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Transcript
Entrepreneurship I Objective 3.03 A. Explain the nature of marketing plans. B. Explain the role of situation analysis in the marketing planning process. Marketing Plans A set of procedures or strategies for: o attracting the target customer to a business o Achieving marketing goals Three reasons for marketing plan o Part of overall business plan. o Demonstrates goals and strategies for upcoming year. o Demonstrate intentions for introducing a new product, entering a new target market, or trying a new marketing strategy. Benefits of a marketing plan o Avoid past mistakes o Better understand your target markets o Goal-setting o Plan marketing strategies o Obtain funding (bank loans, investors, etc.) o Provide Organizational direction o Track Overall Progress Components of a marketing plan o Executive Summary Mission Statement o Situation Analysis SWOT Analysis (Strengths, Weakness, Opportunities, Threats) Company questions: What are the company’s overall goals? Customer questions: What are our customers buying? Entrepreneurship I Objective 3.03 A. Explain the nature of marketing plans. B. Explain the role of situation analysis in the marketing planning process. o Desired Target Market What does our target market want and need? How will our target market use this product? How much will our target market be willing to pay for this product? What message do we want our target market to hear from our marketing efforts? o Marketing Objectives SMART—Specific, Measurable, Achievable, Realistic, and Timebound. o Marketing Strategies and Programs Communication methods o Financial Plans Details on the expected expenses and profits of the plan’s programs. o Performance and Implementation Expected Results o Appendix Market Surveys Product Photographs o Business threats A competitor obtains funding for expansion. Why a threat? o More product available o More efficient operations Rising inflation rates Why a threat? o Beyond your control. You must adjust your business practices to accommodate.
