Chapter 2: Marketing Planning

What are the 4 part to an Environmental scan

1. Political: The governments policy on business operation 2. Economical: Current condition of the economy. i.e unemployment rate and inflation 3. Socio cultural: The changes in customers attitudes, opinions, and lifestyles 4. Technological: Changes in technology may be a threat or an opportunity

Elements of a marketing plan

1.Executive summary: The executive summary gives an overview of the key elements of the marketing plan. 2. Situation analysis:The situation analysis examines all the aspects that may impact sales of a specific company. 4. Goals: The goals state what the organization plans to achieve through the implementation of the marketing plan. 4 Any Additional Elements: Additional elements of a marketing plan include the: marketing strategy, tactical programs, implementation, budget, controls, and exhibits.

Executive summary

A brief overview of the entire marketing plan. Essentially an introduction to the marketing plan

Strengths and Weaknesses are split up into 3 types of analysis being the 3 c's

Company analysis: What the company is doing well and their weaknesses. i.e staff or how well their doing the 4 P's of marketing Customer analysis: Studying the buying habits may reveal patterns and insights into what products you should offer and how you should price your products. Companies use database technology to store info about customers and all other things Competition analysis: Comparing your company to other company or comparing your 4 P's to their 4 P's

Opportunities and Threats are External what are the types of external analysis

Environmental scan: Analysis of the outside influences that may have an impact on the organization

Marketing strategy

Identifies target markets and sets marketing mix choices that focus on those markets. This where the company is going to meet its objectives using the four P's

Mass marketing

Involves using a single marketing strategy to reach all customers

SWOT Analysis

Stands for Strengths Weaknesses Opportunities Threats. Strengths and Weaknesses are internal while Opportunities and Threats are external. In order to complete an effective SWOT analysis you must evaluate internal and external components of your company.

Discretionary Income

The money left after paying for basic living necessities such as food, shelter, and clothing

Situation analysis

The study of the internal and external factors that affect marketing strategies. This stage includes information from a company's SWOT analysis and from the environmental scan

Implementation

This is putting the marketing plan into action and managing it. This means obtaining financial resources, management, and staffing.

Disposable Income

This is the money left after taking out taxes

Performance standard and Evaluation

This section is essentially a measuring stick. This section also suggests actions that should be considered if objectives are not met

Objectives

This section lets everyone know what the marketing plan will accomplish.