Develop a comprehensive marketing strategy for an agri-innovation product or service & evaluate how it contributes to the product’s success.
- Why is an understanding of marketing important to the primary industry?
- How does understanding business & marketing improve primary production markets, & meet producer & customer needs?
- Why is writing a marketing plan important to your product?
- Do Marketing PPT pgs. 1-4.
What is an agri-innovation product or service?
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Marketing. ·
What is marketing? · What does marketing include? o Marketing goals o Market research o Position in the marketplace o Marketing strategy o Sales forecast o Marketing budget o Contingency plans o Action plans Monitoring |
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Understanding a Market Plan
· A marketing plan is a business document written for the purpose of describing the current market position of a business & its marketing strategy for the period covered by the marketing plan. Marketing plans usually have a life of from one to five years. · The purpose of creating a marketing plan is to clearly show what steps will be undertaken to achieve the business' marketing objectives. · What needs to be in a marketing plan? Description of the product, budget & sales forecast, advertising & promotional plan, pricing strategy, target market & market segmentation, information about the competition, strengths & weakness of the product & anything else that might aid in the effective marketing & selling of the product. · Developing a marketing plan would typically involve: o setting marketing aims to support corporate objectives o completing a marketing audit evaluating existing marketing against marketing aims o conducting market research to address issues arising from marketing audit o analysing & evaluating market research data o developing a comprehensive marketing strategy to meet marketing aims o evaluating sales forecasts & creating marketing budget o developing a contingency plan o writing a comprehensive action plan for implementation & future monitoring. a) Set marketing aims to support agribusiness objectives for the new agri-innovation product.· A mission statement & corporate objectives should be set. These headings could be utilised; - Financial - Personnel - Personal - Organisational Life Plan |
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Complete a marketing audit evaluating existing marketing against marketing aims
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Conduct market research to address issues arising from the marketing audit & to look at possible markets for the agri-innovation product. These could be;
Domestic, local & international market opportunities Domestic, local & international market opportunities Using primary & secondary data to determine; o feasibility of the product or service. o target market – who, where, why what, when & how. o the structure of the market(s) available. o the size of the market(s) o market share o risk assessment using SWOT analysis o key competitors (PMI) o market growth o market targets o key market segments o key customers o market share Carry out a business environment scan using PESTLE (Political, Economic, Social, Technological, Legal & Environmental) |
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Analyse & evaluate market research data
Look for patterns, issues & opportunities. |
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Identify your business’ position in the marketplace
Tools to use such as; Ansoff Matrix (market penetration, market development, product development & diversification) Boston Matrix (cash cow, star, problem child, dog Porters Five forces model (supplier power, buyer power, competitive rivalry, threat of substitution & threat of new entry). Identify & describe your target market & how your product meets the needs of this market |
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Develop a comprehensive marketing strategy to meet marketing aims for the new agri-innovation product or service using;
· evaluated market research data · the business’ marketing objectives & the business’ SMART goals. · the 7 p’s of marketing (product, price, place, promotion, people, process, physical evidence). · Forecasting. Branding (name, loyalty & image). |
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