THE MARKETING PLAN

CH. 2

SWOT ANALYSIS

STRENGTHS AND WEAKNESSES = INTERNAL

COMPANY – STAFF/FINANCES/PRODUCTION CAPABILITIES/MARKETING MIX (4 P’S)

CUSTOMERS – BUYING HABITS/SATISFACTION

COMPETITION – MARKET SHARE/CORE COMPETENCIES

SWOT ANALYSIS

OPPORTUNITIES AND THREATS= EXTERNALCOMPETITION – NEED TO KNOW WHAT THEY'RE DOING AT ALL

TIMES

PEST ANALYSIS

POLITICAL = LAWS AND REGULATIONS (LOCAL AND GLOBAL)

ECONOMIC = RECESSION/UNEMPLOYMENT/CURRENCY RATE/TRADE RESTRICTIONS

SOCIO-CULTURAL = CHANGES IN DEMOGRAPHICS

TECHNOLOGY = ADAPTABILITY TO NEW TECHNOLOGY

MARKETING PLAN

FORMAL WRITTEN DOCUMENT THAT DIRECTS A COMPANY’S ACTIVITIES

COMMUNICATES THE GOALS AND STRATEGIES OF THE COMPANY’S MANAGEMENT TEAM

7 SECTIONSEXECUTIVE SUMMARY / SITUATIONAL ANALYSIS / OBJECTIVES /

MARKETING STRATEGIES / IMPLEMENTATION / EVALUATION AND CONTROL / APPENDIX

MARKETING PLAN

1. EXECUTIVE SUMMARY = OVERVIEW OF THE PLAN

2. SITUATIONAL ANALYSIS = INTERNAL AND EXTERNAL FACTORS THAT AFFECT MARKETING STRATEGIES. SWOT AND PEST ANALYSIS USED FOR THIS SECTION.

3. OBJECTIVES = WHAT THE PLAN WILL ACCOMPLISHSINGLE MINDED / SPECIFIC / REALISTIC / MEASURABLE / TIME

FRAMED

MARKETING PLAN

4. MARKETING STRATEGIES = IDENTIFIES TARGET MARKET AND SETS MARKETING MIX CHOICES. FOCUSES ON KEY POINTS OF DIFFERENCES (ADVANTAGES). SWOT AND PEST UTILIZED

5. IMPLEMENTATION = PUTTING THE PLAN INTO ACTION. INCLUDES SCHEDULE / JOB ASSIGNMENTS / SALES FORECASTS / BUDGETS / RESPONSIBILITIES

MARKETING PLAN

6. EVALUATION AND CONTROL = HOW A SPECIFIC OBJECTIVE WILL BE MEASURED.

INCLUDES PERFORMANCE STANDARDS – EXPECTATIONS FOR PERFORMANCE THAT REFLECT THE PLAN’S OBJECTIVES

7. APPENDIX – SUPPLEMENTAL MATERIALS (FINANCIAL STATEMENTS OR SAMPLE ADS)

IDENTIFYING AND ANALYZING MARKETSMARKET SEGMENTATION – CLASSIFYING PEOPLE WITHIN A MARKET INTO SMALLER GROUPSMARKETERS MUST DETERMINE WHICH OF THE MARKET SEGMENTATIONS SHOULD BE TARGETED

COMPANIES USE DATA TO FORM SEGMENTATIONS (CENSUS)

IDENTIFYING AND ANALYZING MARKETSSEGMENTATION TYPES

DEMOGRAPHICS – PERSONAL CHARACTERISTIC STATS

AGE (GENERATION) / GENDER / INCOME / MARITAL STATUS / ETHNIC BACKGROUND

GEOGRAPHICS – WHERE PEOPLE LIVE

LOCAL / STATE / REGIONAL / NATIONAL / GLOBAL

IDENTIFYING AND ANALYZING MARKETSSEGMENTATION TYPES

PSYCHOGRAPHICS – ATTITUDES, INTERESTS, OPINIONS, LIFE STYLES, AND VALUES

BEHAVIORAL CHARACTERISTICS – SALES GENERATED, SHOPPING PATTERNS, PURCHASE DECISION MAKING PROCESS

MASS MARKETING VS SEGMENTATIONMASS MARKETING = SINGLE MARKETING STRATEGY TO REACH ALL CUSTOMERSADVANTAGES: ECONOMIES OF SCALE (COST SAVINGS)

DISADVANTAGES: COMPETITORS CAN IDENTIFY MARKET SEGMENTS WHOSE NEEDS/WANTS ARE NOT BEING MET AND STEAL THOSE CUSTOMERS

MASS MARKETING VS SEGMENTATIONNICHE MARKETING = NARROWS AND DEFINES A MARKET WITH EXTREME PRECISIONADVANTAGES: INCREASED CHANCE OF A PRODUCTS

SUCCESS

DISADVANTAGES: COST!!