
What is going on in the market that would constitute a need for this product?
QUANTIFY your trends
Explain RELEVANCE
MyMato: - What is happening (trending) in the fresh produce industry today?
Consumption of fresh market tomatoes has increased
Healthier eating (vegetable intense diets)
Preferring sweeter tasting tomatoes
Food origin is a growing concern for consumers
Market: Who is it??Target CustomerTarget MarketMarket Potential
Market Potential
Determines how big the market is in terms of:
Dollar value
Customer numbers
Stage of development the market is currently in- Immature? Mature?
Target Market
WHO are you targeting?
Segment or narrow your marketGeographic, Demographic, Psychographic,
Behavioral
Are there any secondary targets?Perhaps key influencers
Leads into Customer Profile
Customer ProfileWho are they?AgeEducationPriorities/Values
Where do they get their product information?
Often helps to give your target customer an identity.
MyMato:Target Market – who would you target?
MyMatoCustomer Profile – who is the customer?
Competitor Analysis
Competitor AnalysisSWOT
Competitor AnalysisTo start:
Identify your product’s benefits to the customer
What is YOUR competitive advantageResearch similar/competing products in the
marketProductPrice% Market ShareStrengthsWeaknesses
MyMato:
SWOT AnalysisStrengths- things the company/product does
wellWeaknesses- things the company/product
doesn’t do wellOpportunities- conditions in the external
environment that favor strengthsThreats- conditions in the external
environment that do not relate to existing strengths or favor areas of current weaknesses
Strengths Weaknesses
Opportunities Threats
Inte
rnal
Exte
rnal
MyMato:
Business Proposition Section
Key Planning AssumptionsMarketing GoalsBusiness Strategy Statement
Key Planning Assumptions4-6 Business Assumptions about the
marketplace and customersInformation should be taken from the
research conducted in the Market Analysis section
Examples from MyMato:
1. Northern Naturals holds exclusive rights to the patented indoor dwarf cherry tomato plant, MyMato
2. The demand for nutritious, convenient, locally grown produce will continue to grow.
3. Northern Naturals will have access to an adequate supply of seed and production greenhouse space to satisfy the forecasted demand.
Marketing Goals/Objectives
3-5 Business Metrics/Objectives should be setSales (Units, $), Customers,
Satisfaction, Profit MarginNeed to be reasonable (within reach)
and measurable
Examples from MyMato: By Year 3:
Gross sales of $14 million65% brand awareness among our target market Capture 5% of the market in selected grocery stores in
targeted area
Strategy Statement
1-Sentence Statement, says:Who we areWhat we doWho we do it for
Example from MyMato:
“MyMato will reward consumers with a desirable sweeter tasting cherry tomato, grown on nothing more than a sunny window-sill, while keeping health and convenience a top priority. My Life, My Health, MyMato.”
Action PlanThe plan to:
1. Make your customers aware of your product/service2. Get your customers to buy your product/service
The 4 P’s of Marketing (Marketing Mix)
Product PositioningPhysical features or intangible aspects of the
product
PricePricing Strategy, Sell Low/Premium Priced?
Place Where?, Distribution Channels
Promotion Action Plan: Marketing & Promotional Tactics, Sales
Promotion
MyMato 4 P’s
Promotion
Mass SellingAdvertising- what you pay forPublicity (PR)- free
Sales PromotionWhat you do in-store to get the customer to try it
Contests, coupons, free samplesPersonal Selling
Direct contact with potential customer
Example Promotional Tools
Print MediaSocial MediaPublic RelationsTrade Shows/Educational SeminarsInternet MarketingSales ForceProduct Launch
MyMato Promotions – Year 1
MyMato Promotions – Year 2
MyMato Promotions – Year 3
Financials
Why Financials are Important
Shows economical feasibility
Shows validity of marketing expenses
Can we move forward?
Cash Flow, Gross Margin, Profit
Monitoring and MeasuringContingency PlanGoalsWhat happens if you exceed your goals?What happens if you don’t meet your
goals?
Questions?For more information & resources:
www.iowastatenama.wordpress.com “FFA Resources”