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Launching Your Concept The Marketing Plan (the basics) Spring Semester University of Illinois 1 At Chicago Innovation Center Interdisciplinary Product Development Launching Your Concept Definition The marketing plan _is a written

  1. Launching Your Concept The Marketing Plan (the basics) Spring Semester University of Illinois 1 At Chicago Innovation Center Interdisciplinary Product Development

  2. Launching Your Concept Definition The marketing plan… _is a written document _identifies objectives and time frame _outlines the activities needed for achieving those goals MP = tangible outcome of planning process Spring Semester University of Illinois 2 At Chicago Innovation Center Interdisciplinary Product Development

  3. Launching Your Concept Principles Actionable – implementation-focused Clear – systematic, logical, structured Succinct – only need-to-know info Encourage careful and disciplined thinking – iterative approach critical Spring Semester University of Illinois 3 At Chicago Innovation Center Interdisciplinary Product Development

  4. Launching Your Concept Consideration Levels Strategic Questions: Tactical Questions: What is our… How will we deliver the _target market? value by … _positioning? _product _pricing _promotion _communication _service _distribution Spring Semester University of Illinois 4 At Chicago Innovation Center Interdisciplinary Product Development

  5. Launching Your Concept Components Chernev (2014) Spring Semester University of Illinois 5 At Chicago Innovation Center Interdisciplinary Product Development

  6. Launching Your Concept Components A busy supervisor should get the gist of what you are proposing (i.e., your specific proposed solution/action) AND what you expect to gain from it (i.e., benefits resulting such as profit, market share, etc.). Chernev (2014) Spring Semester University of Illinois 6 At Chicago Innovation Center Interdisciplinary Product Development

  7. Launching Your Concept Components Company overview Market overview Target customer(s) Chernev (2014) Spring Semester University of Illinois 7 At Chicago Innovation Center Interdisciplinary Product Development

  8. Launching Your Concept Components Specific Target(s) Benchmarks Chernev (2014) Spring Semester University of Illinois 8 At Chicago Innovation Center Interdisciplinary Product Development

  9. Launching Your Concept Components Identifying Target Customers and Developing Optimal Value Proposition (OVP) Chernev (2014) Spring Semester University of Illinois 9 At Chicago Innovation Center Interdisciplinary Product Development

  10. Launching Your Concept Components (Expanded) Marketing Mix: Tool for Creating the Optimal Value Proposition (OVP) Chernev (2014) Spring Semester University of Illinois 10 At Chicago Innovation Center Interdisciplinary Product Development

  11. Launching Your Concept Components (1) Organizational infrastructure, including key collaborators (2)Business processes (3)Implementation schedule Chernev (2014) Spring Semester University of Illinois 11 At Chicago Innovation Center Interdisciplinary Product Development

  12. Launching Your Concept Components What gets measured, gets managed. Peter Drucker (1) Performance evaluation (2)Environmental analysis Chernev (2014) Spring Semester University of Illinois 12 At Chicago Innovation Center Interdisciplinary Product Development

  13. Launching Your Concept Components Chernev (2014) Spring Semester University of Illinois 13 At Chicago Innovation Center Interdisciplinary Product Development

  14. Launching Your Concept Components Financials • Revenue • How does this product/service create monetary value? • What is the estimated revenue for the first 3 years? • Cost Cost of providing the product/service to the customers • Profit Spring Semester University of Illinois 14 At Chicago Innovation Center Interdisciplinary Product Development

  15. Launching Your Concept Due Dates Thursday, February 22 The first written draft of your team’s marketing plan is to be handed in to Prof. Cui for review. It will be returned to you with written comments and suggestions for improvement at the following class session. In this draft, you should: (1) set up the outline of the document; (2)complete the Situation Analysis section in full detail; (3) enter preliminary contents in the other sections. Thursday, March 15 A second draft will be handed in to Prof. Cui. Once again, this second draft will be returned with written comments and suggestions the following week. Thursday, April 12 The third draft of your team’s plan is to be handed in to Prof. Cui for review, with comments and final revision requirements provided by Prof. Cui. Thursday, May 3 The final version of your Marketing Plan will be delivered to your IPD faculty and to BMW mentors on the day of final presentations. Spring Semester University of Illinois 15 At Chicago Innovation Center Interdisciplinary Product Development

  16. Launching Your Concept end Spring Semester University of Illinois 16 At Chicago Innovation Center Interdisciplinary Product Development

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