Marketing Plan
Define marketing plan
A document that describes business and marketing goals, and the strategies and tactics that will be used to achieve them.
Define situation analysis
A snapshot of the environment in which a business has been operating over a given period.
define target market?
a specific group of customers that a company aims its products and services at.
define marketing strategies?
The decisions made to execute the marketing plan, and meet the goals of the business.
define action plan?
a list of the marketing tactics with details about how to execute each tactic.
Usually how long does it take to write a marketing plan?
A year
Define SWOT analysis
define market segmentation?
a market segment is a smaller group of people, businesses, or organizations with common characteristics or needs.
marketing goals are simple and clear statements of the results to be accomplished through marketing efforts.
what is a budget?
a financial plan for a fixed period of time that reflects anticipated revenue and shows how it will be allocated in the operation of the business.
What does a bibliography list?
All the sources used as resources to develop a marketing plan
define PEST analysis
political, economical, social, and technological are evaluations.
what is the market segmented by?
lifestyle factors, habits, demographics, or other factors unique to the business.
what are promotion strategies?
decisions about which selling, advertising, sales promotions, and public relations activities to use the promotional mix
define marketing tactics?
the specific activities implemented to carry out the marketing strategies.
What did Benjamin Franklin say about marketing?
"If you fail to plan, you are planning to fail."
Define environmental scan
An analysis of the external factors that effect the success of business.
what are the four characteristics of the target market?
1. clearly define wants and needs
2. money to buy the product
3. Willingness and ability to buy the product
4. enough customers to be profitable.
what is the marketing mix?
The 4 p's ( product, price, place, and promotion)
define metrics?
standards of measurement.
Who are marketing plans read by?
Company executives, shareholders, and selected members.
how long does the situation analysis last?
12-16 months
what does the technological analysis do?
updates communication technology infrastructure. Market expectations of technology integration. emerging technologies.
define product positioning?
The process used to influence the customer's perception of a brand or product in relation to the competition.
what do most businesses base the overall marketing budget on?
A percentage of sales generated for the company, or other factors related to the sales.