Elements of a Marketing Plan situational analysis including SWOT and product life cycle establishing market objectives identifying target market developing marketing strategies implementation, monitoring and controlling — developing a financial forecast, comparing actual and planned results, and revising the marketing strategy

Overview Successful marketing requires planning Marketing plan is crucial to the success of a business because it shows everyone in the business how the core parts of the business plan will be achieved. Common elements of a business plane

Common parts of business plans Situational analysis – SWOT, product life cycle Establishing marketing objectives Identifying the target market Developing marketing strategies Implementation, monitoring and controlling

Situational Analysis Market share Future trends Strategies used by competition Changing consumer tastes and preferences

Key Elements of a situational analysis Market analysis Product analysis Competitor analysis SWOT analysis

Market Analysis External influences Internal influences

Product Analysis Product Life Cycle Establishment stage Growth stage Maturity stage Post- Maturity Stage Decline Stage Renewal Stage

Competitor analysis Objectives Strategies SWOT

SWOT Analysis Strengths Weaknesses Opportunities Threats

Establishing Market Objectives SMARTSMART

General Market Objectives Increase Market Share Expand into new geographic markets Expand the product range

Identifying the Target Market Types of consumer markets Mass market Market segments Niche markets

Developing Marketing Strategies Product Price Promotion Place

Implementation, Monitoring & Controlling Sales analysis Market share analysis Marketing profitability analysis