Welcome! MT-499 Unit 4 Seminar

Contents SWOT Analysis Components Role of a SWOT Analysis Spartan Stores Example Group Exercise Role of Research in Developing a Marketing Plan Components of a Marketing Plan Other Areas To Consider eMarketing Planning For Growth (Branching Out) Adding Media Tying it All Together 2

Components of a SWOT Analysis Break up into Internal vs. External Internal Components Strengths Weaknesses External Components Opportunities Threats Is it Internal or External? Would the problem exist if the company did not exist – if yes, then it is external. MyEntre.net (2010). Components of a marketing plan. Retrieved from 3

Components of a SWOT Analysis Internal Components Strengths Weaknesses Some Things to consider: Size and financial resources Scale and cost economies Customer perceptions MyEntre.net (2010). Components of a marketing plan. Retrieved from 4

Components of a SWOT Analysis External Components Opportunities Threats Some Things to consider: Trends in competitive environment Trends in technological environment Trends in sociocultural environment MyEntre.net (2010). Components of a marketing plan. Retrieved from 5

Role of a SWOT Analysis A snapshot of a company’s current situation internally and externally Internally-focused Actions Determine how to capitalize on your strengths Determine how to neutralize your weaknesses and if possible turn them into strengths Without negatively affecting your existing strengths Externally-focused Actions Determine how to capitalize on your opportunities Determine how to neutralize your threats and if possible turn them into opportunities Without negatively affecting your existing weaknesses 6

Spartan Example Let’s briefly discuss improvement Spartan can make Not just strategic ideas, but actions for implementation What actions can they take toward their weaknesses What actions can they take toward their threats 7

Group Exercise Let’s perform a quick SWOT Analysis of our own Let’s choose a topic: Toyota’s current situation Amazon Kindle (and the competition) Launch of the Apple iPad GM’s Market Position Other 8

Market Research – incl. Benchmarking (from Week 3) Marketing is more than just advertising Research can be both Quantitative and Qualitative Research is used to: Determine customer needs (Whether B2B or B2C) Create or improve products/services Determine effective Marketing campaigns Benchmarking for Success You need to offer a product/service that is superior to (or at least competitive with) your competitors’ products/services. Therefore, you need to benchmark: Competitors’ Products/Services Competitor Processes (including supply chains) Industry Best Practices 9

Marketing Plan Research External Analysis Changes in political positions & legislation Changes in technology Trends in society (values and habits) Competitor analysis Economic situation Customer Analysis Current and potential customers Consumer buying trends Why do consumers purchase (or not purchase) the product/service Internal Analysis Current and anticipated state of HR and Finances Company performance in relation to customers MyEntre.net (2010). Components of a marketing plan. Retrieved from 10

Components of a Marketing Plan Executive summary (written last) Situation Analysis (from the research) SWOT Analysis (to determine/identify the company’s position) Marketing Goals (changes you would like to achieve) and Objectives (SMART benchmark) Marketing Strategies (4 P’s from last week) Implementation Plan (the “How” you will make this happen) Evaluation & Control (Monitoring and acting upon actual performance) MyEntre.net (2010). Components of a marketing plan. Retrieved from 11

Other Areas to Consider eMarketing – alone or in conjunction with other forms of marketing/advertising (as discussed last week) Pay Per Click Banner Advertising Marketing Organic Search Planning for Growth (think of the Clean-Air Carpet Cleaning scenario from Week 1) Branding (so people will know you immediately) Adding Media (what other types of media should you consider adding and when) Based on Growth (or loss) Launch of new and/or improved products/services Seasonally MyEntre.net (2010). Components of a marketing plan. Retrieved from 12

Tying It All Together Importance of a strong marketing plan in your business plan Attracting investors Helping to secure a loan Gaining a better understanding of your competition and customers A strategic plan on how to effectively reach your customer (current and potential) Keep it current As part of the evaluation and control, don’t let your marketing plan become stale – keep it updated (along with your business plan) MyEntre.net (2010). Components of a marketing plan. Retrieved from 13

Assignment (Combined Paper) Marketing Strategy (3-4 pages) How you plan to use marketing strategies to promote your business Necessary market research Ongoing costs as well as one-time fees Marketing Plan (5-6 pages) Benefits of market research SWOT analysis Marketing mix (4 Ps) 14

Final Questions? 15