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