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How To: Create a Marketing Plan

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Scott Cochran, Dean of The Mungo Center for Professional Excellence at Wofford College in Spartanburg, SC, explains the basics of what a marketing plan is and why your business or organization should have one. View the presentation video at www.wofford.edu/center/howto

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How To: Create a Marketing Plan

  1. 1. Marketing… The goal is not to be something toeveryone, the goal is to be everything to someone.
  2. 2. Agenda• What Marketing Is• Neanderthal Marketing• Basic Structure of a Marketing Plan• Discussion
  3. 3. Marketing Is …… the art of finding, developingand profiting from opportunities.Tradtionally…P‟s - Price, Product, Promotion, and PlaceC‟s - Customer solution, Customer cost,Convenience, Communication Philip Kotler, Kellogg School of Management
  4. 4. Marketing Is …In order to be effective at marketing, anorganization needs to understand:• Primary target (Customers)• Others who want your target(Competition)• Where your targets „shop‟ (Marketplace)
  5. 5. Neanderthal Marketing• Equating marketing with selling• Emphasizing customer acquisition rather than customer care• Trying to make a profit on each transaction rather than trying to profit by managing customer lifetime value• Pricing based on marking up cost rather than target pricing• Planning each communication tool separately rather than integrating marketing communication tools• Selling the product rather than trying to understand and meet the customer‟s real need
  6. 6. The Marketing Plan• Overview• Vision or Mission• Marketing Objectives• Market Segments/Segmentation Strategy/Discussion of Needs• Product Definition• Communications Strategy• Distribution Channels• Competitive Analysis• Tactical Plan• Budget• Marketing Resources• Measurement
  7. 7. The Marketing Plan• Overview• Vision or Mission• Marketing Objectives• Market Segments/Segmentation Strategy/Discussion of Needs• Product Definition• Communications Strategy• Distribution Channels• Competitive Analysis• Tactical Plan• Budget• Marketing Resources• Measurement
  8. 8. The Marketing Plan• Marketing Objectives• Market Segments/SegmentationStrategy/Discussion of Needs• Communications Strategy• Tactical Plan• Budget• Measurement
  9. 9. The Marketing Plan•Marketing Objectives – What are you going to accomplish?• Market Segments/SegmentationStrategy/Discussion of Needs – Break down your market into segments and address each segment‟s need• Communications Strategy (advertising, PR,direct marketing) – What will you tell people to attract them? – How will you tell them?• Tactical Plan – What are the activities you will conduct to “close the deal”?• Budget – How will you effectively use your funds?•Measurement – How will you judge success?

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