1. Marketing Plans Project #2: Marketing Plan Analysis

2. Marketing Plans  A marketing plan is a written document that specifies how, where, and to whom a business plans to market its product(s) and/or brand(s)  A small business typically creates a one- year marketing plan  Larger businesses may develop five-year marketing plans  A marketing plan may by part of a more comprehensive business plan

3. Benefits  Can help to define a business and its goals  Can serve as a roadmap to guide business actions and decision-making  Can help a business to focus on its target market  Can act as a measuring stick against which to measure business performance  Can unit business employees toward common goals and make employees feel like part of a cohesive team  Captures people’s thoughts and ideas in writing

4. Components  Executive Summary  Situation Analysis  Marketing Goals and Objectives  Marketing Strategies  Implementation Plan  Evaluation and Control

5. Executive Summary  Contains a brief overview of the marketing plan  It focuses only on the most important points of the plan

6. Situation Analysis  An assessment of where the organization currently stands both internally and externally  To develop this assessment, much analysis must be done  An external analysis  A customer analysis  An internal analysis  A SWOT analysis  The organization’s product(s), target markets, distribution channels, competitors, finances, strengths, weaknesses, opportunities, and threats must all be considered

7. Marketing Goals & Objectives  The marketing goals define what the business hopes to accomplish  The marketing objectives, which should be measurable and specific, spell out how to meet those goals

8. Marketing Strategies  The marketing strategies component of the marketing plan provides detailed information about the organization’s target markets and planned marketing mix  Product  Price  Place  Promotion

9. Implementation Plan  Explains what the company must do to accomplish its goals and objectives  Should note the time, personnel, actions, and financial resources needed to reach these company goals and objectives

10. Evaluation and Control  Contains performance standards against which to measure the marketing plan and company performance  Provides information on what actions should be taken if the marketing goals and objectives are not met