marketing planning chapter 2 mrs. newbegin. the marketing plan swot analysis – an assessment that...
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Marketing Planning
Chapter 2Mrs. Newbegin
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The Marketing Plan
SWOT Analysis – An assessment that can foster the business’ success and what could make it fail.
Strengths Weaknesses Opportunities Threats
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SWOT Analysis
Internal Strengths and Weaknesses affect a business’ operations.
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SWOT Analysis
The 3 C’s of Internal Analysis: Company Customers Competition
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SWOT Analysis
Company Analysis – Ask questions to determine what is going well and where weakness are
Look at: Staff Finances Production Marketing Mix
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Staff Related Questions
What is the company mission and is everyone following it?
What is the quality of staff?
How effective is the sales force?
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Financial Questions
Has the company been profitable?
Are there enough financial resources to achieve company goals?
What is the sales history?
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Production Capability Questions
How are adjustments made in production related to sales?
Has R & D created successful new products?
What changes in technology are required to remain competitive?
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Marketing Mix Questions
Product What new products have
been successful and why?
Are any patents expiring in the future?
Price What are the present
pricing strategies? Are the pricing strategies
working?
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Marketing Mix Questions
Promotion How is the company
positioned in the market place?
What is the companies’ reputation?
Place Do products easily reach
customers? Who helps the company
with distribution?
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Customer Analysis and Marketing Research
Helps to determine buying habits and insight into product offerings and pricing strategies.
Catalog and Internet companies have an advantage due to using database systems that track customers shopping habits. They can target specific groups.
Many companies use questionnaires or surveys.
Monitoring customer satisfaction reveals strengths and weaknesses.
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Competitive Position
You want a larger part of the market share (over your competitor)
Find out your advantages over other companies, what core competencies it has, are competitors taking
business away…
how?
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SWOT Analysis
External Opportunities and Threats look at the competition of the business.
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Competition
You have to know what your competitors are doing at
all times
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Environmental Scan
An analysis of outside influences that may affect your business – Look at: Politics Economics Socio-cultural Technology
Changes
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Political
Companies must be alert to changes in laws and regulation, especially international deals.
Examples: Do not call registries, Music Pirating, etc.
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Economic
When the economy is robust, companies will invest in new products.
Factors: Unemployment Rate Inflation Retail Sales Figures Productivity Consumer Confidence
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Socio-Cultural
Analysis of customers and potential customers
Changes in all demographic factors
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Technological –
Can be a threat for one company and an advantage for another.
Examples: Computer
Automation Satellite Technology
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The Marketing Plan
The Report….
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Marketing Plan
A formal, written document that directs a company’s activities for a specific period of time.
It is a “road map” of how products will
enter the market.
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Elements of a Marketing Plan
7
Sections
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1. Executive Summary
Brief overview of the entire plan
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2. Situation Analysis
The study of the
internal and external factors
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3. Goals and Objectives
Objectives let everyone know what the plan will accomplish in a measurable way.
A time frame is needed for each objective that is in line with the company’s goals and mission.
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4. Marketing Strategies
Identifies target markets and sets marketing mix choices that focus on those markets.
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5. Implementation
Make the Plan and Work the Plan
Have a timetable that shows when each part goes into play
Sales forecasts needed – the projection of probable future sales
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6. Evaluation and Control
Discusses the measure that will be used to access the plan and who is responsible for that evaluation.
Performance Standards and Evaluation
The Measuring Stick
An expectation of performancethat reflects the plans objectives.
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8.Appendix
Contains supplemental materials (Charts, Graphs, etc)
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2.2 Market Segmentation
Identifying and Analyzing Markets
Looking at customers and grouping them by similarities.
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Market Segmentation
Taking a target market and breaking it down into smaller sub-groups.
Example: Jeans Gender, Age,
Features, Price.
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Demographics
Statistics that describe a
population in terms of personal
characteristics
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Age
Look at Generations: Veterans/Silent BabyBoomers Gen X Gen Y = Millennial
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Gender
Male or Female
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Income
Disposable Income – Money after paying taxes
Discretionary Income – Money after paying needs/basic living expenses
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More Demographics
Marital Status Ethnic Background – Multicultural diversity Education Occupation
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Geographic: Based on where people live
Locally Regionally Nationally Internationally or Globally
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Psychographics
Grouping people based upon what they do and believe
Lifestyles – How people spend their time and money
Activities, Attitudes, and Personalities
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Behavioral
Segmenting a market based on product related to behavior involves looking at the benefits desired by consumers, shopping patterns, and usage rate.
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Mass Marketing vs. Segmentation
Mass Marketing – Using a single marketing strategy to reach all customers
Got Milk? will use different models or themes to reach different segments of the market though it is only one slogan.