WEP Weaknesses Or “What on Earth does this Protect” Roy Werber.
THE MARKETING PLAN CH. 2. SWOT ANALYSIS STRENGTHS AND WEAKNESSES = INTERNAL COMPANY –...
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Transcript of THE MARKETING PLAN CH. 2. SWOT ANALYSIS STRENGTHS AND WEAKNESSES = INTERNAL COMPANY –...
SWOT ANALYSIS
STRENGTHS AND WEAKNESSES = INTERNAL
COMPANY – STAFF/FINANCES/PRODUCTION CAPABILITIES/MARKETING MIX (4 P’S)
CUSTOMERS – BUYING HABITS/SATISFACTION
COMPETITION – MARKET SHARE/CORE COMPETENCIES
SWOT ANALYSIS
OPPORTUNITIES AND THREATS= EXTERNALCOMPETITION – NEED TO KNOW WHAT THEY'RE DOING AT ALL
TIMES
PEST ANALYSIS
POLITICAL = LAWS AND REGULATIONS (LOCAL AND GLOBAL)
ECONOMIC = RECESSION/UNEMPLOYMENT/CURRENCY RATE/TRADE RESTRICTIONS
SOCIO-CULTURAL = CHANGES IN DEMOGRAPHICS
TECHNOLOGY = ADAPTABILITY TO NEW TECHNOLOGY
MARKETING PLAN
FORMAL WRITTEN DOCUMENT THAT DIRECTS A COMPANY’S ACTIVITIES
COMMUNICATES THE GOALS AND STRATEGIES OF THE COMPANY’S MANAGEMENT TEAM
7 SECTIONSEXECUTIVE SUMMARY / SITUATIONAL ANALYSIS / OBJECTIVES /
MARKETING STRATEGIES / IMPLEMENTATION / EVALUATION AND CONTROL / APPENDIX
MARKETING PLAN
1. EXECUTIVE SUMMARY = OVERVIEW OF THE PLAN
2. SITUATIONAL ANALYSIS = INTERNAL AND EXTERNAL FACTORS THAT AFFECT MARKETING STRATEGIES. SWOT AND PEST ANALYSIS USED FOR THIS SECTION.
3. OBJECTIVES = WHAT THE PLAN WILL ACCOMPLISHSINGLE MINDED / SPECIFIC / REALISTIC / MEASURABLE / TIME
FRAMED
MARKETING PLAN
4. MARKETING STRATEGIES = IDENTIFIES TARGET MARKET AND SETS MARKETING MIX CHOICES. FOCUSES ON KEY POINTS OF DIFFERENCES (ADVANTAGES). SWOT AND PEST UTILIZED
5. IMPLEMENTATION = PUTTING THE PLAN INTO ACTION. INCLUDES SCHEDULE / JOB ASSIGNMENTS / SALES FORECASTS / BUDGETS / RESPONSIBILITIES
MARKETING PLAN
6. EVALUATION AND CONTROL = HOW A SPECIFIC OBJECTIVE WILL BE MEASURED.
INCLUDES PERFORMANCE STANDARDS – EXPECTATIONS FOR PERFORMANCE THAT REFLECT THE PLAN’S OBJECTIVES
7. APPENDIX – SUPPLEMENTAL MATERIALS (FINANCIAL STATEMENTS OR SAMPLE ADS)
IDENTIFYING AND ANALYZING MARKETSMARKET SEGMENTATION – CLASSIFYING PEOPLE WITHIN A MARKET INTO SMALLER GROUPSMARKETERS MUST DETERMINE WHICH OF THE MARKET SEGMENTATIONS SHOULD BE TARGETED
COMPANIES USE DATA TO FORM SEGMENTATIONS (CENSUS)
IDENTIFYING AND ANALYZING MARKETSSEGMENTATION TYPES
DEMOGRAPHICS – PERSONAL CHARACTERISTIC STATS
AGE (GENERATION) / GENDER / INCOME / MARITAL STATUS / ETHNIC BACKGROUND
GEOGRAPHICS – WHERE PEOPLE LIVE
LOCAL / STATE / REGIONAL / NATIONAL / GLOBAL
IDENTIFYING AND ANALYZING MARKETSSEGMENTATION TYPES
PSYCHOGRAPHICS – ATTITUDES, INTERESTS, OPINIONS, LIFE STYLES, AND VALUES
BEHAVIORAL CHARACTERISTICS – SALES GENERATED, SHOPPING PATTERNS, PURCHASE DECISION MAKING PROCESS
MASS MARKETING VS SEGMENTATIONMASS MARKETING = SINGLE MARKETING STRATEGY TO REACH ALL CUSTOMERSADVANTAGES: ECONOMIES OF SCALE (COST SAVINGS)
DISADVANTAGES: COMPETITORS CAN IDENTIFY MARKET SEGMENTS WHOSE NEEDS/WANTS ARE NOT BEING MET AND STEAL THOSE CUSTOMERS