The Marketing Plan. SWOT Analysis Good marketing relies on good plans Planning efforts begin with a...
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Transcript of The Marketing Plan. SWOT Analysis Good marketing relies on good plans Planning efforts begin with a...
![Page 1: The Marketing Plan. SWOT Analysis Good marketing relies on good plans Planning efforts begin with a critical look at itself and its business environment.](https://reader036.fdocuments.net/reader036/viewer/2022070410/56649eec5503460f94bfe256/html5/thumbnails/1.jpg)
The Marketing Plan
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SWOT Analysis
•Good marketing relies on good plans
•Planning efforts begin with a critical look at itself and its business environment or market in which it operates
•This assessment lists and analyzes the company’s strengths & weaknesses
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SWOT Analysis
•The acronym stands for:
•Strengths
•Weaknesses
•Opportunities
•Threats
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SWOT Analysis
•The internal and external awareness will help a business identify weaknesses and prepare to handle threats such as competition or a changing marketplace
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SWOT: Strengths & Weaknesses
•Analysis of strengths & weaknesses
•Three C’s: Company, Customers & Competition
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SWOT: Strengths & Weaknesses
•Company analysis
•Questions about what a company does well and what areas are weak
•Looks at a review of staff, financial position, production capabilities and each aspect of the marketing mix
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SWOT: Strengths & Weaknesses
•Customer Analysis
•Studying customers buying habits may reveal patterns that offer insights into product offerings and pricing strategies
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SWOT: Strengths & Weaknesses
•Competitive Position
•Analyzing market share and advantages/disadvantages over a competitor
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SWOT: Threats & Opportunities
•Competition
•Environmental scan: An analysis of outside influences that may have an impact on an organization as a threat or opportunity
•Includes four areas: Political, economic, socio-cultural and technological (sometimes referred to as PEST)
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SWOT: Threats & Opportunities
• Political:
• Companies must be alert to changes in laws and regulations that affect their industry
• Do Not Call Registry
• Downloading music from the Internet
• Opened an industry for iTunes, etc.
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SWOT: Threats & Opportunities
•Economic
•Current state of the economy is of interest to all businesses
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SWOT: Threats & Opportunities
•Socio-Cultural
•Changes in attitudes, lifestyles and opinions pose a threat and opportunity to companies
•Changes in demographic factors such as income, occupation, etc.
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SWOT: Threats & Opportunities
•Technological
•Changing technology can be a threat for one industry and an opportunity for another
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Writing a Marketing Plan
•A formal, written document that directs a company’s activities for a specific period of time
•It details analysis and research efforts and provides a roadmap for how a product will enter the market, be advertised and sold
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Writing a Marketing Plan
•A marketing plan also communicates the goals, objectives and strategies of a company’s management team
•A plan helps a company monitor a company’s performance
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Market Segmentation•The process of classifying people
who form a given market into even smaller groups is called market segmentation
•Age, price, desired features, etc.
•After segments are made, companies decide which segments to target
•Segmented by demographics, psychographics, geographics & behaviors
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Demographics
•Refers to statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education and occupation
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Geographics
•Refers to segmentation of the market based on where people live
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Psychographics
•Involves grouping people with similar lifestyles, as well as shares attitudes, values and opinions
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Behavioral
•Segmenting the market based on product related behavior involves looking at the benefits desired by consumers, shopping patterns and usage rate
•luxury products, etc.
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Mass Marketing
•When products have universal appeal and few features to differentiate them from competitors, mass marketing is used
•It involves using a single marketing strategy to reach all customers
•Got Milk? ads