Transcript The Marketing Plan

The Marketing Plan
SWOT Analysis
• Good marketing relies on good plans
• Planning efforts begin with a critical
look at itself and its business
environment or market in which it
operates
• This assessment lists and analyzes the
company’s strengths & weaknesses
SWOT Analysis
• The acronym stands for:
• Strengths
• Weaknesses
• Opportunities
• Threats
SWOT Analysis
• The internal and external awareness
will help a business identify
weaknesses and prepare to handle
threats such as competition or a
changing marketplace
SWOT: Strengths &
Weaknesses
• Analysis of strengths & weaknesses
• Three C’s: Company, Customers &
Competition
SWOT: Strengths &
Weaknesses
• Company analysis
• Questions about what a company
does well and what areas are weak
• Looks at a review of staff, financial
position, production capabilities and
each aspect of the marketing mix
SWOT: Strengths &
Weaknesses
• Customer Analysis
• Studying customers buying habits
may reveal patterns that offer insights
into product offerings and pricing
strategies
SWOT: Strengths &
Weaknesses
• Competitive Position
• Analyzing market share and
advantages/disadvantages over a
competitor
SWOT: Threats &
Opportunities
• Competition
• Environmental scan:
An analysis of
outside influences that may have an
impact on an organization as a threat or
opportunity
• Includes four areas:
Political,
economic, socio-cultural and
technological (sometimes referred to
as PEST)
SWOT: Threats &
Opportunities
•
Political:
•
Companies must be alert to changes in laws
and regulations that affect their industry
•
•
Do Not Call Registry
Downloading music from the Internet
•
Opened an industry for iTunes, etc.
SWOT: Threats &
Opportunities
• Economic
• Current state of the economy is of
interest to all businesses
SWOT: Threats &
Opportunities
• Socio-Cultural
• Changes in attitudes, lifestyles and
opinions pose a threat and
opportunity to companies
• Changes in demographic factors such
as income, occupation, etc.
SWOT: Threats &
Opportunities
• Technological
• Changing technology can be a threat
for one industry and an opportunity for
another
Writing a Marketing
Plan
• A formal, written document that directs
a company’s activities for a specific
period of time
• It details analysis and research efforts
and provides a roadmap for how a
product will enter the market, be
advertised and sold
Writing a Marketing
Plan
• A marketing plan also communicates
the goals, objectives and strategies of a
company’s management team
• A plan helps a company monitor a
company’s performance
Market Segmentation
• The process of classifying people who
form a given market into even smaller
groups is called market segmentation
• Age, price, desired features, etc.
• After segments are made, companies
decide which segments to target
• Segmented by demographics,
psychographics, geographics &
behaviors
Demographics
• Refers to statistics that describe a
population in terms of personal
characteristics such as age, gender,
income, marital status, ethnic
background, education and occupation
Geographics
• Refers to segmentation of the market
based on where people live
Psychographics
• Involves grouping people with similar
lifestyles, as well as shares attitudes,
values and opinions
Behavioral
• Segmenting the market based on
product related behavior involves
looking at the benefits desired by
consumers, shopping patterns and
usage rate
• luxury products, etc.
Mass Marketing
• When products have universal appeal
and few features to differentiate them
from competitors, mass marketing is
used
• It involves using a single marketing
strategy to reach all customers
• Got Milk? ads