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The Marketing Plan Marketing Planning: SWOT Analysis

The document discusses key concepts for developing a marketing plan, including performing a SWOT analysis to assess internal strengths and weaknesses as well as external opportunities and threats. It explains that the marketing plan should analyze customer data, competitors, and the broader political, economic, social, and technological environment. The marketing plan should then define objectives and strategies, identify target markets, and establish a timeline for implementation with assigned responsibilities, budgets, and forecasts for evaluation against original goals.

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Emily Lauren Hardy
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44 views4 pages

The Marketing Plan Marketing Planning: SWOT Analysis

The document discusses key concepts for developing a marketing plan, including performing a SWOT analysis to assess internal strengths and weaknesses as well as external opportunities and threats. It explains that the marketing plan should analyze customer data, competitors, and the broader political, economic, social, and technological environment. The marketing plan should then define objectives and strategies, identify target markets, and establish a timeline for implementation with assigned responsibilities, budgets, and forecasts for evaluation against original goals.

Uploaded by

Emily Lauren Hardy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Chapter 2.

1
The Marketing Plan
Marketing Planning

A business can analyze its strengths, weaknesses, opportunities, and threats using a
process called a SWOT analysis. This helps because it:

• ________________________________________________________
________________________________________________________

• Provides guidance and direction for future marketing strategies

SWOT analysis
An assessment of a company’s strengths and weaknesses and the opportunities and
threats that surround it; SWOT: strengths, weaknesses, opportunities, threats.

Internal Strengths and Weaknesses


Strengths and weaknesses are internal factors that affect a business operation.
The analysis centers around three Cs:
• ____________________________
• ____________________________
• ____________________________

Four Ps of Marketing Mix


The company must also consider the four Ps of the Marketing Mix:

1. Product
2. Place
3. Price
4. Promotion
Chapter 2.1

Customer Analysis
Companies study __________________________ using _________________ or
______________________________________ with people in their target markets.
These methods help to:
• Find out what pleases or dissatisfies customers.
• Create interest-specific ads and catalogs.

Competitive Position
To help a company find its strengths and weaknesses, the following questions may
be asked:
• ________________________________________________________
________________________________________________________
• What advantages does the company have over its competitors?

External Opportunities and Threats


Businesses must always look for opportunities to create
_________________________________ if they are to succeed in the marketplace.

Competition
Changes in competing companies’ financial situations affect the marketplace.
Conducting a SWOT analysis helps a business react and adjust to these shifts.
A business may conduct an _________________________________ to
methodically examine four main areas of the marketplace. The acronym PEST
refers to these four factors:
• ____________________________
• ____________________________
• ____________________________
• ____________________________

Environmental Scan - An analysis of outside influences that may have an impact


on an organization
Political
Political issues center around ____________________________ involvement in
business operations, such as:
• Laws
• Regulations
Chapter 2.1
Economic
Businesses are always interested in the economy, which is affected by factors such
as:
• Unemployment rate
• ____________________________
• Retail sales figures
• ____________________________
Socio-Cultural
A socio-cultural analysis is based on ____________________________________.
It focuses on their:
• Attitudes
• Lifestyles
• Opinions

Social cultural analysis also considers:


• Age
• Income
• ____________________________
• Education level
• ____________________________

Technological
Changing technology may be a ______________ for one industry, but an
_________________________ for others. Companies develop new products or
capitalize on new developments by making products to support them.

Writing a Marketing Plan


Marketers create a marketing plan to communicate aspects such as:
• Company goals
• Specific responsibilities
• Budgets and deadlines
• Overall performance
A ____________________________ is a formal written document communicating
the goals, objectives, and strategies of a company.
Chapter 2.1
The six basic elements of a marketing plan are:

1. ____________________________ - briefly summarizes the marketing plan.


2. ____________________________ - studies the internal and external factors
that affect marketing strategies based on the SWOT analysis.
3. ________________________________________________________
4. ________________________________________________________
5. ________________________________________________________
6. ________________________________________________________

Marketing Planning

A ____________________________identifies target markets and sets marketing


mix choices. The strategy is determined by the company’s or products’ competitive
position and the SWOT analysis.

A good marketing strategy will focus on points of difference between companies in


areas such as:
• quality
• distribution
• ad campaign
• pricing

Implementation: Make the Plan, Work the Plan

A timetable shows where the plan come into play, such as:
• ____________________________
• Job assignments
• ____________________________- The projection of probable future
sales in units or dollars.
• Budgets and personnel

Evaluation and Control: To evaluate how well a marketing plan is being carried
out, ____________________________ measure progress against the plan’s
original objectives.

____________________________: An expectation of performance that reflects a


company’s goals and marketing plan objectives.

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