The Marketing Plan Chapter #2

Driving Directions If we were all going to Disney Land today and you were driving what would you do first? Do you know exactly how to get to Disney Land? Who would you ask for help?

SWOT Analysis Good marketing relies on a good plan. S= Strengths W= Weaknesses O=Opportunities T= Threats An accurate analysis will help a company be more competitive and provide better guidance.

Internal Strengths and Weaknesses Centers around –Company, Customer, and Competition

Company Analysis Staff Related Financial Questions Production Capabilities Marketing Mix (product, place, price, promotion)

Customer Analysis Who are they? What, when, where and how much they buy? Satisfaction

Competitive Position Market Share Advantages over competition Core competencies – Reputation

External Opportunities and Threats Competitive advantage due to external factors Competition Environmental Scan Political Economic Socio Culture Technological

Writing a Marketing Plan A formal written document that directs a company’s activities for a specific period of time. It provides a road map to follow.

Elements of a Marketing Plan Executive Summary – Overview of the entire plan. Situation Analysis – SWOT Goals and Objectives – What this plan will accomplish. Marketing Strategies – Identifies target markets and sets marketing mix

Elements of a Marketing Plan CONT… Implementation – Make the plan, work the plan – Getting a plan into action Evaluation and Control – Measure and evaluation of the plan Performance standards and evaluation Appendix Conclusion

Market Segmentation The process of classifying people who form a given market into even smaller groups. Demographics Geographics Psychographics

Demographics Statistics that describe a population in terms of personal characteristics. Age –Boomers, Gen X, Gen Y Gender Income Marital Status Ethnic Background

Geographics Refers to segmentation of the market based on where people live

Psychographics Activities Attitudes Personality and Values

Behavioral Shopping patterns, usage rate

Mass Marketing Vs Segmentation