Goldsmith Technology Commercialization Model
Step 8: Strategic Marketing Plan
The second step in the Development Stage is the Strategic Marketing Plan. During this step the objective is to validate the market opportunity based upon the assumption that the product or service can be delivered for a defined price and specifications. This activity involves securing verifiable expressions of interest from potential distributors to market and sell the product and customers to buy it.
The Strategic Market Plan provides a time line associated with the key milestones, resources, and sales growth. The plan reflects the underlying marketing strategies the entrepreneur intends to implement in bringing the product to market, capturing market share and growing sales. The Strategic Market Plan should closely reflect the assumptions and conclusions that were developed in the economic feasibility stage.
Marketing activities in the development stage focus on making strategic decisions. The strategic marketing plan includes final decisions on selecting the target market, determining product packaging, finalizing pricing, selecting optimal distribution channels, and determining sales and promotion methods and media. Accomplishing this step requires working with a multitude of organizations such as packagers, wholesalers, retailers, shippers and advertisers, and consumer focus groups in some instances. When completed the strategic marketing plan, in written form, becomes a critical component of the final business plan.
Definition: The process of making specific decisions concerning the marketing approach that will be incorporated into the business plan.
Objective: The objective of the strategic marketing step is to narrow the marketing decisions to those that offer the highest opportunity to maximize profitability.
Product: The product of this step is a concise marketing component of the business plan that reflects the optimum strategic business options for the enterprise.
The marketing activities common to this step are those necessary to the articulating a specific explanation on the marketing approach that the enterprise will use.
During the strategic marketing plan step, the following activities must be completed:
- Define competitive advantage of enterprise and product
- Define marketing objectives (product, markets, image, service levels; business results like market share and sales levels)
- Select target markets
- Identify target market niche
- Select product features
- Select price
- Select distribution channels
- Obtain direct market feedback
- Identify marketing team
Milestones: Final marketing plan
Funding Sources: Angel investors (seed round)
Marketing Information: The completion of the marketing study step will usually result in a comprehensive explanation of what and to whom the enterprise will market the product as well as when, where, and how the product will be marketed.
Have you defined the competitive advantages of the enterprise and the product?
Have you defined market objectives for the product, market image, service levels, market share, and sales levels?
Have you selected target markets?
Have you selected your market niche?
Have you selected product features?
Have you selected a price?
Have you selected distribution channels?
Have you obtained direct market feedback?