3.03 A. Explain the nature of marketing

plans.

What is a marketing plan?

A set of procedures or strategies for: Attracting the target market to a business Achieving marketing goals

Why should my business create a marketing plan?

It is part of the overall business plan. Demonstrates goals and strategies for

the upcoming year Demonstrate intentions for:

Introducing a new product Entering a new target market Trying a new marketing strategy

What are the benefits of a marketing plan?

Avoid past mistakes Better understand your target markets Goal-setting Plan marketing strategies Obtain funding Provide organizational direction Track overall progress

Components of a marketing plan Executive summary (includes your

mission statement)

Like the back of a book jacket---investors read it to see if the rest of your plan is worth reading.

Components of a marketing plan

Situation Analysis: SWOT

STRENGTHS WEAKNESSES

OPPORTUNITIES THREATSYour

contr

ol

NO

T Y

ou

r co

ntr

ol

Positive

NEGATIVE

Components of a marketing plan Company Questions: What are our

company’s overall goals? Customer Questions: What are our

customers buying? Desired Target Market:

What do they want/need? How will they use the product? How much are they willing to pay for it? What message do we want them to hear

about our product?

Components of a marketing plan Marketing Objectives

Specific Measurable Achievable Realistic Timely

SMART

Components of a marketing plan Marketing Strategies & Programs

How will we communicate with our target market?

Financial Plans How much will it cost us to do the marketing that

we need/want? Performance & Implementation

What are our expected results? Appendix:

Market Surveys Product Photographs