2 Elements of a Marketing Plan Executive SummarySituation AnalysisSWOT analysisEnvironmental ScanObjectivescompany’s missionmarketing objectivesfinancial objectivesMarketing StrategiesPositioning / Points of DifferenceMarketing MixImplementationorganizationactivities and responsibilitiestimetablesEvaluation and ControlPerformance StandardsCorrective ActionAppendix
3 Executive SummaryThe Executive Summary section of your marketing plan allows you to introduce your company and explain the major points of your plan in a nutshell.A number of people lack the time and interest to read your entire marketing plan; nonetheless, they need to understand what it is basically about.The Executive Summary is for them.You will need to write it after the other sections have been written, since it's a summary of their major points. Some of the key points to cover are listed.
4 Introduce your company by briefly describing the nature of your business and the products or services you offer.If your business is already in operation, state how long you've been in business andhow long you've been at your current location. Describe your business activitiesincluding sales and customers. Highlight your accomplishments and successes.If your business is not yet in operation, describe the experience and training youhave that qualifies you to operate this type of business. Include similar informationfor business partners or key managers of the company.2. State your mission and company objectives.Your mission can be relatively abstract. As an example, for a child daycare center itmight be to provide quality day care for children. Company objectives are morespecific, such as to be the child care provider of choice within a specified area andto increase enrollment by 25 percent within the next 12 months.
5 3. Introduce your management team. Describe the organizational structure of your business. Is it a sole proprietorship,partnership or corporation?List key management. Include copies of their resumes in thesupporting documents section.Disclose management salaries and ownership, management assistance andtraining needs, and supporting professionals (such as a bookkeeper or lawyer).List the board of directors.4. Close the executive summary with a brief statement of the main marketing objectivesand strategies contained in the plan.
6 Situation AnalysisThis part provides a snapshot of the company’s present position. It oftenreports the results of the SWOT analysis and environmental scanSWOT Analysis – this analysis lists everything that can lead to a business’success and failures. Strengths Weaknesses Opportunities ThreatsStrengths and weaknesses are internal factors that affect a business. Theanalysis centers around the company, the customers, and the competitioncompany – marketing mix (four p’s)customers – target market, marketing information mgmt, customersatisfaction, etc.competition – what are strengths and weaknesses when compared tocompetitors. Market share.
7 In SWOT, strengths and weaknesses are internal factors. For example:A strength could be:Your specialist marketing expertise.A new, innovative product or service.Location of your business.Quality processes and procedures.Any other aspect of your business that adds value to your product or service.A weakness could be:Lack of marketing expertise.Undifferentiated products or services (i.e. in relation to your competitors).Poor quality goods or services.Damaged reputation.
8 Environmental Scan – external opportunities and threats an analysis of outside influences that may have an impact onan organizationPolitical - government issues and regulations that impact businessEconomic - the state of the economy is of interest to businessSocio-Cultural – customers and potential customers attitudes,lifestyles, and opinionsTechnology – changes in technology can be threat or opportunityfor business
9 In SWOT, opportunities and threats are external factors. For example:An opportunity could be:A developing market such as the Internet.Mergers, joint ventures or strategic alliances.Moving into new market segments that offer improved profits.A new international market.A market vacated by an ineffective competitor.A threat could be:A new competitor in your home market.Price wars with competitors.A competitor has a new, innovative product or service.Competitors have superior access to channels of distribution.Taxation is introduced on your product or service.
10 ObjectivesThese are intended to let everyone know what the plan will accomplish.An objective must single-minded, specific, realistic, measurable, and havea time frame.They should include the marketing and financial objectivesMarketing StrategiesIdentify target market(s) and marketing mix choices to focus on these marketsfocus should be on the key point of difference. This is the advantage a productor service has over its competition.ImplementationPutting the plan into action and managing it. This part of the plan outlines aschedule of activities, job assignments, sales forecasts, budgets. Details of eachactivity and who is responsible . There needs to be good communication amongall team members so tasks are completed on time.
11 Evaluation and Control It is important to measure how the plan is working. Performance standards are themeasuring stick. A standard is an expectation for performance. The control part ofthe plan suggests actions that should be considered if objectives are not being met.AppendixThe appendix is the part of the plan that includes any supplemental information.For this project, the appendix will some form of advertisement.
12 Project:Pick one of the following topics and do a SWOT analysis. Use the slides togive you ideas for your analysis.Webcast of a sporting event (baseball game, basketball game, football game,soccer match)Webcast of a Broadway play or concert.