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The Marketing Plan SWOT Analysis • Good marketing relies on good plans • Planning efforts begin with a critical look at itself and its business environment or market in which it operates • This assessment lists and analyzes the company’s strengths & weaknesses SWOT Analysis • The acronym stands for: • Strengths • Weaknesses • Opportunities • Threats SWOT Analysis • The internal and external awareness will help a business identify weaknesses and prepare to handle threats such as competition or a changing marketplace SWOT: Strengths & Weaknesses • Analysis of strengths & weaknesses • Three C’s: Company, Customers & Competition SWOT: Strengths & Weaknesses • Company analysis • Questions about what a company does well and what areas are weak • Looks at a review of staff, financial position, production capabilities and each aspect of the marketing mix SWOT: Strengths & Weaknesses • Customer Analysis • Studying customers buying habits may reveal patterns that offer insights into product offerings and pricing strategies SWOT: Strengths & Weaknesses • Competitive Position • Analyzing market share and advantages/disadvantages over a competitor SWOT: Threats & Opportunities • Competition • Environmental scan: An analysis of outside influences that may have an impact on an organization as a threat or opportunity • Includes four areas: Political, economic, socio-cultural and technological (sometimes referred to as PEST) SWOT: Threats & Opportunities • Political: • Companies must be alert to changes in laws and regulations that affect their industry • • Do Not Call Registry Downloading music from the Internet • Opened an industry for iTunes, etc. SWOT: Threats & Opportunities • Economic • Current state of the economy is of interest to all businesses SWOT: Threats & Opportunities • Socio-Cultural • Changes in attitudes, lifestyles and opinions pose a threat and opportunity to companies • Changes in demographic factors such as income, occupation, etc. SWOT: Threats & Opportunities • Technological • Changing technology can be a threat for one industry and an opportunity for another Writing a Marketing Plan • A formal, written document that directs a company’s activities for a specific period of time • It details analysis and research efforts and provides a roadmap for how a product will enter the market, be advertised and sold Writing a Marketing Plan • A marketing plan also communicates the goals, objectives and strategies of a company’s management team • A plan helps a company monitor a company’s performance Market Segmentation • The process of classifying people who form a given market into even smaller groups is called market segmentation • Age, price, desired features, etc. • After segments are made, companies decide which segments to target • Segmented by demographics, psychographics, geographics & behaviors Demographics • Refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education and occupation Geographics • Refers to segmentation of the market based on where people live Psychographics • Involves grouping people with similar lifestyles, as well as shares attitudes, values and opinions Behavioral • Segmenting the market based on product related behavior involves looking at the benefits desired by consumers, shopping patterns and usage rate • luxury products, etc. Mass Marketing • When products have universal appeal and few features to differentiate them from competitors, mass marketing is used • It involves using a single marketing strategy to reach all customers • Got Milk? ads