Writing a Marketing Plan Marketing is a complicated process so businesses start by creating a marketing plan.

Marketing News Article: Title of articfle: 7 Ways Universities Are Using Facebook as a Marketing Tool Brainstorm with your team. How could a university use Facebook to market their school? Any promotions? Any cool app ideas?

Marketing Plan A marketing plan is a formal, written document that directs a company’s activities for a specific time period. What do they mean by formal? Why would a business choose a specific time period?

Contents of a Marketing Plan A marketing plan provides a roadmap for how a product will enter the market, be advertised, and be sold.

Marketing Plan A marketing plan: Helps a company measure their performance (it’s an evaluation tool) Let managers know their responsibilities Allows managers to know the timeline Allows managers to know the budget

Elements of a Marketing Plan Can differ from company to company but they all have the same basic elements including: Executive Summary Situation Analysis Objectives (goals) Marketing Strategies Implementation Evaluation and Control Appendix

Executive Summary Brief overview of the entire marketing plan. Can be used to provide info to outside people (like investors)

Situation Analysis Study of the internal and external factors that affect marketing strategies Information from a SWOT analysis can be put here!

Goals and Objectives Let everyone know what the marketing plan will accomplish. The goals need to be specific, realistic, measurable, and have a time frame. Brainstorm: Why should goals be specific, realistic, measurable, and have a time frame?

Goals and Objectives Specific: Provides enough details so it can be understood. Cannot use “to be better than a competitor” One person’s definition of ‘better’ might be different than another person’s

Goals and Objectives Measurable means that the objective includes a way to evaluate it Example: You cannot simply say you want to increase sales. Need to identify the percentage increase in dollars or units sold. You could say want to increase dollar sales by 15% compared to same time last year

Goals and Objectives Must include a time frame because without one you would not know if the objective is actually reached.

Goals and Objectives The objectives chosen must be in line with the organizations overall mission. Example: If a firm’s goal is to double business in 5 years the marketing objectives must coincide with that goal and provide the means to reach it.

Marketing Strategy Identifies target markets an sets marketing mix choices that focus on those markets. All strategies must take into account the customer’s needs and wants as well as the objectives of the marketing plan.

Marketing Strategy An effective marketing strategy focuses on what makes your company better than your competitors. Examples: Your items are better quality, more competitive pricing, online ordering, etc. Results of a SWOT analysis should provide info to identify this information.

Implementation Now that you’ve created the plan you need to put it into action. This is what the implementation stage is about. This part of the plan outlines a schedule of activities, job assignments, sales forecast, budgets, and who is responisble for each area.

Evaluation and Control In this area a company writes how they are going to evaluate each objective. Also will show what measures might be necessary if objectives are not met.

Appendix Section of the plan that includes supplemental information including : Detailed financial statements Sample ads Other materials to support the plan

Questions to answer in complete sentences and turn in: What is a SWOT analysis and why is it helpful? Tell me at least 2 things you’ve learned while you created your own SWOT analysis. Why are evaluation and control important elements of a marketing plan? If a company’s current sales revenue is $1,386,000 and its marketing objective is to increase sales by 10% during the next year what is the dollar sales goal for the following year? How can a country’s current economic situation impact a business’s marketing plan?