1. Home
2. Conferences
3. 2005 National Extension Risk Management Education Conference

Executive Marketing: Developing a Marketing Plan

Scott Mickey

Summary

Over 140 marketing plans have been implemented by grain producers in GA, NC, SC, and TN via the Executive Marketing seminars, an annual 2.5 day marketing workshop. The workshop focuses on helping producers develop a written marketing plan based on their financial needs including operating costs, cash flow and planting intentions. Key components of the seminar include:<br> <br>
• How Healthy is your Business? Assessing the financial condition of the business<br>
• Target Price Analysis--Developing commodity target prices to achieve<br>
• Cash flow requirements<br>
• Minimum operating profit goals<br>
• Operating profit + asset replacement goals<br>
• Fundamental Analysis using USDA Supply & Demand estimates<br>
• Putting on the Trade understanding the mechanics of forward contracts, options, and futures and the importance of basis<br>
• Using CRC & MPCI insurance as a marketing tool<br>
• Marketing Simulation Game to practice or try new marketing techniques<br>
• Comparison of Price Enhancement Strategies<br>
• Putting the Plan on Paper—developing a plan of action for the next 3 months<br>
• Quarterly Updates to monitor the plan and adjust for new information<br> <br>

About 75% of the seminar participants return each year because the seminar creates a visual reference or trigger point for marketing opportunities. Comments from participants:<br>
“Good Program. Helps me plan my whole year!”<br>
“Wish I had attended in past years!”<br>
“.. excellent job explaining the mechanics of the market and how to use the tools available.”<br>
“Keep doing it!”<br>
“The best risk management educational program!”

Details

---