Marketing Plans - Marketing Plans What is a Marketing Plan...

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Marketing Plans What is a Marketing Plan? o Planning – the process of anticipating future events and determining strategies to achieve organizational objectives in the future o Marketing planning – designing activites relating to marketing objectives and the changing marketing environment §੿ The basis for all marketing strategies and decisions o Marketing plan - a written document that acts as a guidebook of marketing activities for the marketing manager Elements of a Marketing Plan Business Mission Statement Objectives Situation Or SWOT Analysis Marketing Strategy Target Market Strategy Marketing Mix Product Distribution Promotion Price Implementation Evaluation Control Elements of the Marketing Plan Business Mission – answers the question, what business are we in, focuses on the market(s) rather than the good or service (avoiding marketing myopia – defining a
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business in terms of goods and services rather than in terms of the benefits that customers seek) - Who are a firm’s markets? Objectives – statement of what is to be accomplished through marketing activities); examples include image awareness, building customer base, etc. - Objectives should be realistic, measurable, time specific, and consistent with an organization’s priorities Understand the importance of strategic marketing and know a basic outline for a marketing plan o What ------- Strategic planning o
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