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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

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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