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A. Explain the nature of marketing plans. B. Explain the role of situation analysis in the marketing planning process. Entrepreneurship I Objective 3.03. Marketing plan. A set of procedures or strategies for: attracting the target customer to a business

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entrepreneurship i objective 3 03

A. Explain the nature of marketing plans.B. Explain the role of situation analysis in the marketing planning process.

Entrepreneurship I

Objective 3.03

marketing plan
Marketing plan
  • Aset of procedures or strategies for:
    • attracting the target customer to a business
    • Achieving marketing goals
three reasons for marketing plan
Three reasons for marketing plan
  • Part of overall business plan.
  • Demonstrates goals and strategies for upcoming year.
  • Demonstrate intentions for introducing a new product, entering a new target market, or trying a new marketing strategy.
benefits of a marketing plan
Benefits of a marketing plan
  • Avoid past mistakes
  • Better understand your target markets
  • Goal-setting
  • Plan marketing strategies
  • Obtain funding (bank loans, investors, etc.)
  • Provide Organizational direction
  • Track Overall Progress
components of a marketing plan
Components of a marketing plan
  • Executive Summary
    • Mission Statement
  • Situation Analysis
    • SWOT Analysis (Strengths, Weakness, Opportunities, Threats)
    • Company questions:
      • What are the company’s overall goals?
    • Customer questions:
      • What are our customers buying?
components of a marketing plan1
Components of a marketing plan
  • Desired Target Market
    • What does our target market want and need?
    • How will our target market use this product?
    • How much will our target market be willing to pay for this product?
    • What message do we want our target market to hear from our marketing efforts?
  • Marketing Objectives
    • SMART—Specific, Measurable, Achievable, Realistic, and Time-bound.
components of a marketing plan2
Components of a marketing plan
  • Marketing Strategies and Programs
    • Communication methods
  • Financial Plans
    • Details on the expected expenses and profits of the plan’s programs.
  • Performance and Implementation
    • Expected Results
  • Appendix
    • Market Surveys
    • Product Photographs
business threats
Business threats
  • A competitor obtains funding for expansion.
    • Why a threat?
      • More product available
      • More efficient operations
  • Rising inflation rates
    • Why a threat?
      • Beyond your control. You must adjust your business practices to accommodate.