Presentation on theme: "Marketing Planning Chapter 2 Mrs. Newbegin. The Marketing Plan SWOT Analysis – An assessment that can foster the business’ success and what could make."— Presentation transcript:
The Marketing Plan SWOT Analysis – An assessment that can foster the business’ success and what could make it fail. Strengths Weaknesses Opportunities Threats
SWOT Analysis Internal Strengths and Weaknesses affect a business’ operations.
SWOT Analysis The 3 C’s of Internal Analysis: Company Customers Competition
SWOT Analysis Company Analysis – Ask questions to determine what is going well and where weakness are Look at: Staff Finances Production Marketing Mix
Staff Related Questions What is the company mission and is everyone following it? What is the quality of staff? How effective is the sales force?
Financial Questions Has the company been profitable? Are there enough financial resources to achieve company goals? What is the sales history?
Production Capability Questions How are adjustments made in production related to sales? Has R & D created successful new products? What changes in technology are required to remain competitive?
Marketing Mix Questions Product What new products have been successful and why? Are any patents expiring in the future? Price What are the present pricing strategies? Are the pricing strategies working?
Marketing Mix Questions Promotion How is the company positioned in the market place? What is the companies’ reputation? Place Do products easily reach customers? Who helps the company with distribution?
Customer Analysis and Marketing Research Helps to determine buying habits and insight into product offerings and pricing strategies. Catalog and Internet companies have an advantage due to using database systems that track customers shopping habits. They can target specific groups. Many companies use questionnaires or surveys. Monitoring customer satisfaction reveals strengths and weaknesses.
Competitive Position You want a larger part of the market share (over your competitor) Find out your advantages over other companies, what core competencies it has, are competitors taking business away… how?
SWOT Analysis External Opportunities and Threats look at the competition of the business.
Competition You have to know what your competitors are doing at all times
Environmental Scan An analysis of outside influences that may affect your business – Look at: Politics Economics Socio-cultural Technology Changes
Political Companies must be alert to changes in laws and regulation, especially international deals. Examples: Do not call registries, Music Pirating, etc.
Economic When the economy is robust, companies will invest in new products. Factors: Unemployment Rate Inflation Retail Sales Figures Productivity Consumer Confidence
Socio-Cultural Analysis of customers and potential customers Changes in all demographic factors
Technological – Can be a threat for one company and an advantage for another. Examples: Computer Automation Satellite Technology
1. Executive Summary Brief overview of the entire plan
2. Situation Analysis The study of the internal and external factors
3. Goals and Objectives Objectives let everyone know what the plan will accomplish in a measurable way. A time frame is needed for each objective that is in line with the company’s goals and mission.
4. Marketing Strategies Identifies target markets and sets marketing mix choices that focus on those markets.
5. Implementation Make the Plan and Work the Plan Have a timetable that shows when each part goes into play Sales forecasts needed – the projection of probable future sales
6. Evaluation and Control Discusses the measure that will be used to access the plan and who is responsible for that evaluation. Performance Standards and Evaluation The Measuring Stick An expectation of performance that reflects the plans objectives.
Income Disposable Income – Money after paying taxes Discretionary Income – Money after paying needs/basic living expenses
More Demographics Marital Status Ethnic Background – Multicultural diversity Education Occupation
Geographic: Based on where people live Locally Regionally Nationally Internationally or Globally
Psychographics Grouping people based upon what they do and believe Lifestyles – How people spend their time and money Activities, Attitudes, and Personalities
Behavioral Segmenting a market based on product related to behavior involves looking at the benefits desired by consumers, shopping patterns, and usage rate.
Mass Marketing vs. Segmentation Mass Marketing – Using a single marketing strategy to reach all customers Got Milk? will use different models or themes to reach different segments of the market though it is only one slogan.