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3.03. Explain the nature of marketing plans. What is a marketing plan?. A set of procedures or strategies for: Attracting the target market to a business Achieving marketing goals. Why should my business create a marketing plan?. It is part of the overall business plan.

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3 03

3.03

Explain the nature of marketing plans.


What is a marketing plan

What is a marketing plan?

  • A set of procedures or strategies for:

    • Attracting the target market to a business

    • Achieving marketing goals


Why should my business create a marketing plan

Why should my business create a marketing plan?

  • It is part of the overall business plan.

  • Demonstrates goals and strategies for the upcoming year

  • Demonstrate intentions for:

    • Introducing a new product

    • Entering a new target market

    • Trying a new marketing strategy


What are the benefits of a marketing plan

What are the benefits of a marketing plan?

  • Avoid past mistakes

  • Better understand your target markets

  • Goal-setting

  • Plan marketing strategies

  • Obtain funding

  • Provide organizational direction

  • Track overall progress


Components of a marketing plan

Components of a marketing plan

  • Executive summary (includes your mission statement)

Like the back of a book jacket---investors read it to see if the rest of your plan is worth reading.


Components of a marketing plan1

Components of a marketing plan

  • Situation Analysis: SWOT

NOT Your control

Your control

NEGATIVE

Positive


Components of a marketing plan2

Components of a marketing plan

  • Company Questions: What are our company’s overall goals?

  • Customer Questions: What are our customers buying?

  • Desired Target Market:

    • What do they want/need?

    • How will they use the product?

    • How much are they willing to pay for it?

    • What message do we want them to hear about our product?


Components of a marketing plan3

Components of a marketing plan

SMART

  • Marketing Objectives

    • Specific

    • Measurable

    • Achievable

    • Realistic

    • Timely


Components of a marketing plan4

Components of a marketing plan

  • Marketing Strategies & Programs

    • How will we communicate with our target market?

  • Financial Plans

    • How much will it cost us to do the marketing that we need/want?

  • Performance & Implementation

    • What are our expected results?

  • Appendix:

    • Market Surveys

    • Product Photographs


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