Marketing co-op and non-coop Marketing Plan Marketing co-op and non-coop

Students Will Be Able To Identify the parts of a marketing plan Explain the parts of a marketing plan

What is A Marketing Plan? A formal, written document that directs a company’s activities for a specific period of time Details analysis and research efforts Provides a roadmap for how a product will enter the market, be advertised, and sold Communicates the goals, objectives, and strategies

Parts of a Marketing Plan Executive Summary Situation Analysis Objectives/Goals Marketing Strategies Implementation Evaluation Control Appendix (if needed)

Executive Summary Brief overview of the entire marketing plan Briefly addresses each topic in the plan Gives an explanation of the costs involved in implementing the plan Can provide information to people outside the organization

Situation Analysis Study of the internal and external factors that affect marketing strategies Companies will complete a SWOT Analysis External Analysis Customer Analysis Internal Analysis

External Analysis Identify changes happening in your city, state, country and globally that could impact your business Investigate: Changes in political positions and legislations Changes in technology Trends in society’s values and habits Identify competitors and list their characteristics Economic conditions

Customer Analysis Find out what consumers want and how they make purchasing decisions Ask the following questions: Who are current and potential customers? What are the trends in consumer buying habits? Why do/don’t consumers purchase this product/service?

Internal Analysis Analyze the current state of the organization Helps identify where the organization is strong and what areas need attention Look at finances and human resources Compare performance in relation to competitors Why might a company want to have a 3rd party analyze their internal strengths and weaknesses?

Marketing Strategies Identifies target markets Sets marketing mix choices that focus on those markets All strategies should take into account customers wants and needs, as well as objectives of plan Strategies should focus on key points of difference (advantage a company, product, or service has over competition) Key points of difference could be: Quality of product Superior distribution system More create ad campaign More competitive pricing structure

Implementation Putting the marketing plan into action and managing it Obtaining financial resources, management, and staffing necessary to put the plan into action Timetable shows when each part goes into action Outlines a schedule of activities, job assignments, sales forecasts, budgets, details of each activity, and who will be responsible for each activity

Evaluation and Control Discuss measures used to evaluate the plan How a specific objective will be measured and who will be responsible for providing the evaluation Performance Standards: An expectation for performance that reflects the plan’s objectives Suggests actions that should be considered if plan objectives are not met Company’s goal is to reduce the gap between planned performance standards and actual performance

Appendix Includes any supplemental materials Detailed financial statements Sample ads Other materials to support the plan