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Christina Boyle on KODAK HIRES LAW FIRM FOR RESTRUCTURING ADVICE, IS THE END NEAR FOR THIS 131-YEAR OLD COMPANY, OR IS BANKRUPTCY NEXT? If you are the founder of a new startup or an existing business it's highly recommended that you develop a roadmap that will get you from where you are today to where you want to be tomorrow, six months from now, or a year or longer down the road. A marketing plan should be a formal written document, not recalled from memory or something scribbled on a napkin. Segmentation, Targeting and Positioning - This three stage process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy tailored for the chosen target group.
SOSTAC® - This acronym stands for Situation, Objectives, Strategy, Tactics, Actions and Control and is a very popular classic marketing planning framework for creating marketing plans. Ansoff's Growth Strategy Matrix - Ansoff’s Growth Strategy Matrix identifies alternative growth strategies by looking at present and potential products in current and future markets.
For my money, the SOSTAC® marketing planning model is the model I use the most when developing marketing plans. SOSTAC® is a marketing planning model, originally developed in the 1990s to help with marketing planning by PR Smith, who together with Dave Chaffey co-authored Emarketing Excellence. You can see it gives a logical order for tackling your plan (with iterations) and a great way to summarise the main elements of each.
SOSTAC® has become very popular since it’s simple, easy to remember and covers all the main issues which you need in a marketing plan or business plan.
Here are some tips on how to use SOSTAC® based on Chaffey's experience applying the model in companies and in academia. Use SOSTAC® to review your process - Before looking at how you apply SOSTAC® at each step to create a marketing plan, use it to review your planning process and how you manage your marketing.
Integrate the different elements of your SWOT Analysis -  Oftentimes in a plan or report there isn’t good flow relating sections. Where Are You Today - You must know where you are today in order to develop a roadmap to where you want to be in the future. Know Your Strengths and Weaknesses - Take an inventory of your individual and management teams strengths and weaknesses. Organizations - Describe them by number of employees, sales, geographic location, and industry.
SWOT Analysis - Identify your competitive strengths and weaknesses, business opportunities and potential threats. Management Team - List the key members of your present management team and very brief description of their business and industry experience and education.
Milestones Accomplished - Elaborate on significant milestones that have accomplished to date. Your marketing strategies answer the big question:  HOW do you get from where you are today to where you want to be tomorrow?
Core Marketing Message - Your core marketing message is a short description of your business, products and services, employees, core values, business philosophy, mission and value proposition you bring to the customer relationship. Define Your Brand - Your brand isn’t just your corporate identity like your logo, tag line, motto or its visual associations such as unique design, colors or packaging, but the relationship you have with your customers. Pricing Model - Describe the methodology you will use to set prices for your products and services.

Distribution Strategy - Describe the distribution channels you will utilize to get your product or service to your target market (e.g.
Advertising and Promotions Strategy - Determine what media channels you will use to market and promote your products and services to your target market (e.g.
Public Relations Strategy - Describe the methods you will utilize to inform, communicate and educate your public (e.g.
Strategic Alliances - Describe the nature and type of third-party alliances you anticipated will be needed in order to compete effectively in the marketplace. Word-of-Mouth -  Describe how and the methods you will utilize to create word-of-mouth. For many small company managers, finding the some time and commitment to develop business marketing strategies is tough. An advertising and marketing plan is similar in structure to some strategic business plan, however with a narrower focus.
By keeping your business marketing strategies in mind while you initially choose marketing programs, then making adjustments throughout every season according to those strategies, you build a better foundation that your business can grow. To grow, a business needs to give consumers what they want, at a price they are satisfied with, when they want it and make a profit for the company. Strategies may be to combat competition, to improve the position of the company in the market or to grow the business.
Marketing strategy aims to communicate to customers the added-value of products and services.
An important tool for helping develop an appropriate marketing strategy is Ansoff's Matrix. The main focus of the strategy was to increase awareness of the brand among students and encourage them to shop regularly at Wilkinson stores. Below are external web links provided by Wilkinson in relation to their business activities. Subscribe to our newsletter for current business news including lesson plans and activity ideas. If you learnt more about Marketing strategy for growth from this Wilkinson case study, why not share it with others?
This page and contents, ©2016 Business Case Studies, is intended to be viewed online and may not be printed. The benefits of membership:EntreConnection is your destination for starting, managing and growing your business. Our friend Erica Olson, founder of MyStrategicPlan, details how and why you should perform a SWOT analysis as part of your organization’s strategic plan. Once you know these factors, which are internal (inside your company) and external (the market) factors, you’ll be able to make changes to your marketing plan that will cover the areas that impact the marketing effort. SWOT analysis can also show you where you can make a change to your product or services without a great impact on your business or customer base. The strengths of the analysis are the factors that will impact your product line such as management experience, the manufacturing equipment, and the profit that is already in your pocket.
The weaknesses will show you factors that will impact your company by lack of communication between departments, rivalry between managers or departments, inadequate monies to continue on with a project, or even materials for your product that have been held up for some reason.  These conditions can throw off a project and the goals of your company if they are not taken care of before they become a problem.

The opportunities you find on the SWOT analysis are external factors that can have an impact on your company such as gaining good will; the general public’s view about your company, a positive light can gain you more customers, while a negative light will result in loss of sales, therefore, a direct line to your profit margins.
The SWOT analysis will show you what you need to know to continue on with your product line.
With more than 20 years of marketing experience, Rick and his team have helped hundreds of businesses grow in revenue and new customers. SOSTAC is more comprehensive and borrows elements of several of the other popular marketing planning models.
The four growth strategies include: market penetration, market development, product development and diversification. Include major new customers, revenues, no of unique visitors, downloads, new patents, major personnel additions and awards. Will you be using inside sales personnel, inbound or outbound sales personnel, outside sales personnel, manufacturer's representatives, independent salespeople or network marketing personnel.
There are plenty of other obligations vying for our attention it is tempting to push formal strategy development towards the back burner.
Wilkinson commissioned market research which identified key potential for growth in the student sector. This considers the right mix of design, function, image or service to improve customer awareness of the business' products and ultimately to encourage them to buy. This model looks at the options for developing a marketing strategy and helps to assess the levels of risk involved with each option. Marketing specialties include Mobile sites, SEO, Reputation Marketing, Lead Generation, Google services, Website Design & Consulting on projects of any size.
Don't think in terms of what other organizations or individuals have done, but how you are going to get it done. For example, marketing strategies to offer the above objective could include 1) improving online communication, information, and education, 2) building understanding of and interest in your organization on the web, and three) communicating the Web site’s existence and advantages to existing clients.
It had to develop a strategy for growth that not only covered the specific requirements of this target group, but also linked closely with the company's overall aims and objectives.
This is a medium risk strategy as it requires the business to find and develop new customers.
You’ll be able to see any problems you might have before you implement your marketing plan. A lot of businesses use other countries for their supplies, if that country suddenly has a war; your company is going to have a hard time getting materials for your product. Perhaps you’re not so good at setting SMART objectives, or developing strategies to support them or the control stage of assessing how effective your strategies and tactics are and adjusting them?
Marketing strategies help point you toward the very best marketing programs for the business. By integrating strategies to your overall company plans, you can better achieve business objectives.

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