1. Developing the Marketing Plan Appendix 1

2. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Aids in Developing a Strong Marketing Plan… Information from varying sources: –Competitive –Economic –Demographic –Company trends –Capacity and production limits –Internal and external information gathering

3. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. The Structure of the Marketing Plan Should be comprehensive Should be organized logically Should be flexible enough to allow for modification

4. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Executive Summary Synopsis of overall marketing plan (strategy & execution) Quick overview of the plan identifying key issues –Does not contain detailed information Includes sales projections, costs, & performance evaluation measures Last part of the marketing plan to be completed

5. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Environmental Analysis Summarizes business conditions –External environment –Customer environment –Firm’s organizational environment Should evaluate external factors: economic, competitive, social, political/legal & technological One of the most difficult parts of the marketing plan

6. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. SWOT Analysis Strengths & Weaknesses-internal issues that are unique to the firm providing a competitive advantage or disadvantage –What are some companies that operate with strong brand images names (which represent a competitive advantage?) –What are some weak brand names?

7. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. SWOT Analysis Opportunities & Threats-external issues that may affect an organization –What are some of the external issues affecting many organizations today? –What are some of the current threats?

8. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Issues to Address in the SWOT Analysis Matching internal strengths to external opportunities Converting weaknesses into strengths Repositioning threats into opportunities

9. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Goals & Objectives Desired & expected outcomes of the marketing plan Must emanate from a clear mission statement Marketing objectives are often quantifiable

10. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Strategies Selecting & analyzing target markets Determining the appropriate marketing mix Must gain a competitive advantage An overall blueprint for how the firm will achieve its marketing objectives

11. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Implementation Specific actions that ensure the marketing objectives are achieved –1.) actions to be taken –2.) how & when activities will be performed –3.) who is responsible for actions –4.) how will completion be monitored & evaluated –5.) cost of the activities in the plan

12. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Problems in Creating a Marketing Plan... Getting company-wide consensus/cooperation Not enough time for thorough completion Hard to make accurate forecasts Plans are not taken seriously enough Company is not marketing oriented Too much of a short term focus

13. COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Using the Marketing Plan Requires… An ongoing system of collecting relevant marketing information Good managerial judgment Getting top management approval, necessary resources, & non-marketing ‘buy-in’ Being flexible enough to adjust the plan as necessary