Business plan

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Introduction


To evaluate and analyse a “professionally made” marketing plan requires the evaluator, to very critically and closely point out the strengths of the plan, yet also point out parts of the plan that are irrelevant or are in need of improvement (weaknesses). Of course, as this is a professionally written marketing plan, the positive aspects of the plan will vastly out-number the negative aspects. In analysing this specific marketing plan we must also establish whether each of the elements of the plan are addressed adequately, and, if needed, offer suggestions for improvement to the plan.


The Marketing Plan for “T B S” is quite extensive, with many different sections.


Essential Elements of any Marketing Plan





There are certain aspects/elements that are integral to the success of a marketing plan that need to be addressed in great detail. These elements include


· Situation Analysis


· Market Analysis (External and Internal)


· SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)


· Establishing Market Objectives


· Identifying and Satisfying Target Market


· Developing Marketing Strategies


· Marketing Mix (Product, Price, Promotion and Place)


· Developing Financial Forecasts


“T B S” addresses all of these elements in their marketing plan. Now we must analyse to what extent each specific area has been addressed.


Situation Analysis


“The Situation Analysis looks at the market in terms of size and growth, needs of the target market and trends in buyer behaviour. The performance of products is examined and major competitors are identified and analysed.”


The situation analysis for “T B S” addresses, in great detail, the area in which the retailer is situated. It mentions the growth in population of the area, and the locality of the “T B S” to large cities where consumers will be targeted. It also addresses some of the businesses competitors but does not go into much detail at all. The situation analysis therefore is not fully covered, leaving out trends in buyer behaviour and the examination of product performance. This section of the marketing plan is quite verbose and is sometimes irrelevant to the main purpose of the plan. The situation analysis does well at analysing the target area, where proposed consumers will live, which is quite helpful when the plan later establishes target markets in further detail. Some competitors are mentioned, but details about these businesses are spared until later in the plan (competitor analysis section).


Market Analysis


“The Market analysis looks at the Internal and external influences that can affect and business and/or the market in which it operates. These include economic conditions, demographic patterns, financial resources etc it also covers market needs and trends.”


The Market analysis for “T B S” is quite impressive. Each section is structured well so that the layout is easy to extract information from. We see how the business wants to sell their products through two different methods, which cater for different types of consumers (Direct Mail and Web Market and Retail Market). Demographical issues such as population growth are also taken into consideration; these give good insights into the size of the market that “T B S” is working within. Actual analysis of the average consumer (sex/age etc) also takes place in the market analysis, which shows what types of customers prefer the “web market” compared to the “retail market”.


The Market analysis then goes into Market needs; these are the things that the business needs to do in order to satisfy the customer. This is very simple to follow and understand adding to the overall success of the marketing plan. The final section in “T B S” market analysis is the identification and evaluation of market trends, this section is done reasonably well as it gives the business an idea of what the consumers are actually like and a chance to be able to move into new markets should there be a change in market trends.


This section of the marketing plan may be improved through putting more detail under the market trends heading to give the business a greater view of the whole market and the way in which it is functioning. All in all, this section of the marketing plan is well put together, with vital information that contains much relevance for “T B S”.


SWOT Analysis


“A SWOT Analysis is used by a business to evaluate themselves and their competitors. SWOT stands for Strengths of the business, Weaknesses of the business, Opportunities for the business and Threats to the business. A SWOT analysis helps to plan future decisions and strategies.”


The SWOT analysis in “T B S” marketing plan is very extensive and comprehensive. It firstly outlines the strengths, weaknesses, opportunities and threats and then later expands on these points in a larger section. The most impressive part about the SWOT analysis in this plan is the fact that it covers all areas of the business, from finances to competitors to target markets. When all areas are covered by the SWOT analysis the business will find it that much easier to function. This is because all of the details about the business are written down for the management to see and use as a platform to work upon. Little improvement could be made to this section due to its large detail and relevance to the business.


