Marketing Plan Marketing

What is a Marketing Plan? A written document that provides direction for the marketing activities for a specific period of time It is a critical planning tool for any business, regardless of industry Defines goals and strategies Serves as the “game plan” Communicates the goals, objectives, and strategies of a company to its employees

Key components of an effective Marketing Plan: Mission Statement Executive Summary Situation or S.W.O.T. Analysis Marketing Goals / Objectives Market Research / Marketing Strategies Implementation Evaluation and Control

The Mission Statement A written statement that captures an organization’s purpose, customer orientation and business philosophy The majority of marketing strategies are founded on the basis of the mission statement content

The Executive Summary Introduce the Company Overview of the Marketing Plan Explain all of the key elements of the Marketing plan in a shorter form Focus your ideas and goals in a short summary

The Situation (S.W.O.T.) Analysis Strengths W Weaknesses O Opportunities T Threats

Strengths S Strengths Patents Strong brand names Positive reputation among customers S Strengths Resources and capabilities that can be used as a basis for developing a competitive advantage

Weaknesses W Weaknesses Lack of patent protection Weak brand name Poor reputation among customers Lack of resources Inadequate distribution channels W Weaknesses Qualities that give a business a competitive disadvantage

Opportunities O Opportunities An unfulfilled customer need Arrival of new technologies A niche that has not yet been exploited Mergers Entry into new markets O Opportunities Events that could facilitate company profit and growth

Threats T Threats Shifts in consumer tastes away from company products Emergence of new substitute products Government regulation T Threats Events that could have a negative impact on the company

Marketing Goals & Objectives Statement of what results you want to achieve with your marketing Building blocks of your marketing plan Specific, Measurable, Attainable, Realistic & Timely Big number such as - a year end revenue figure Small number such as – acquire 4 new clients per month Company culture – To be number 1 in customer satisfaction in the sports equipment industry Ex: Disney’s goal is to make people happy!

Marketing Goals & Objectives Give your goals a reality check: Ask the following questions: Can I really and truly do this? Have I come close before with similar efforts? Do the numbers, time frame and dollars seem somewhat practical? Have other companies or my competition done similar things?

Market Research / Marketing Strategies Market Research: Gain valuable insights about your customers, competitors, & products Marketing Strategies: Establish guidelines for how to use the information gathered from market research Define where the company fits in among competitors: Leader, Follower, challenger, or niche company

Implementation Blue Print for marketing your products and services Step by Step guide for delivering your marketing strategy 8 Key Steps for successful Implementation: Set the right expectations Build the team and secure resources Communicate the Plan Build timeline and tasks Set up a dashboard for tracking success Monitor and Check-in Regularly Be willing to adapt Communicate results and celebrate Success!!

Marketing Control Control: Control Process: Steps that an organization takes to ensure that its marketing plan is successful Control Process: Setting standards based on plans Measuring performance against standards Correcting deviations from standards and plans

Marketing Evaluation Techniques used after the marketing plan period to analyze success in achieving individual marketing objectives and to more broadly assess the entire organization’s marketing efforts

Marketing Evaluation Techniques Sales analysis Market-share analysis Marketing cost and profitability analysis Efficiency ratios Marketing-effectiveness rating review Marketing audit

Self-Assessment Values Personal Preferences Interests Skills / Aptitudes Personality Personal Preferences

Values Beliefs that guide the way we live Examples: Service to others Self-Expression Teamwork Personal achievement Recognition Family

Interests Things you enjoy Examples include: Leisure activities Hobbies School activities Class or subjects Social activities Books TV shows or movies

Skills & Aptitudes Skill Aptitude Ability or natural talent Potential to learn a certain skill Examples include: Creative thinking Languages Communication Leadership Sports Customer service Organization Sales

Personality Combination of all the unique qualities that make you who you are Sum of total feelings, actions, habits, and thoughts Intellectual Decisive Outgoing

Personal Preferences Work Environment Relationships Indoors / Outdoors Relaxed / Fast Pace Sitting / Standing Relationships Teamwork / Alone Data / Objects / People Delegate / Self-Start Level of Supervision

The Changing Workplace Dynamic Fluctuations in supply & demand of workers due to industrial revolution and advances in technology Shift to a global economy

Shifting Norms of Employees Baby Boomers Born between 1946 and 1964 Company loyalty

Shifting Norms of Employees Generation X (born between mid-1960’s and early 1980’s) Generation Y (aka Millennials, born between 1980’s and early 2000) Career-switchers Expected to pursue 5-9 different careers in a lifetime

Project Time Work Independently Create a Personal Marketing Plan for YOU Email to your teacher * See Project document for Assignment Details