Caterpillar The Marketing Plan: Your guide to a more successful product launch Spring Semester 2016 University of Illinois 1 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • How Successful Are New Products? Statistics Ø Why do you think many new products fail? Spring Semester 2016 University of Illinois 2 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Pre-Launch Phase Pre-Launch Phase Statistics 1. Market research Market research is lacking on the product or the market. 2. Most of the budget budget was used to create the product; little is left for launching, marketing, and selling it. 3. The product is interesting but lacks a precise market market. 4. The product’s key di di fg fg erentiators and advantages erentiators and advantages are not easily articulated. 5. The product de fj nes a new category, so consumers or customers will need considerable education education before it can be sold. Spring Semester 2016 University of Illinois 3 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Pre-Launch Phase Pre-Launch Phase Statistics 6. The sales force sales force doesn’t believe in the product and isn’t committed to selling it. 7. Because the target audience is unclear, the marketing campaign is unfocused. marketing 8. Distribution Distribution takes longer than expected and lags behind the launch. 9. Sales channels are not educated educated about the product and thus slow to put it on shelves. 10. The product lacks formal independent testing testing HBR HBR Spring Semester 2016 University of Illinois 4 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar “Marketing plays a signi fj “Marketing plays a signi fj cant role in the cant role in the Role of Marketing success of a new product launch.” success of a new product launch.” To illustrate this point, let’s listen to a story about selling condoms in the Congo. Spring Semester 2016 University of Illinois 5 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • A marketing plan outlines the speci A marketing plan outlines the speci fj fj c actions c actions De fj nition that will be taken to interest potential customers that will be taken to interest potential customers in the product/ service and persuade them to in the product/ service and persuade them to purchase it. purchase it. Ø The what , how , and to whom sales will be made Spring Semester 2016 University of Illinois 6 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Levels Spring Semester 2016 University of Illinois 7 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Components • Title Page • Table of Contents • Executive Summary • Mission Statement/Goals & Objectives • Market Overview & Situation Analysis • Product/Brand Strategy • Marketing Programs & Tactics • Financials/Budget/Forecast • Monitors and Controls • Appendix & Exhibits Spring Semester 2016 University of Illinois 8 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar ü Prepare last, after rest of plan is written Executive Summary • Provides a high-level summary/overview of the plan. • Introduces the o fg ering and explains the major points of the plan. • Summarizes the marketing goals and objectives of the plan. Ø Tell decision-makers the key things they need to know about the plan Spring Semester 2016 University of Illinois 9 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • Brief description of the purpose and Mission Statement/ marketing goals and objectives of the o fg ering Goals & Objectives § Company objectives (if appropriate) § Marketing objectives Ø What you want to achieve with the o fg ering Spring Semester 2016 University of Illinois 10 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • Market overview, de fj nition, analysis Market Overview § Pro fj le socio-cultural, political, legal, economic and and technological environments • Situation Analysis Company and competitor analysis § Description of market drivers & dynamics § Comparative SWOT analysis § Market shares • Pro fj le of target audience/segments § Demographics § Size § Their wants & needs § How they will decide to adopt and use the o fg ering Support requirements, etc. § Spring Semester 2016 University of Illinois 11 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Ø How you plan to achieve the objectives Product/Brand • Present core strategy (yours will be one of the Strategy following): Ø Market development Ø Technological innovation Ø New product-new market Ø New product-same market Ø Product line extension • State the value proposition • Describe the product positioning and rationale Spring Semester 2016 University of Illinois 12 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Ø Application of the 4 P’s Marketing • Describe the o fg ering, including features and bene fj ts and Programs and competitive advantages and disadvantages Tactics • Describe pricing and rationale • Describe the distribution and rationale (dealers, distributors, sales people, etc.) § How and where customers will have access to the o fg ering • Describe the tactics of how the o fg ering will be promoted and rationale • Advertising • Personal selling • Sales promotion • Public relations • Publicity Spring Semester 2016 University of Illinois 13 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • Budget to achieve plan goals and objectives Financials/ Budget/Forecast • Sales forecast • Pro fj t & loss statement Spring Semester 2016 University of Illinois 14 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar • Market research Monitors and Controls • Customer feedback • Market share analysis • Financial and accounting analyses • Sales call reports, etc. Spring Semester 2016 University of Illinois 15 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Key Considerations Spring Semester 2016 University of Illinois 16 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar Marketing Plan 1. What is your value proposition? What is the unmet need you are fj lling? What is your business model? Exercise 2. How does your product support the corporate goals and objectives? How does this compare to your marketing goals and objectives? 3. Identify your Macro Environment: What are the uncontrollable factors that will impact your product? (e.g. Political-Legal, Economic, Social- Cultural, Technology) 4. De fj ne your Market: How would you de fj ne your industry, market, segment where you will compete? Analyze Market Trends. How large is this market? How much potential growth is there? How is it structured? Conduct a Competitive Analysis: Who are your competitors and what advantages do you o fg er? Spring Semester 2016 University of Illinois 17 At Chicago Innovation Center Interdisciplinary Product Development
Caterpillar end Spring Semester 2016 University of Illinois 18 At Chicago Innovation Center Interdisciplinary Product Development
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