Transcript Appendix 1
Appendix 1 Developing the Marketing Plan Aids in Developing a Strong Marketing Plan… Information from varying sources: – – – – – Competitive Economic Demographic Company trends Capacity and production limits – Internal and external information gathering COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. The Structure of the Marketing Plan Should be comprehensive Should be organized logically Should be flexible enough to allow for modification COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Executive Summary Synopsis of overall marketing plan (strategy & execution) Quick overview of the plan identifying key issues – Does not contain detailed information Includes sales projections, costs, & performance evaluation measures Last part of the marketing plan to be completed COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Environmental Analysis Summarizes business conditions – External environment – Customer environment – Firm’s organizational environment Should evaluate external factors: economic, competitive, social, political/legal & technological One of the most difficult parts of the marketing plan COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. SWOT Analysis Strengths & Weaknesses-internal issues that are unique to the firm providing a competitive advantage or disadvantage – What are some companies that operate with strong brand images names (which represent a competitive advantage?) – What are some weak brand names? COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. SWOT Analysis Opportunities & Threats-external issues that may affect an organization – What are some of the external issues affecting many organizations today? – What are some of the current threats? COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Issues to Address in the SWOT Analysis Matching internal strengths to external opportunities Converting weaknesses into strengths Repositioning threats into opportunities COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Goals & Objectives Desired & expected outcomes of the marketing plan Must emanate from a clear mission statement Marketing objectives are often quantifiable COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Strategies Selecting & analyzing target markets Determining the appropriate marketing mix Must gain a competitive advantage An overall blueprint for how the firm will achieve its marketing objectives COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Marketing Implementation Specific actions that ensure the marketing objectives are achieved – – – – – 1.) actions to be taken 2.) how & when activities will be performed 3.) who is responsible for actions 4.) how will completion be monitored & evaluated 5.) cost of the activities in the plan COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Problems in Creating a Marketing Plan... Getting company-wide consensus/cooperation Not enough time for thorough completion Hard to make accurate forecasts Plans are not taken seriously enough Company is not marketing oriented Too much of a short term focus COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved. Using the Marketing Plan Requires… An ongoing system of collecting relevant marketing information Good managerial judgment Getting top management approval, necessary resources, & non-marketing ‘buy-in’ Being flexible enough to adjust the plan as necessary COPYRIGHT © 2002 by Thomson Learning, Inc. All rights reserved.