e-KMI.com Eye On The Industry

International Karting Industry Buyer's Guide

GO KARTING!
A Guide To The World's Most Popular Motorsport.

Kart Expo International

EYE ON THE INDUSTRY

CREATING A MARKETING PLAN
By Bob Cycon

The Marketing Plan –
Every karting business needs one.
Few have one.

What is a Marketing Plan?
The one word that best defines a Marketing Plan is ROADMAP

A Marketing Plan is a ROADMAP that outlines out how you will reach your final marketing destination.

a. It tells you the distance you need to travel.
b. It tells you the speed at which you will go.
c. It pinpoints hazards and detours.
d. It tells you where you must stop.
e. It tells you when you will arrive.

A Marketing Plan is an orderly and disciplined approach to ensure that all elements of the marketing mix are properly addressed by:

1. Examining the major facts in a marketing situation for a product, product line or service.
2. Identifying problems and opportunities.
3. Establishing specific objectives
4. Establishing Strategies
5. Devising specific tactics

Most importantly, a Marketing Plan is a living, breathing document subject to change and modification. Once a plan is created, it is not cast in stone.

In the highly volatile karting industry, we see changes everyday.

--Markets change
--Products change
--Pricing Changes
--Competition changes
--People change

The Marketing Plan must adapt. It is a document that must be reviewed on a continuing basis by all who affect the marketing process.

Now, let’s take a close look at the essential components of a Marketing Plan.

THE SITUATION
The Situation of a Marketing Plan describes “where you are”. It consists of four basic areas:

1. Key facts about the MARKET
--What is the overall size of the market?
--What is my market share?
--What distribution channels does the market offer?
--What is the perception of my company?

2. Key facts about the BUYER
--Who purchases my product?
--What does the buyer use the product for?
--What product benefits do buyers; look for?
--Am I getting repeat buyers of my product?

3. Key facts about your PRODUCTS
--How is my product unique?
--What is the quality of my product?
--Do I have a realistic price structure and profit margin?
--What are my channels of distribution?

4. Key facts about your COMPETITION
-–Who and where is the competition?
--How do competitors’ product quality and benefits compare to mine?
--How does competitors’ pricing compare to mine?
--How are competitors’ marketing their products?

It is essential that your selection of The Situation facts be pertinent to your current marketing situation and reflect areas that will affect your marketing within a given time frame. Armed with a realistic picture of where you stand, you can advance to the next component of your Marketing Plan.

PROBLEMS/OPPORTUNITIES
This basically consists of two areas:

1. Problems which need to be overcome.
--What are your weaknesses?
--What are your competitors’ strengths?
--What is competition doing that you’re not doing?
--What market trends appear to be hurting you?

2. Opportunities
--What are your competitors’ weaknesses?
--What are your product strengths?
--What market trends can I take advantage of?
--What new markets are available?
--Would changes in distribution, packaging, display, advertising, etc. positively influence my business?

For the sake of manageability, try to identify your top five problems and opportunities in your plan.

OBJECTIVES
Very simply, an objective is defined as: A STATEMENT THAT SPECIFICALLY DEFINES WHAT YOU WISH TO ACHIEVE WITHIN THE LIFE OF THE MARKETING PLAN.

Objectives are tied in to the impact that solving your problems and seizing your opportunities will have in unit sales, gross dollars and gross profit dollars. An overall financial summary should be included.

The key to setting objectives is “measurability”. You must establish yardsticks by which the success of your efforts can be measured. Without specific goals, there can be no gauge of progress.

STRATEGY

Strategy is: THE PLAN OR METHOD YOU PROPOSE TO ACCOMPLISH THE OBJECTIVES YOU HAVE SET.

Three guidelines rule the development of strategies:
1) The strategies must directly relate to the objectives you have established.
2) The necessary human and financial resources must be available to execute the strategies.
3) The timing must be realistic.

Strategies are often confused with the next and final component of the Marketing Plan, TACTICS. Simply, strategy is WHAT you will do. Tactics is HOW you will do it.

TACTICS
Tactics must be a plan of action rather than reaction. Tactics address the following areas of marketing communications:

Sales Materials — Catalogs, product brochures, spec sheets, packaging… all the basics required to market your products.

Public Relations — Press releases, new product announcements, special events, etc.

Direct Mail — Mailing list development, creation of direct-mail pieces.

Space Advertising — Creative development, media planning and media schedules.

Sales Support Programs — Co-op programs, point-of-purchase displays, incentive contests, training meetings, etc.

Trade Shows — Show selection, display booth, staffing, etc.

Miscellaneous — Special events, special promotions, Marketing Plan updates, etc.

A key point is that no marketing communications program can depend on a single activity to carry the load. There must be an effective mix of elements and they must be properly timed.

Every company needs a Marketing Plan, a roadmap, to chart a course for the future. May your new ROADMAP serve you well.

END

View Past "Eye On The Industry" Articles

Kart Marketing Group, Inc.
Post Office Box 101
Wheaton, IL 60189 USA
Telephone: 630-653-7368
Fax: 630-653-2637
Email: karting@msn.com

Back to Home Page

Neatconcept, Inc