Transcript Writing a Marketing Plan

Writing a Marketing Plan
Marketing is a complicated
process so businesses start
by creating a marketing plan.
Marketing News Article:
Title of articfle:
7 Ways Universities Are Using
Facebook as a Marketing Tool
Brainstorm with your team. How could
a university use Facebook to market
their school? Any promotions? Any
cool app ideas?
Marketing Plan
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A marketing plan is a formal, written
document that directs a company’s
activities for a specific time period.
What do they mean by formal?
Why would a business choose a
specific time period?
Contents of a Marketing Plan
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A marketing plan provides a
roadmap for how a product will enter
the market, be advertised, and be
sold.
Marketing Plan
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A marketing plan:
• Helps a company measure their
performance (it’s an evaluation tool)
• Let managers know their responsibilities
• Allows managers to know the timeline
• Allows managers to know the budget
Elements of a Marketing Plan
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Can differ from company to company
but they all have the same basic
elements including:
• Executive Summary
• Situation Analysis
• Objectives (goals)
• Marketing Strategies
• Implementation
• Evaluation and Control
• Appendix
Executive Summary
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Brief overview of the entire
marketing plan.
Can be used to provide info to
outside people (like investors)
Situation Analysis
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Study of the internal and external
factors that affect marketing
strategies
Information from a SWOT analysis
can be put here!
Goals and Objectives
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Let everyone know what the marketing
plan will accomplish.
The goals need to be specific, realistic,
measurable, and have a time frame.
Brainstorm: Why should goals be
specific, realistic, measurable, and
have a time frame?
Goals and Objectives
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Specific: Provides enough details so it
can be understood.
Cannot use “to be better than a
competitor”
• One person’s definition of ‘better’ might
be different than another person’s
Goals and Objectives
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Measurable means that the objective
includes a way to evaluate it
Example: You cannot simply say you want to
increase sales. Need to identify the
percentage increase in dollars or units sold.
You could say want to increase dollar sales
by 15% compared to same time last year
Goals and Objectives
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Must include a time frame because
without one you would not know if
the objective is actually reached.
Goals and Objectives
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The objectives chosen must be in line
with the organizations overall
mission.
Example: If a firm’s goal is to double
business in 5 years the marketing
objectives must coincide with that
goal and provide the means to reach
it.
Marketing Strategy
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Identifies target markets an sets
marketing mix choices that focus on
those markets.
All strategies must take into account
the customer’s needs and wants as
well as the objectives of the
marketing plan.
Marketing Strategy
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An effective marketing strategy focuses on
what makes your company better than
your competitors.
Examples: Your items are better quality,
more competitive pricing, online ordering,
etc.
Results of a SWOT analysis should provide
info to identify this information.
Implementation
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Now that you’ve created the plan you
need to put it into action. This is
what the implementation stage is
about.
This part of the plan outlines a
schedule of activities, job
assignments, sales forecast,
budgets, and who is responisble for
each area.
Evaluation and Control
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In this area a company writes how
they are going to evaluate each
objective.
Also will show what measures might
be necessary if objectives are not
met.
Appendix
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Section of the plan that includes
supplemental information including :
• Detailed financial statements
• Sample ads
• Other materials to support the plan
Questions to answer in complete
sentences and turn in:
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What is a SWOT analysis and why is
it helpful?
Tell me at least 2 things you’ve learned
while you created your own SWOT analysis.
Why are evaluation and control important
elements of a marketing plan?
If a company’s current sales revenue is
$1,386,000 and its marketing objective is
to increase sales by 10% during the next
year what is the dollar sales goal for the
following year?
How can a country’s current economic
situation impact a business’s marketing
plan?