MT-499 Unit 4 Seminar

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MT-499Unit 4 Seminar

ContentsSWOT Analysis

ComponentsRole of a SWOT AnalysisSpartan Stores ExampleGroup Exercise

Role of Research in Developing a Marketing PlanComponents of a Marketing PlanOther Areas To Consider

eMarketingPlanning For Growth (Branching Out)Adding Media

Tying it All Together

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Components of a SWOT AnalysisBreak up into Internal vs. ExternalInternal Components

StrengthsWeaknesses

External ComponentsOpportunitiesThreats

Is it Internal or External?Would the problem exist if the company did not exist

– if yes, then it is external.

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Components of a SWOT AnalysisInternal Components

StrengthsWeaknessesSome Things to consider:

Size and financial resourcesScale and cost economiesCustomer perceptions

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Components of a SWOT AnalysisExternal Components

OpportunitiesThreatsSome Things to consider:

Trends in competitive environmentTrends in technological environmentTrends in sociocultural environment

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Role of a SWOT AnalysisA snapshot of a company’s current situation

internally and externallyInternally-focused Actions

Determine how to capitalize on your strengthsDetermine how to neutralize your weaknesses

and if possible turn them into strengthsWithout negatively affecting your existing strengths

Externally-focused ActionsDetermine how to capitalize on your

opportunitiesDetermine how to neutralize your threats and if

possible turn them into opportunitiesWithout negatively affecting your existing weaknesses

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Spartan ExampleLet’s briefly discuss improvement Spartan

can make Not just strategic ideas, but actions for

implementationWhat actions can they take toward their

weaknessesWhat actions can they take toward their

threats

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Group ExerciseLet’s perform a quick SWOT Analysis of our

own Let’s choose a topic:

Toyota’s current situationAmazon Kindle (and the competition)Launch of the Apple iPadGM’s Market PositionOther

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Market Research – incl. Benchmarking (from Week 3)Marketing is more than just advertisingResearch can be both Quantitative and

QualitativeResearch is used to:

Determine customer needs (Whether B2B or B2C)Create or improve products/servicesDetermine effective Marketing campaigns

Benchmarking for SuccessYou need to offer a product/service that is

superior to (or at least competitive with) your competitors’ products/services.

Therefore, you need to benchmark:Competitors’ Products/ServicesCompetitor Processes (including supply chains) Industry Best Practices

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Marketing Plan ResearchExternal Analysis

Changes in political positions & legislationChanges in technologyTrends in society (values and habits)Competitor analysisEconomic situation

Customer AnalysisCurrent and potential customersConsumer buying trendsWhy do consumers purchase (or not purchase) the

product/service Internal Analysis

Current and anticipated state of HR and FinancesCompany performance in relation to customers

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Components of a Marketing PlanExecutive summary (written last)Situation Analysis (from the research)SWOT Analysis (to determine/identify the

company’s position)Marketing Goals (changes you would like to

achieve) and Objectives (SMART benchmark)Marketing Strategies (4 P’s from last week)Implementation Plan (the “How” you will make

this happen)Evaluation & Control (Monitoring and acting

upon actual performance)

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Other Areas to ConsidereMarketing – alone or in conjunction with other

forms of marketing/advertising (as discussed last week)Pay Per ClickBanner AdvertisingEmail MarketingOrganic Search

Planning for Growth (think of the Clean-Air Carpet Cleaning scenario from Week 1)

Branding (so people will know you immediately)Adding Media (what other types of media should you

consider adding and when)Based on Growth (or loss) Launch of new and/or improved products/servicesSeasonally

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Tying It All TogetherImportance of a strong marketing plan in your

business planAttracting investorsHelping to secure a loanGaining a better understanding of your competition

and customersA strategic plan on how to effectively reach your

customer (current and potential)Keep it current

As part of the evaluation and control, don’t let your marketing plan become stale – keep it updated (along with your business plan)

MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

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Assignment (Combined Paper)Marketing Strategy (3-4 pages)

How you plan to use marketing strategies to promote your business

Necessary market researchOngoing costs as well as one-time fees

Marketing Plan (5-6 pages)Benefits of market researchSWOT analysisMarketing mix (4 Ps)

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Final Questions?

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