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Lesson 2.
Developing a
Marketing Plan
Next Generation Science / Common Core Standards Addressed!
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RST.11‐12.7 Integrate and evaluate multiple sources of information
presented in diverse formats and media (e.g., quantitative data, video,
multimedia) in order to address a question or solve a problem.
(HS‐LS2‐6),(HS‐LS2‐7),(HS‐LS2‐8)
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Integrate and evaluate multiple sources of information presented in
diverse formats and media (e.g., quantitative data, video, multimedia) in
order to address a question or solve a problem.
(HS‐LS2‐6),(HS‐LS2‐7),(HS‐LS2‐8)
Bell Work / Student Learning Objectives
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Define the purpose for
developing a marketing
plan.
Identify the process of
developing a market
plan.
Explain the three
essential elements of a
marketing program.
Terms
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Budget
Demographics
Economics
Economist
Financial
statement
List Serve
Market research
Market segment
Marketing plan
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Price
Quality
Sales forecast
Supply
Target market
Trade Association
Web based sales
Interest Approach
Should companies market
products to all different groups
of people or targets just a few?
 If just a few, how do you select
the group you want?
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What are the purposes of
developing a market plan?
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For a business to
remain operable, it
needs to be profitable.
To make a profit means
to make money.
A marketing plan is a
program designed to
help a business achieve
its estimated sales.
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A marketing plan is developed
for each of a business’s
market segments.
A market segment is a group
of customers, divided from
others by certain
characteristics.
Each market segment
requires a different method of
advertisement.
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To advertise means to present
the positive qualities of a
product or service to the public.
Buy
Me!
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A marketing plan can
be formal or informal.
To determine which is
more appropriate, a
business must first do
market research.
Market research
consists of gathering,
recording, and
analyzing data
related to products
and consumers.
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Marketing plans and market
research help ensure that
consumers in a target
market are offered the
products or services they
want or need.
A target market is the
market segment that is most
likely to purchase a product
or service.
What processes go into
developing a market plan?
Before a target market can be
reached, a market plan must be
developed.
 Information in marketing plans
help business managers make
sales forecasts.
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Sales forecasts
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Sales forecasts
are an estimate
of the amount of
sales resulting
from a market
plan.
Market plans are
both internal and
external in
nature.
Sales forecasts
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Elements included in an internal
marketing plan include the
available budget, sales history,
inventory supply, and financial
statement.
Budget
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A budget is a business’ written
statement of future financial plans.
It includes the forecasted income,
expenses, and estimated profits of
a business.
It is necessary to set budgets in
order to reduce the risk of
overspending.
Sales histories
Sales histories help a business
plan for the future by looking at
the past.
 A sales history should reflect
the same or similar market
groups to be useful in
developing a market plan.
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Inventory
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For businesses to remain competitive, it
is important to be able to supply its
customers with the products and
services they want.
Supply is the amount of goods and
services a business offers for sale at
any given time.
In business this is known as inventory.
Financial statement
A financial statement is a
balance sheet showing the
income and expenses of a
business.
 Its purpose is to summarize the
finances of a business.
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External elements
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External elements are important in
market research as well.
External elements include target
market demographics, business
statistics, census data, government
agency reports, voter registration
lists, an economic analysis, and
customer survey results.
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Demographics are those statistics
dealing with the distribution, density,
and vital statistics of a population.
Business statistics are readily available
from a trade association.
 A trade association is an
organization that helps businesses by
serving their common interests.
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The census is a survey taken every
decade to help determine the
population density and economic
development of any given area.
A variety of government agency
reports can help in developing
market research.
 The USDA publishes a variety of
reports that could prove useful to
a horticulture business.
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Market research firms use
information gathered from both
public and private records to
identify consumers with specific
characteristics.
An economist is a person who
specializes in economics.
Economics is the study of
production, distribution, and
consumption of wealth.
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Economists are capable of analyzing a
business or market to show what is
necessary for improvement.
A survey is a written or verbal
opportunity for a business to determine
the wants and needs of their customers.
Surveys can be extremely detailed or
very brief.
What are the three essential
elements of a marketing
program?
 Price, quality, and service are
important to factors both big
and small alike.
 A nation-wide seed distribution
company would be just as
concerned with these elements
as a family- run greenhouse.
price
An item’s price is the amount of its
worth in dollars.
 Prices of products and services
should be competitive and relative
to the quality of the item.
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Quality
Quality is the degree of
excellence of a product or
services.
 Usefulness can also determine
quality.
 Products of low quality are
worth less money.
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Service
The services provided with a
product can help determine the
market price of a product or
service.
 There are three areas of
service: handling, financing,
and technical information.
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Review/Summary
What are the purposes of
developing a market plan?
 What processes go into
developing a market plan?
 What are the three essential
elements of a marketing
program?
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The End!