The marketing plan Ch. 2

SWOT Analysis Strengths and Weaknesses = Internal Company – Staff/Finances/Production Capabilities/Marketing Mix (4 P’s) Customers – Buying habits/satisfaction Competition – market share/core competencies Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

SWOT Analysis Opportunities and threats= external Competition – Need to know what they're doing at all times Pest analysis Political = laws and regulations (local and global) Economic = recession/unemployment/currency rate/trade restrictions socio-cultural = changes in demographics Technology = adaptability to new technology Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

Marketing plan Formal written document that directs a company’s activities Communicates the goals and strategies of the company’s management team 7 sections Executive summary / situational analysis / objectives / marketing strategies / implementation / evaluation and control / appendix Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

Marketing plan Executive summary = overview of the plan Situational analysis = internal and external factors that affect marketing strategies. swot and pest analysis used for this section. Objectives = what the plan will accomplish Single minded / specific / realistic / measurable / time framed Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

Marketing plan Marketing strategies = identifies target market and sets marketing mix choices. Focuses on key points of differences (advantages). Swot and pest utilized Implementation = putting the plan into action. Includes schedule / job assignments / sales forecasts / budgets / responsibilities Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

Marketing plan Evaluation and control = how a specific objective will be measured. Includes performance standards – expectations for performance that reflect the plan’s objectives Appendix – supplemental materials (financial statements or sample ads) Product, Place, Price, Promotion…Internal = company analysis (examine the 4 p’s), also customer analysis, and competitive position (market share)

Identifying and analyzing markets Market segmentation – classifying people within a market into smaller groups Marketers must determine which of the market segmentations should be targeted Companies use data to form segmentations (Census) Scanning of outside influences…Political=laws, Economic=weak/robust economy also recession/unemployment/currency rates/trade restrictions (can’t control so must react to economic factors), Socio=changes in demographics (Ex. Diversity and health and marriages), Technology=new things

Identifying and analyzing markets Segmentation types Demographics – personal characteristic stats age (Generation) / gender / income / marital status / ethnic background Geographics – where people live Local / state / regional / national / global Scanning of outside influences…Political=laws, Economic=weak/robust economy also recession/unemployment/currency rates/trade restrictions (can’t control so must react to economic factors), Socio=changes in demographics (Ex. Diversity and health and marriages), Technology=new things

Identifying and analyzing markets Segmentation types Psychographics – attitudes, interests, opinions, life styles, and values Behavioral characteristics – sales generated, shopping patterns, purchase decision making process Scanning of outside influences…Political=laws, Economic=weak/robust economy also recession/unemployment/currency rates/trade restrictions (can’t control so must react to economic factors), Socio=changes in demographics (Ex. Diversity and health and marriages), Technology=new things

Mass marketing vs segmentation Mass marketing = single marketing strategy to reach all customers Advantages: economies of scale (cost savings) Disadvantages: competitors can identify market segments whose needs/wants are not being met and steal those customers Scanning of outside influences…Political=laws, Economic=weak/robust economy also recession/unemployment/currency rates/trade restrictions (can’t control so must react to economic factors), Socio=changes in demographics (Ex. Diversity and health and marriages), Technology=new things

Mass marketing vs segmentation Niche marketing = narrows and defines a market with extreme precision Advantages: increased chance of a products success Disadvantages: cost!! Scanning of outside influences…Political=laws, Economic=weak/robust economy also recession/unemployment/currency rates/trade restrictions (can’t control so must react to economic factors), Socio=changes in demographics (Ex. Diversity and health and marriages), Technology=new things