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Entrepreneurship I Objective 3.03

A. Explain the nature of marketing plans. B. Explain the role of situation analysis in the marketing planning process. Entrepreneurship I Objective 3.03. Marketing plan. A set of procedures or strategies for: attracting the target customer to a business

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Entrepreneurship I Objective 3.03

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  1. A. Explain the nature of marketing plans.B. Explain the role of situation analysis in the marketing planning process. Entrepreneurship I Objective 3.03

  2. Marketing plan • Aset of procedures or strategies for: • attracting the target customer to a business • Achieving marketing goals

  3. Three reasons for marketing plan • Part of overall business plan. • Demonstrates goals and strategies for upcoming year. • Demonstrate intentions for introducing a new product, entering a new target market, or trying a new marketing strategy.

  4. Benefits of a marketing plan • Avoid past mistakes • Better understand your target markets • Goal-setting • Plan marketing strategies • Obtain funding (bank loans, investors, etc.) • Provide Organizational direction • Track Overall Progress

  5. Components of a marketing plan • Executive Summary • Mission Statement • Situation Analysis • SWOT Analysis (Strengths, Weakness, Opportunities, Threats) • Company questions: • What are the company’s overall goals? • Customer questions: • What are our customers buying?

  6. Components of a marketing plan • Desired Target Market • What does our target market want and need? • How will our target market use this product? • How much will our target market be willing to pay for this product? • What message do we want our target market to hear from our marketing efforts? • Marketing Objectives • SMART—Specific, Measurable, Achievable, Realistic, and Time-bound.

  7. Components of a marketing plan • Marketing Strategies and Programs • Communication methods • Financial Plans • Details on the expected expenses and profits of the plan’s programs. • Performance and Implementation • Expected Results • Appendix • Market Surveys • Product Photographs

  8. Business threats • A competitor obtains funding for expansion. • Why a threat? • More product available • More efficient operations • Rising inflation rates • Why a threat? • Beyond your control. You must adjust your business practices to accommodate.

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