EMPLOY MARKETING INFO TO DEVELOP A MARKETING PLAN 3.03 EMPLOY MARKETING INFO TO DEVELOP A MARKETING PLAN

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 Mission Statement Situation Analysis SWOT Analysis (Strengths, Weakness, Opportunities, Threats) Company questions: What are the company’s overall goals? Customer questions: What are our customers buying?

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 STRENGTHS WEAKNESSES OPPORTUNITIES THREATS Your control NEGATIVE NOT Your control Positive

Components of a marketing plan Desired Target Market What does our target market want and need? How will our target market use this product? How much will our target market be willing to pay for this product? What message do we want our target market to hear from our marketing efforts? Marketing Objectives SMART—Specific, Measurable, Achievable, Realistic, and Time-bound.

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 SMART 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

Business threats A competitor obtains funding for expansion. Why a threat? More product available More efficient operations Rising inflation rates Beyond your control. You must adjust your business practices to accommodate.