INTRODUCTION TO THE MARKETING PLAN Principles of Marketing BUSI 141 | Professor Conrad Solomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
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INTRODUCTION TO THE MARKETING PLANPrinciples of Marketing BUSI 141 | Professor Conrad
Solomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
WHAT WE WILL DISCUSS TODAY
•Marketing as a process
•Strategic Market Planning
• Levels of Planning
•Strategic Planning
•Market Planning at work
•Situation Analysis (SWOT)
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MARKETING IS A PROCESS
• The Marketing Plan• A document – hand written or electronic, as long as your plan
is recorded• Describes the marketing environment
• Internal
• External
• Outlines the marketing objectives – SMART• Identifies responsibilities
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MARKETING IS A PROCESS
• Mass Marketing• Used today, but not as common• A single strategy to reach EVERYONE with a basic product
• Market Segment• Creates competitive advantage over Mass Marketing strategy• Distinct group of customers in the larger market• Similar to one another in some way• Needs differ from other customers in larger market
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Overall Market(a.k.a. Everyone)
Segmented Audience with
something similar
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STRATEGIC MARKET PLANNING• What is the Market?
• Strategy defined…. A managerial decision process that
Resources andCapabilities(Internal)
Market Opportunities
(External)
Long-term growth and survival(Success!!)
+ =
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LEVELS OF PLANNING
Strategic Planning
1. Define mission2. Evaluate the
internal and external environments
3. Set Objectives4. Business portfolio5. Develop growth
strategies
Functional Planning
1. Situation analysis2. Marketing
objectives3. Marketing strategies4. Implement and
control of marketing plan
Operational Planning
1. Action plans to implement marketing plan
2. Marketing metrics to measure effectiveness
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STRATEGIC PLANNING
1. Define the mission• What are you doing?• Who are you doing it for?• How will you do it?
2. Evaluate the Environments• Internal
• what can be controlled inside the business• Influences the operation
• External • elements outside the firm that cannot be controlled• May positively or negatively affect performance
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STRATEGIC PLANNING
3. Set organizational objectives – SMART• Specific
• Measurable
• Attainable
• Relative
• Timed
4. Establish business portfolio• Stars
• Cash cows
• Question marks
• Dogs
5. Develop growth strategies
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MARKET PLANNING AT WORK10
Situation Analysis
Marketing Objectives
Marketing Strategies
Implement & Control
SITUATION (SWOT) ANALYSIS
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• Strengths and Weaknesses • Found internally
• Can be controlled
StrengthsWhat the business is really, really
good at
WeaknessesA chain is only as strong as it’s
weakest link
SITUATION (SWOT) ANALYSIS
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• Opportunities and Threats• Found externally
• Cannot be controlled
OpportunitiesTrends and anticipated changes in
the market that will benefit the business
ThreatsTrends and anticipated changes in
the market that may harm the business
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Strengths Weaknesses
Opportunities Threats
SWOT YOURSELF
Internal/Controllable
External/Uncontrollable
Po
sitive
Neg
ative
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CREATE YOUR PERSONAL MISSION STATEMENT
Select a volunteer activity in which you have or currently serve. Develop your mission statement regarding how you will succeed in the activity.
• What are you doing?• For whom are you doing it?• How will you do it?
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