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Chapter 2

Chapter 2. Section 2.1 Marketing Plan. Objectives. Conduct a SWOT Analysis List the three key areas of an internal company analysis Identify the factors in an environmental scan Explain the basic elements of a marketing plan Explain the concept of market segmentation

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Chapter 2

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  1. Chapter 2 Section 2.1 Marketing Plan

  2. Objectives Conduct a SWOT Analysis List the three key areas of an internal company analysis Identify the factors in an environmental scan Explain the basic elements of a marketing plan Explain the concept of market segmentation Analyze a target market Differentiate between mass marketing and market segmentation

  3. Section 2.1 ~ Marketing PlanningObjectives Conduct a SWOT analysis List the three key areas of an internal company analysis Identify the factors in an environmental scan Explain the basic elements of a marketing plan

  4. SWOT Analysis • SWOT Analysis ~ Strengths, Weaknesses, Opportunities and Threats • Assessment that lists a company’s strengths and weaknesses • Provides information for a company to be successful or a failure

  5. Internal Strengths & Weaknesses • Company Analysis • Staff-Related Questions • Financial Questions • Production Capability Questions • Marketing Mix ~ Product, Price, Promotion & Place

  6. Internal Strengths & WeaknessesContinued • Customer Analysis • Who are the customers? • How do groups of customers differ from one another? • What, when, where, and how much do they buy? • How do customers rate the company on; quality, service and value? • How satisfied is each customer segment? • What customer segments are not having their needs met? • Is your customer base increasing or decreasing? Why?

  7. Internal Strengths & WeaknessesContinued • Competitive Position • What is the company’s market share? • What advantages does the company have over its competitors? • What core competencies does the company posses? Better reputation, own a patent, have special resources, or better distribution capabilities? • Are competitors taking business away from the company? How? New products? Better promotion?

  8. External Opportunities & Threats Competition ~ Companies that conduct a SWOT analysis on an ongoing basis are in a better position to react & make adjustments to their marketing mix.

  9. External Opportunities & ThreatsContinued • Environmental Scan ~ analysis of outside influences that may impact an organization such as political, economic, socio-cultural & technological • Political ~ Companies must be aware of changes in laws and regulations. This impacts Global Companies immensely. • Economic ~ Recession, Unemployment, Foreign Currency Rates, Illegal Dumping, Trade Restrictions. • Socio-Cultural ~ Bases on present and future customers. • Technological ~ Computer Automation, Satellite Technology

  10. Writing A Marketing Plan • What is a Marketing Plan??? • Formal, written document that directs a company’s activities for a specific period of time. • Includes: goals, objectives and strategies.

  11. Elements of a Marketing PlanPage 34 • Executive Summary ~ Brief overview of the plan • Situation Analysis • Goals & Objectives • Marketing Strategies • Implementation: Make the Plan, Work the Plan • Evaluation & Control • Performance Standards & Evaluation • Appendix

  12. 2.1Key Terms SWOT Analysis Environmental Scan Marketing Plan Executive Summary Situation Analysis Marketing Strategy Sales Forecasts Performance Standard

  13. Section 2.2 ~ Marketing Segmentation • Identifying & Analyzing Markets ~ by Age, Price & Desired Features • Demographics • Geographics • Psychographics • Behavioral • Mass Marketing Versus Segmentation

  14. Demographics Age ~ Baby Boom Generation, Generation X, Generation Y Gender Income ~ Disposable Income & Discretionary Income Marital Status Ethnic Background

  15. Geographics Geographics ~ where people live

  16. Psychographics • Pscyhographics ~ Grouping people with similar lifestyles and common attitudes. • Activities • Attitudes • Personality & Values

  17. Behavioral Bahavioral ~ Looking at what consumers desire, shopping patterns, usage rate.

  18. Mass Marketing Versus Segmentation Competitors items are very similar Mass Marketing not very popular…. Why?

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