1. Marketing Management Indicator 1.03
Employ marketing-information to develop a marketing plan

2. What is a marketing plan?
A written document that specifies how, where, and to whom a business plans to market its products and or brand.
It is part of a business’s overall business plan.
Used to explain its goals and strategies
Can be used to introduce new products, enter new target markets, or new strategies.

3. Facts about marketing plans
Created by big and small businesses
Many people read the plan (department, upper management, investors etc)
Involves a lot of time, effort, and research to create

4. Benefits of a marketing plan
Defines the goals.
Set goals are easier to remember, stick to, measure, and achieve.
Helps unite business towards common goals. Encourages team work.
Provide direction in organization
Clear direction is provided for everyone
Understand target market(s) better
No success unless the customers’ needs and wants are met.
Planning marketing strategies with more precision
Helps coordinate activities and determine which strategies to use and when

5. Benefits of a marketing plan
Tracking progress more effectively
Can track progress in a measurable way
Understand past marketing decisions and outcomes better
Allows the opportunity to look back and see what strategies worked well—and didn’t
Obtain funding
Potential investors will want to see a plan before putting money into a business.

6. Marketing Plan Facts Not every plan looks the same
Formats will vary depending on organizational needs
Most businesses include the following sections in their plan:

7. Components of a marketing plan
Executive summary
Situation/SWOT analysis
Desired target market
Marketing objectives
Marketing strategies and programs
Financial plans
Performance and Implementation
Appendix

8. Purpose of marketing plan components
Executive summary
Serves as an introduction to the marketing plan
Allows the reader to understand the purpose of the marketing plan
It is an outline of the plan and addresses the most important points
Provides company background information and the mission statement.
**May be the only part that some people ever read
Situation/SWOT analysis
Determines firm’s current marketing situation
Answers the basic question of “Where do things stand right now?”
Serves as a snapshot of the business’s current state of affairs as related to marketing

9. Situation/SWOT analysis
Looks at the following areas:
The company itself
Goals, goods/services, financial situation
Customers (target market)
Size, demographics, purchasing behaviors
Competitors
Market position, strengths/weaknesses
Partners
Distributors/Suppliers
External factors
Trends, social/ cultural, technology, economics, politics
A SWOT analysis chart – strengths, weaknesses, opportunities, and threats.

10. Desired Target Market Marketing objectives
Demographic description
Wants/ Needs of target market and How much will they pay
What message will we send them
Marketing objectives
Outlines the specific marketing objectives that the company wants to accomplish
Should be SMART- specific, measurable, achievable, realistic, and time-bound.
This section also discusses any issues that might make it difficult to meet the objectives.
Marketing strategies and programs
Heart of the marketing plan, longest section
Identifies the general marketing strategy such as growth, stability
Also discusses schedules, timetables, responsibilities
All aspects of product, place, price, promotion

11. Purpose of marketing plan components
Financial plans
Provides details on the expected expenses and profits
Performance and Implementation plan
Give expected results and indicates how the plans’ progress will be measured
Describes potential changes and adjustments that can be made to keep the plan on track.
Appendix
Holds charts, graphs, or miscellaneous materials related to the plan