Marketing plan/ Marketing information

Longest section of the marketing plan

Marketing strategies and programs

Situation analysis

The determination of a firm's current marketing situation. It answers the basic question "Where do things stand right now?"

Desired target market section should include...

What does our target market want and need? How will our target market use this product? How much will our target market be willing to pay for this product? What message do we want our target market to hear from our marketing efforts? How do we want to position our brand to the target market?

When is mass marketing used?

When a product is first introduced, when it has only a few features, or when it appeals to a wide variety of people

The 5 C's

Company Customers Competitors Collaborators Climate

SWOT analysis chart

A chart that lists the strengths and weaknesses in a company's internal environment, as well as its external opportunities and threats. Part of situation analysis.

Marketing plan

A set of procedures or strategies for attracting the target customer to a business

Advantages of market segmentation

At the heart of the marketing concept, segment marketing is more precise than mass marketing, allows for a finely-tuned product, an appropriate price, and ease of distribution, encourages effective communication, more efficient use of their resources

Executive summary includes....

Background information on the organization, for those readers who may not be familiar with the company The organization's mission statement A brief introduction to the organization's management team and/or the marketing management team A brief review of the plan's highlights and objectives

Market

Consumers who could buy the product

Factors considered when determining customer needs/ wants

Demographic, geographic, psychographic, and behavioral characteristics

What could the appendix include in a marketing plan?

Detailed research findings that are only summarized in other parts of the plan, samples of proposed marketing literature, press clippings, product photographs, estimates from vendors, etc

Why do market plans differ?

Different organizations have different needs, types and numbers of products, and audiences. Therefore, marketing-plan formats may vary from business to business

Segment marketing

Divide the total market for their products into smaller, more specific groups

Demographic segmentation

Divides a market on the basis of its physical and social characteristics, including gender, origin or heritage, religion, socioeconomic status, and life stage

Behavioral segmentation

Dividing customers into groups according to their response to a product is behavioral segmentation

Performance and implementation

Explain their expected results and indicate how the marketing plan's progress will be measured. This portion also describes potential changes and adjustments that can be made to keep the marketing plan on track

Importance of an executive summary

For many readers, this is the only part of the marketing plan that they will take the time to read. Many important decisions may be made based solely upon the information contained in the executive summary

Geographic segmentation

Grouping customers according to where they are located is geographic segmentation, one of oldest forms of segmentation

Target market

Grouping customers by their similarities and pinpointing the particular group of customers that it seeks to attract

Financial plan

How much will each specific marketing program or project cost? What are the projected revenues for each program?

Target marketing

Identification and selection of markets for a business or for a product

Appendix

Includes any charts, graphs, or miscellaneous materials related to the marketing plan

Psychographic segmentation

Lifestyles and personalities of customers, how people lead their daily lives

How can businesses plan their target market activities?

Mass marketing Segment marketing

What should the marketing objective section be about?

Mentions any issues that might affect the organization's ability to reach its goals, address how the organization will overcome these obstacles with its marketing programs

What does the executive summary do?

Must sell the marketing plan to the reader, and it must include all the major highlights from the body of the plan

Mass marketing disadvantages

Only a small percentage of the mass market is likely to purchase the product,

Tasks involved with marketing strategies and programs section

Product, price, place, promotion

Categories based on behavioral segmentation

Rate of use, benefits derived, loyalty response, occasion response

Who should marketing plans be read by?

Read by a wide audience, marketing plans may be read by marketing team members, employees in departments throughout the company, upper management, board members, potential investors, etc

Marketing objectives

SMART—specific, measurable, achievable, realistic, and time-bound

What should the marketing strategies and programs section include?

Schedules, timetables, and the assignment of responsibility for all the tasks involved in

Mass marketing

Sellers design products that will appeal to most buyers and direct their marketing activities to the whole market

Executive summary

Serves as an introduction. It allows the reader to understand the purpose of the marketing plan

Disadvantages of market segmentation

Takes more resources to pull it off successfully, can be more difficult to produce—requiring more creativity during design and more money during production

Three common reasons for writing a marketing plan

The marketing plan may be included as part of the organization's overall business plan The plan may be presented to upper management by the marketing team as a way to demonstrate and solidify its goals and strategies for the upcoming year The marketing plan may outline the company's intentions for introducing a new product, entering a new target market, or trying a new marketing strategy

Desired target market

The marketing plan should include information on the target market the company desires to reach, may not use for every marketing plan

Market segmentation

The process of market segmentation

Who can buy a product?

Those who want that good or service, have the resources to purchase it, and are willing to make it a reality

Why is the use of segment marketing increasing?

Today's customers are better educated and more discerning in the purchases that they make. Many times, products that are designed for everyone are not seen as meeting individual needs

Benefits of making a marketing plan

Understanding past marketing decisions and outcomes better Understanding target market(s) better Setting goals Planning marketing strategies with more precision Obtaining funding Providing direction for everyone in the organization Tracking progress more effectively

Mass marketing advantages

Used to communicate a broad message to a large audience, allows a business to produce one product for everyone, which is more cost-effective than producing and marketing several products to several target markets, provides the most possibilities for success at the least cost

What do marketing plans involve?

Writing a marketing plan can involve quite a bit of time, effort, and research, but your business and product have a much greater chance of success if you do the legwork first

Do small and large businesses need marketing plans?

Yes, a small business may have one simple marketing plan, while a major corporation may have hundreds of them—one for each individual product