Competitor Analysis


“Competitors are a key focus of the marketing plan. A business needs to understand how competitors think by analysing their strategies, assessing their strengths and weaknesses and predicting their future moves”


This section is a little out of place in “T B S” marketing plan yet it is very successful in evaluating the businesses competitors in a short and effective manner. The competitors are established and then valued by this analysis. This evaluation of the competitors is essential for “T B S” as it allows them to capitalize or “out-do” the businesses in competition with them. Clear objectives are stated in this section about increased market share etc. These help give the business a goal to aim and strive for. The effectiveness of each individual competitor is summed up in this section, in comparison to “T B S”. This allows the business to compare its average performance with other competing businesses to evaluate its success and market share. The establishment of some ideas or strategies to achieve these competitor-beating objectives would improve this section of “T B S” marketing plan.


Establishing Marketing Objectives


“Objectives guide the business’s activities, but they often change when the business environment changes. Objectives need to be Specific, Measurable, Achievable, Realistic and Timed. (SMART)”


The objectives in “T B S” marketing plan are split into two categories, marketing objectives and financial objectives. They are both very brief, but they specifically outline what the business wants to achieve, which is its whole purpose. The objectives seem to pass the SMART criteria, rendering them legitimate for the business to try and achieve these objectives. Ideas about achieving these objectives will be mentioned later in the marketing strategies, but a small note of some ideas would be an improvement.


Target Market


“A business must choose which market segments have the greatest potential. The target market is the group of customers on whom the business focuses on. Businesses use a number of features to describe their market including geographic and demographic characteristics of the consumers.”


Target markets are focused upon heavily in “T B S” marketing plan. Studying the target market is important as it firstly, allows the retailer to know what the consumer wants and secondly, allows the retailer to aim their advertising campaign at a specific sector of the market. The target market is again segmented into different types of consumers, these being


· Weekend Warriors


· The Curious


· Hardcore Climbers


· Direct Customers


· Other


Segmenting the target market allows “T B S” to specify their focus even more on certain sections of the target market. Graphs are used to show the amount of sales made from each segmented consumer category, graphs assist in portraying information effectively. The target market section is comprehensive and addresses all aspects of the criteria and therefore no suggested improvements are needed.


Marketing Strategies


“Marketing strategies are designed to satisfy the needs of the target market, meet the objectives set in the marketing plan and to capitalize on corporate strengths”.


The main marketing strategy of “T B S” is to totally satisfy the customer. To do this “T B S” uses the marketing mix, which analyses the four P’s (Product, Price, Promotion and Place). Products are analysed heavily with ideas suggested for sale of stock. Each of the segmented markets is mentioned in reference to the products that they will purchase, and certain products are matched with certain consumers.


Pricing is very firm and is based upon competitive parity guidelines. The pricing section is quite short, yet it establishes its reasons for pricing the way it does amply.


Promotion does not have much detail and brings a slight downfall to the marketing mix section. This may be because “T B S” is outsourcing for its promotional campaigns.


Place is not addressed at all, this may be improved upon greatly by including aspects such as transportation/storage etc.


The market research taken out by “T B S” is probably the biggest fault in the marketing plan. There is little importance placed on market research yet it is integral to the overall success of the business.


Financial Forecasts


“A financial prediction of future events. A financial forecast looks at expected costs and revenue for the next year or number of years.”


The financial forecast has a high importance in “T B S” marketing plan as it shows future costs/revenue. The break-even analysis is used well in this section to visually and theoretically show when the business is forecast to actually break-even.


Finance is looked at in depth through projected sales, sales breakdown (web sales and retail sales) and contribution margins. Sales records of specific products are looked at to see what products are most successful and to find those that are not. Graphs are used extensively in this section to simply show important information adding to the success of the marketing plan as a whole. Improvements to this section may include more details on the sales forecast and/or give reasons/data proving that these projections may occur.


Conclusion


“The Boulder Stop” marketing plan is very strong. It analyses nearly all of the important sections with great detail and consideration. Sometimes the plan can be a little verbose and other times it may slightly lack in detail, but these are very small problems which hardly change the overall success of the plan This plan will be an excellent base for “T B S” to start its business from.





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