1. The marketing plan
Ch. 2

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)

3. 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)

4. 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)

5. 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)

6. 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)

7. 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)

8. 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

9. 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

10. 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

11. 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

12. 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