Marketing Plan

What are the objectives in marketing?

1. The goals a business wants to achieve during a given time 2. Most have both corporate and marketing goals 3. May be short term - achieved in less than a year 4. May be long term - achieved in a year or more 5. All marketing objectives should be written as SMART goals

When making a marketing plan what should you keep in mind?

The 4p's of marketing

What is a timeline?

lists when each activity starts and where it happens, the end date and who is responsible - also keeps business on track and keeps plan moving forward

What is metric?

the way we measure the effectiveness of a project - marketing is very expensive so business' want to make sure they have a return on their investment

What should you keep in mind when planning promotions for your product?

Advertising Sales Promotions Reward Programs Special Events Public Relations Customer Service/Return Policies

When deciding the price of your product what should you keep in mind?

Cost of goods to produce Markup Profit Margin Break-Even Point List price Vs. Selling Price Comparison with competitors

What are marketing strategies?

Decisions made about product, price, place, and promotion

What does a marketing plan do?

Describes a business' marketing objectives and the strategies and tactics to achieve them.

What should you keep in mind when deciding the location for your product to be sold?

How/Where products will be sold Distribution & Logistics Warehousing Inventory Order Processing Delivery of Product

What is in a situation analysis?

Introductory statement Target Market Competition

What should you take into consideration when formatting a marketing plan?

Make sure it is well written and paragraphs fully explain the marketing plans Grammatically correct, words appropriate and punctuation accurate Exciting, enthusiastic and attractive Unique - be creative

When deciding what product you are going to sell what should you take into consideration?

Quantity Sizes Packaging Warranty Design and Image Logo/Slogan

What are the S.M.A.R.T. Goals?

S = Specific M = Measurable A = Attainable R = Realistic T = Timely

What is in a marketing plan?

Situation Analysis Marketing Objectives Marketing Strategies Marketing Tactics Action Plan All marketing plans should include this basic information

What is a situation analysis?

Snapshot of the environment in which the business has been operating

What are marketing tactics?

Specific activities to carry out the marketing strategies.

What is a marketing plan?

Written document that defines the target market and describes the promotion and marketing efforts to achieve one or more marketing objectives for a specific time period.

When are marketing plans written?

Written each year but sometimes modified as the business's progress and situations change.

How do you define your target market?

by using demographic, geographic, economic, behavioral, and psychographic information.

What is a budget?

costs to implement the marketing and promotional activities