Block 3:Marketing Plan and Material

This is Mr. Haider Alleg – an ex UHA graduate from more than a decade ago who has developed his own successful specialist, business consultancies in Geneva and New York.  He has advised in the marketing of international corporations and brands for companies like Novartis and delivered many projects like yours.  I wish you his sort of international success!

So, you’ve ‘pitched’ your business concept to the Dragons and had a positive response…. now for the difficult part: delivering what you promised!

Clearly it is all going to fall apart unless you can actually get your target market(s) to  purchase your product(s) / services(s).

Your next task is therefore to take your business idea and develop a Marketing Plan.

STEP N°1

to get your essential message across to your potential intermediaries (if there are any in the distribution chain), clients/buyers/customers you will need a Marketing Plan which will involve the following:

• Market Segmentation. Maybe you do not just have ONE market you have a number of markets: i.e. the whole ‘cake’ is cut into ‘slices’ (the segments). In Marketing, ‘one size’ rarely fits ‘all’, that is to say that segments that are differentiated from one another usually require a different approach in terms of selling. For each segment, therefore

• describe the segment: what are the strong commonalities between individuals and groups in the segment you have identified?  What characteristics do they share?    You need to ‘paint a picture‘ of Mr & Mme Typical Customer.   NB.  You need to really identify with them and understand them intimately…. otherwise how will you convince your backers that your marketing plan will work?

• suggest what % of your total sales ‘cake’ you think will be accounted for by this segment ‘slice’.  Makes sense to start with the segment that is both the biggest and the easiest to attract (and the most likely to produce early profits and attract future investors so you can ‘attack’ the rest of the segments you have identified!).

• • define what this segment really wants/needs… for example, some segments may be critical on low price, others on higher quality, design, reliability….etc.: who ARE these people? … Could you develop a typical ‘ID picture’: age, social class, family structure and size, salary/income, post occupied,  etc etc and make clear why these people need you and your idea/product/service?
  • identify where your segment clients are and how you will reach them… some may exist ‘locally’ and want to find you in Pages Jaunes … others may exist only ‘virtually’ and require your product to be sold online… You must have a clear vision of how your clients in each segment may be best approached.
  • identify how numerous your clients are in total and the proportion that you think you may be able to attract in Yr1, 2, 3 etc
  • identify what you feel is the extent of competition in this market segment and why and how this segment’s clients should buy your product or service in preference to others i.e. what is your USP: Unique Selling Proposition).  How you might be able to protect and grow your business idea (especially when others see it is working) will be crucial here…

STEP N°2  is to deal with the matter of Branding:-

• Brand Identity. Given you are clear about the nature of your product(s) / service(s) and you have now specified exactly what your clients need and want of your product, it is time to define your brand(s). This will require you to address any number of things you will want your customer to think of immediately when he is confronted with your brand, its name and logo. Suggest you look at Martin Roll’s Brand Glossary, to begin to picture what a ‘Brand’ is all about (- then you will understand the following). I particularly want you to consider the following in relation to marrying the brand with your product and your market:-
  • The Brand Name(s)
  • The Brand Essence
  • Brand Personality
  • Brand Values
  • Brand Image / Logo / Slogan / Strapline

Marketing textbooks speak of ‘The 4 Ps’: Product, Price, Place (though with the development of the internet, they now talk about ‘SPACE’) & Promotion... the bullet points above help us to address the first of these (Product) and to contribute a little towards the latter two (Place and Promotion). For the moment I am content with this as I do not want you to run too far ahead or to get ‘bogged down‘ in costs and prices.

ASSIGNMENT INSTRUCTIONS & Deadlines.

1. Produce a written, TEAM-based report (which carries forward your S1 business idea as presented to the Dragons) in English, systematically addressing the Market Segmentation and Branding bullet points as above. [Perhaps 4 – 5 pages in total]. This will be submitted to TJ for marking no later than Thursday 15th Feb 2024.  Email your report to: tjolley@gmail.com  NB. You MUST do this BEFORE you start the second component of this assignment as shown below.

THEN

2. Use a website creation tool like WIX to produce a ‘mock-up‘ (first draft) of your primary product site for your most promising market segment. You will then be asked to present this to your backers: Dragon(s) + banks + investors to prove that you have really thought this through. Wix Site Showcases  March 11th 2024: (15-20 mins MAX).  Team base mark moderated for individual quality of contribution.  Everyone must contribute equally BOTH to the preparation of the website and the presentation.

NB1.  In terms of marking, I will be looking first and foremost at the FIT between the website, its content, look and feel…. does it:

• represent the attributes of the Brand
• appeal to your identified market

It is not just about producing something’pretty’… it has to achieve the purpose for which it was intended!

NB2. Do NOT publish your site via WIX … just use the creator tool to produce an unpublished draft. Take care also not to use images that may be copyrighted (such that you do not have the right to use them) as the owners have sophisticated ways of tracking their work and may present you with a solicitor’s letter and a big bill!)

T 02/24