Lesson 5.2 - Components of an Effective Marketing Plan

Key components of an effective LESSON 5.2 The Marketing Plan 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

Key components of an effective marketing plan (could also include): LESSON 5.2 The Marketing Plan Key components of an effective marketing plan (could also include): Table of contents Problem identification statement Communication and/or publicity plan

The Marketing Plan The Mission Statement

The Executive Summary The Marketing Plan Executive Summary: LESSON 5.2 The Marketing Plan The Executive Summary Executive Summary: Provides an overview of the complete plan The executive summary highlights key information within the document

The Situation Analysis The SITUATION ANALYSIS: (also referred to as SWOT) provides information that is helpful in matching the organization’s resources and capabilities t the competitive environment

S W O T The Situation (S.W.O.T.) Analysis Strengths Weaknesses LESSON 5.2 The Marketing Plan The Situation (S.W.O.T.) Analysis S Strengths W Weaknesses O Opportunities T Threats

Marketing Goals & Objectives LESSON 5.2 The Marketing Plan Marketing Goals & Objectives Why are goals and objectives important? Goals and objectives identify what the company hopes to achieve with the marketing plan and a timeline for which the plan is to be carried out

Specific Measurable Action-oriented Realistic Time bound LESSON 5.2 The Marketing Plan Marketing Goals & Objectives Effective objectives follow the S.M.A.R.T criteria Specific Measurable Action-oriented Realistic Time bound

Market research / Marketing strategies LESSON 5.2 The Marketing Plan Market research / Marketing strategies 1) Defining a specific marketing approach intending to create segmentation and positioning objectives with the goal of influencing consumer purchase decisions 2) Plan should include any relevant market research to help support strategy and implementation 3) Developing a strategy includes the process of designing an initial marketing strategy for a new product based on the product concept

LESSON 5.2 The Marketing Plan Implementation Implementation refers to the process of putting the marketing plan into action

Evaluation and Control LESSON 5.2 The Marketing Plan Evaluation and Control The evaluation phase determines whether the plan achieved the desired results The controlling process refers to the adjustments required to achieve desired results where initial efforts did not already succeed

LESSON 5.2 REVIEW (ANSWERS) The Marketing Plan 1) Identify the key components of the marketing plan 1- Mission Statement 2- Executive Summary 3- Situation or S.W.O.T. Analysis 4- Marketing Goals / Objectives 5- Marketing Strategies 6- Implementation 7- Evaluation and Control (Could also include a Table of Contents, Problem ID statement or communications/publicity plan)