1.  Elements of a Marketing Plan Stage 6 Business Studies

2. Elements of a Market Analysis ◆ the situational analysis including SWOT and product life cycle ◆ establishing market objectives ◆ identifying the target market ◆ developing marketing strategies ◆ implementation, monitoring and controlling

3. Situational Analysis  It provides answers to many of the questions asked in the planning process.  Typically describes the market and the place of the business in that market.  Another aspect is a description of the environment in which the business is operating.  internal (factors inside the business) and  external (factors outside the business).

4. SWOT Changes in the external environment that can be exploited to achieve objectives Changes in the external environment that make it difficult to achieve objectives. The things competitors do better Anything the business does better than its competitors StrengthWeakness OpportunityThreat

5. Product Life Cycle  Introduction  Growth  Maturity  Decline

6. Product Life Cycle - Introduction  Until people get to know the product, sales will grow slowly.  Heavy promotion and the costs of development often mean negative profits.  Higher prices can be charged until competitors enter the market.

7. Product Life Cycle - Growth  The heavy promotion pays off and sales grow rapidly.  It is very profitable because prices are high.  The profits attract competitors.

8. Product Life Cycle - Maturity  Sales level off.  Only occasional advertising is needed to promote the product.

9. Product Life Cycle - Decline  Sales are falling and there is little purpose in fighting the trend.  Heavy discounting is used to get rid of stock

10. Market Objectives  Sets out what the business wants to achieve with its marketing effort.  Objectives guide all the marketing effort. It is also important to ensure that the market objectives are consistent with the business objectives relating to such things as profit, quality and staffing.  Good market objectives should be SMART

11. SMART Objectives S Specific M Measurable A Achievable R Realistic T Timebound

12. Target Market  The target market refers to the group of actual or potential buyers of the product.  It is the group at which the marketing effort is directed.  When a business really understands its target market it can often develop new products to meet their needs.

13. Marketing Strategies  Product  includes such things as its image in the mind of customers, the brand, as well as the actual benefits the product offers the customer  Place  concerned with the distribution process  Price  the money the customer pays for the product  Promotion  the activities a business uses to communicate with its customers

14. Implementation  the marketing plans are put into operation

15. Monitoring  involves watching what happens when the product is placed in the market.

16. Controlling  process of comparing actual results with planned results