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Lesson 5.2 - Components of an Effective Marketing Plan
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LESSON 5.2
The Marketing Plan
Key components of an effective marketing plan:
1) Mission Statement
2) Executive Summary
3) Situation or S.W.O.T. Analysis
4) Marketing Goals / Objectives
5) Market Research / Marketing Strategies
6) Implementation
7) Evaluation and Control
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LESSON 5.2
The Marketing Plan
Key components of an effective marketing plan (could also include):
1) Table of contents
2) Problem identification statement
3) Communication and/or publicity plan
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The Mission Statement
The Marketing Plan
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LESSON 5.2
The Marketing Plan
The executive summary highlights key information within the document
The Executive Summary
Executive Summary:
Provides an overview of the complete plan
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The Situation Analysis
The SITUATION ANALYSIS: (also referred to as SWOT) provides information that is helpful in matching the organization’s resources and capabilities t the competitive environment
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LESSON 5.2
The Marketing Plan
SS
WW
OO
TT
Strengths
Weaknesses
Opportunities
Threats
The Situation (S.W.O.T.) Analysis
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LESSON 5.2
The Marketing Plan
Marketing Goals & Objectives
Goals and objectives identify what the company hopes to achieve with the marketing plan and a timeline for which the plan is to be carried out
Why are goals and objectives important?
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LESSON 5.2
The Marketing Plan
Marketing Goals & Objectives
Effective objectives follow the S.M.A.R.T criteria
Specific
Measurable
Action-oriented
Realistic
Time bound
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LESSON 5.2
The Marketing Plan
Market research / Marketing strategies
1) Defining a specific marketing approach intending to create segmentation and positioning objectives with the goal of influencing consumer purchase decisions
2) Plan should include any relevant market research to help support strategy and implementation decisions
3) Developing a strategy includes the process of designing an initial marketing strategy for a new product based on the product concept
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LESSON 5.2
The Marketing Plan
Implementation
Implementation refers to the process of putting the marketing plan into action
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LESSON 5.2
The Marketing Plan
Evaluation and Control
The evaluation phase determines whether the plan achieved the desired results
The controlling process refers to the adjustments required to achieve desired results where initial efforts did not already succeed
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The Marketing Plan
LESSON 5.2 REVIEW (ANSWERS)LESSON 5.2 REVIEW (ANSWERS)
1) Identify the key components of the marketing plan
1- Mission Statement
2- Executive Summary
3- Situation or S.W.O.T. Analysis
4- Marketing Goals / Objectives
5- Marketing Strategies
6- Implementation
7- Evaluation and Control
(Could also include a Table of Contents, Problem ID statement or communications/publicity plan)