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Transcript
The Marketing Plan
Chapter 2
Section 2.1: Marketing Planning

Good marketing requires good planning


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Research your company
Study your business environment
Analyze your competitors
Develop Assessment Lists


Utilize the things that will contribute to your
success
Avoid the threats that could cause failure
Section 2.1: Marketing Planning

SWOT Analysis: Occurs when a company looks at
their strengths and weaknesses and analyzes the
opportunities and threats that surround them.


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Helps handle weaknesses
Prepares for threats
Companies develop strategies based on SWOT
analysis


Identifies target market
Point out competitive advantages
Strengths & Weaknesses

Strengths & weaknesses are internal factors that
affect a business

Internal Analysis centers on the 3 C’s

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

Company
Customers
Competition
Must evaluate these components fairly

Sometimes done by outside strategists
The First C: Company

Company Analysis deals with two areas:

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What the company does well (strengths)
What the company doesn’t do well (weaknesses)



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Staff Review(s): All levels of the organization
Financial Situation
Production Capabilties
Each Aspect of the Marketing Mix

Product, Promotion, Price, Place
Staff Review Research

Company has a mission statement


Do employees know it?
Do employees follow it?

Does the company have too much or too small a staff?

What is the quality of staff?


Are they trained properly?
Are they evaluated?
Financial Status Research

Is the company profitable?



What are the company’s financial resources?


What areas are doing well?
Why are those areas doing well?
Do they have the money & means to succeed
Sales History

Sales increasing or decreasing
Production Capabilities

How does the company adjust to an increase or decrease
in sales?

Research & Development Department


New products being designed
Are their ideas successful?

What percent of sales comes from veteran products?

Changes in technology
Marketing Mix Research

Product



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What’s new
What’s been successful
Patents
Price

Effectiveness of pricing strategies
Marketing Mix Research

Promotion




Company’s position within the marketplace
What are the company’s promotional strategies?
What is the company’s image among customers?
Place


Do products easily reach customers?
Who helps the company with distribution?
Company Analysis

Answers to research reveal strengths and
weaknesses



Talent of staff
Quality of workmanship
Customer service record
Customer Analysis

Why perform a customer analysis?

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Customers are a great source of information
Buying habits dictate product offerings & pricing
strategies
Important for a company to understand:

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

Who their customers are
What, when, where, and how much are customers buying?
What needs are being met & which one’s aren’t
Is customer base growing or shrinking?
Customer Analysis

How Do You Analyze Customers?

Database technology that focuses on buying
patterns

Customer satisfaction surveys
Competitive Analysis


What is your company's market share?
What advantages does your company have?


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Better reputation
Own a patent
Special resources
Distribution Capabilities
Are competitors taking customers away from
you?
External Opportunities & Threats

Companies must also look outside to find
improvement


Competition: Know what your competitors are always
doing
Environmental Scan:

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Political: Laws, Regulations, Foreign Policy, etc..
Economic: Robust Economy v. Recession
Socio-Cultural: Lifestyle, Attitudes, Opinions, & Demographics
of customers
Technological: Taking advantage of the latest & greatest
Writing a Marketing Plan

Marketing Plan: a formal, written document that directs
a company’s activities for a specific period of time.

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Details research efforts
Provides a roadmap for product development

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How product will be introduced
How the product will be advertised
How the product will be sold
Communicates goals, objectives, and strategies to
management team
The Marketing Plan

Informs managers of their responsibilities

Details company’s budget

Forecasts a timeline for completion

Helps monitor a company’s performance

Marketing plans differ in comprehensiveness
Elements of a Marketing Plan


Differ from one company to the next
Basic elements found in all
1.
2.
3.
4.
5.
6.
Executive Summary
Situation Analysis
Marketing Goals/Objectives
Marketing Strategies
Implementation
A System for Evaluation & Control
Executive Summary

Executive Summary: a brief overview of the
entire marketing plan.



Addresses each topic in the plan
Explains costs involved in implementing plan
Provides information to outsiders such as
investors
Situation Analysis

Situation Analysis: study of the internal and
external factors that affect marketing
strategies.

Basis of this analysis comes from:


SWOT Analysis
Environmental Scan
Goals and Objectives

Objectives: let everyone know what the
marketing plan will accomplish.

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Single-Minded: only one topic per objective
Specific: provides details that eliminate confusion
Realistic: able to be obtained
Measurable: able to be evaluated
Have a timeframe: when will the goal be met
Objectives must reflect an organizations goals
Marketing Strategies

Marketing Strategies: identifies target
markets and sets marketing mix choices that
focus on those markets.



Takes in account customer needs & wants
Aligns itself with company objectives
Effective marketing strategies utilize
company strengths


Focus on key points of differences
Take advantage of strengths
Implementation

Implementation: putting the marketing plan
into action and managing it.




Obtaining financial resources
Establishing effective management
Determining the staff necessary to put plan into
action
Creates a timeframe showing when each part
takes effect
Implementation

Plan outlines several key components



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Schedule of activities
Job assignments
Sales forecasts
Budgets
Details of each activity
Who is responsible for each activity
Plan requires excellent communication
Evaluation & Control

How will the plan be evaluated?

Reinforces the need for detailed objectives

Appoints someone responsible for evaluations
Performance Standards and Evaluation

Performance Standards: an expectation for
performance that reflects the plans objectives.

They’re the measuring stick of the company
Control

Control deals with alternate options


What happens if we fail
What do we do if we don’t meet objectives

Reduces gap between planned performance and actual
success

Appendix: The supplemental section
 Financial statements
 Sample Advertisements
 Other materials that support the plan
Conclusion

Marketing Process is ongoing




Planning
Implementing
Controlling
A successful marketing plan will

Accomplish objectives within the boundaries set
Homework

Define each term from Chapter 2


Add on to Chapter One Terms
Vocabulary quiz Tuesday