Presentation on theme: "3.03 A. Explain the nature of marketing plans.. What is a marketing plan? A set of procedures or strategies for: Attracting the target market to a."— Presentation transcript:
3.03 A. Explain the nature of marketing plans.
What is a marketing plan? A set of procedures or strategies for: Attracting the target market to a business Achieving marketing goals
Why should my business create a marketing plan? It is part of the overall business plan. Demonstrates goals and strategies for the upcoming year Demonstrate intentions for: Introducing a new product Entering a new target market Trying a new marketing strategy
What are the benefits of a marketing plan? Avoid past mistakes Better understand your target markets Goal-setting Plan marketing strategies Obtain funding Provide organizational direction Track overall progress
Components of a marketing plan Executive summary (includes your mission statement) Like the back of a book jacket---investors read it to see if the rest of your plan is worth reading.
Components of a marketing plan Situation Analysis: SWOT STRENGTHSWEAKNESSES OPPORTUNITIESTHREATS
Components of a marketing plan Company Questions: What are our company’s overall goals? Customer Questions: What are our customers buying? Desired Target Market: What do they want/need? How will they use the product? How much are they willing to pay for it? What message do we want them to hear about our product?
Components of a marketing plan Marketing Objectives Specific Measurable Achievable Realistic Timely
Components of a marketing plan Marketing Strategies & Programs How will we communicate with our target market? Financial Plans How much will it cost us to do the marketing that we need/want? Performance & Implementation What are our expected results? Appendix: Market Surveys Product Photographs