1. The Marketing Plan

2. SWOT Analysis Good marketing relies on good plans Planning efforts begin with a critical look at itself and its business environment or market in which it operates This assessment lists and analyzes the company’s strengths & weaknesses

3. SWOT Analysis The acronym stands for: Strengths Weaknesses Opportunities Threats

4. SWOT Analysis The internal and external awareness will help a business identify weaknesses and prepare to handle threats such as competition or a changing marketplace

5. SWOT: Strengths & Weaknesses Analysis of strengths & weaknesses Three C’s: Company, Customers & Competition

6. SWOT: Strengths & Weaknesses Company analysis Questions about what a company does well and what areas are weak Looks at a review of staff, financial position, production capabilities and each aspect of the marketing mix

7. SWOT: Strengths & Weaknesses Customer Analysis Studying customers buying habits may reveal patterns that offer insights into product offerings and pricing strategies

8. SWOT: Strengths & Weaknesses Competitive Position Analyzing market share and advantages/disadvantages over a competitor

9. SWOT: Threats & Opportunities Competition Environmental scan: An analysis of outside influences that may have an impact on an organization as a threat or opportunity Includes four areas: Political, economic, socio-cultural and technological (sometimes referred to as PEST)

10. SWOT: Threats & Opportunities Political: Companies must be alert to changes in laws and regulations that affect their industry Do Not Call Registry Downloading music from the Internet Opened an industry for iTunes, etc.

11. SWOT: Threats & Opportunities Economic Current state of the economy is of interest to all businesses

12. SWOT: Threats & Opportunities Socio-Cultural Changes in attitudes, lifestyles and opinions pose a threat and opportunity to companies Changes in demographic factors such as income, occupation, etc.

13. SWOT: Threats & Opportunities Technological Changing technology can be a threat for one industry and an opportunity for another

14. Writing a Marketing Plan A formal, written document that directs a company’s activities for a specific period of time It details analysis and research efforts and provides a roadmap for how a product will enter the market, be advertised and sold

15. Writing a Marketing Plan A marketing plan also communicates the goals, objectives and strategies of a company’s management team A plan helps a company monitor a company’s performance

16. Market Segmentation The process of classifying people who form a given market into even smaller groups is called market segmentation Age, price, desired features, etc. After segments are made, companies decide which segments to target Segmented by demographics, psychographics, geographics & behaviors

17. Demographics Refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education and occupation

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

19. Psychographics Involves grouping people with similar lifestyles, as well as shares attitudes, values and opinions

20. Behavioral Segmenting the market based on product related behavior involves looking at the benefits desired by consumers, shopping patterns and usage rate luxury products, etc.

21. Mass Marketing When products have universal appeal and few features to differentiate them from competitors, mass marketing is used It involves using a single marketing strategy to reach all customers Got Milk? ads