Lesson 5.2 - Components of an Effective Marketing Plan

LESSON 5.2

The Marketing Plan

Key components of an effective marketing plan:

1) Mission Statement

2) Executive Summary

3) Situation or S.W.O.T. Analysis

4) Marketing Goals / Objectives

5) Market Research / Marketing Strategies

6) Implementation

7) Evaluation and Control

LESSON 5.2

The Marketing Plan

Key components of an effective marketing plan (could also include):

1) Table of contents

2) Problem identification statement

3) Communication and/or publicity plan

The Mission Statement

The Marketing Plan

LESSON 5.2

The Marketing Plan

The executive summary highlights key information within the document

The Executive Summary

Executive Summary:

Provides an overview of the complete plan

The Situation Analysis

The SITUATION ANALYSIS: (also referred to as SWOT) provides information that is helpful in matching the organization’s resources and capabilities t the competitive environment

LESSON 5.2

The Marketing Plan

SS

WW

OO

TT

Strengths

Weaknesses

Opportunities

Threats

The Situation (S.W.O.T.) Analysis

LESSON 5.2

The Marketing Plan

Marketing Goals & Objectives

Goals and objectives identify what the company hopes to achieve with the marketing plan and a timeline for which the plan is to be carried out

Why are goals and objectives important?

LESSON 5.2

The Marketing Plan

Marketing Goals & Objectives

Effective objectives follow the S.M.A.R.T criteria

Specific

Measurable

Action-oriented

Realistic

Time bound

LESSON 5.2

The Marketing Plan

Market research / Marketing strategies

1) Defining a specific marketing approach intending to create segmentation and positioning objectives with the goal of influencing consumer purchase decisions

2) Plan should include any relevant market research to help support strategy and implementation decisions

3) Developing a strategy includes the process of designing an initial marketing strategy for a new product based on the product concept

LESSON 5.2

The Marketing Plan

Implementation

Implementation refers to the process of putting the marketing plan into action

LESSON 5.2

The Marketing Plan

Evaluation and Control

The evaluation phase determines whether the plan achieved the desired results

The controlling process refers to the adjustments required to achieve desired results where initial efforts did not already succeed

The Marketing Plan

LESSON 5.2 REVIEW (ANSWERS)LESSON 5.2 REVIEW (ANSWERS)

1) Identify the key components of the marketing plan

1- Mission Statement

2- Executive Summary

3- Situation or S.W.O.T. Analysis

4- Marketing Goals / Objectives

5- Marketing Strategies

6- Implementation

7- Evaluation and Control

(Could also include a Table of Contents, Problem ID statement or communications/publicity plan)