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Elements of a Marketing Plan . Stage 6 Business Studies. Elements of a M arket Analysis. ◆ the situational analysis including SWOT and product life cycle ◆ establishing market objectives ◆ identifying the target market ◆ developing marketing strategies

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elements of a marketing plan

Elements of a Marketing Plan

Stage 6 Business Studies

elements of a m arket analysis
Elements of a Market Analysis

◆ the situational analysis including SWOT and product life cycle

◆ establishing market objectives

◆ identifying the target market

◆ developing marketing strategies

◆ implementation, monitoring and controlling

situational analysis
Situational Analysis
  • It provides answers to many of the questions asked in the planning process.
  • Typically describes the market and the place of the business in that market.
  • Another aspect is a description of the environment in which the business is operating.
    • internal (factors inside the business) and
    • external (factors outside the business).
product life cycle
Product Life Cycle
  • Introduction
  • Growth
  • Maturity
  • Decline
product life cycle introduction
Product Life Cycle - Introduction
  • Until people get to know the product, sales will grow slowly.
  • Heavy promotion and the costs of development often mean negative profits.
  • Higher prices can be charged until competitors enter the market.
product life cycle growth
Product Life Cycle - Growth
  • The heavy promotion pays off and sales grow rapidly.
  • It is very profitable because prices are high.
  • The profits attract competitors.
product life cycle maturity
Product Life Cycle - Maturity
  • Sales level off.
  • Only occasional advertising is needed to promote the product.
product life cycle decline
Product Life Cycle - Decline
  • Sales are falling and there is little purpose in fighting the trend.
  • Heavy discounting is used to get rid of stock
market objectives
Market Objectives
  • Sets out what the business wants to achieve with its marketing effort.
  • Objectives guide all the marketing effort. It is also important to ensure that the market objectives are consistent with the business objectives relating to such things as profit, quality and staffing.
  • Good market objectives should be SMART
target market
Target Market
  • The target market refers to the group of actual or potential buyers of the product.
  • It is the group at which the marketing effort is directed.
  • When a business really understands its target market it can often develop new products to meet their needs.
marketing strategies
Marketing Strategies
  • Product
    • includes such things as its image in the mind of customers, the brand, as well as the actual benefits the product offers the customer
  • Place
    • concerned with the distribution process
  • Price
    • the money the customer pays for the product
  • Promotion
    • the activities a business uses to communicate with its customers
implementation
Implementation
  • the marketing plans are put into operation
monitoring
Monitoring
  • involves watching what happens when the product is placed in the market.
controlling
Controlling
  • process of comparing actual results with planned results