Chapters: 2, 6, 8, 10, 11, 16-19
: Strategic Planning for a Competitive Advantage (All about the Marketing
A marketing strategy includes: who you are going to sell to, what you are selling,
In a marketing plan you have to
Marketing plans help to put everyone in the organization on the same page.
Figure out the best ways to become a market leader.
Elements of a marketing plan:
—says what business you are in. You don’t look at the
product, you look at the service. Ex: Better to say you are a communication
enabler than a pen maker. The mission statement is the guiding post of your
—criteria for objectives to be meaningful: realistic, measurable, time-
specific, and compared to a benchmark. A good objective will have all of those 4
objectives. Ex: in the first year of business, I would like my product in 110 grocery
stores in the southeast.
Benefits of laying out these objectives:
People know what they are working towards and where to put their
time and energy
Help executives to think more clearly
You can evaluate your results and a way to measure performance
Environmental Scanning (SWOT Analysis)
Strengths and Weaknesses are internal
to the firm and
Opportunities and Threats are external
to the firm.
EX: SWOT analysis of LSU (incoming freshman, why or why not
come to LSU?)
: affordable, football, name recognition, choices in majors,
: class size, facilities, parking, technology, dorms, food, REC
: in LA, TOPS, New Orleans, networking, culture
: budget cuts, school image, hurricanes
product, price, place, promotion
Implementation and Evaluation
—part of implementing is evaluating to see how
you are doing according to your plan. When you get of track, you need to figure
out what is wrong and what you need to do to get back on track.