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Creating a Marketing Plan
- 1. 5 STEPS TO CREATING A MARKETING PLAN
- 2. THE STEPS IN CREATING A MARKETING PLAN ARE BROKEN DOWN INTO 3 PHASES. •Planning Phase •Implementation Phase •Control Phase
- 3. PHASE ONE: PLANNING PHASE •Mission of business •Objectives of business Step 1 Mission Statement •Situational analysis •SWOT Step 2 Analyze
- 4. MISSION AND OBJECTIVES A mission statement will convey your company’s objectives and plans/activities you wish to achieve.
- 5. SITUATIONAL/SWOT ANALYSIS •S – Strengths •W – Weaknesses •O - Opportunities •T - Threats
- 6. PHASE 2: IMPLEMENTATION •Segmentation •Targeting •Positioning Step 3 Identify and evaluate opportunities •Product •Price •Place •Promotion Step 4 Implement 4 P’s
- 7. SEGMENTATION, TARGETING , AND POSITIONING •Segmentation – Divide market into groups •Targeting – Decide which segment to pursue •Positioning – Define how product compares to competing products
- 8. 4 P’S IN MARKETING •Product – What you’re offering and value it creates •Price – Customers must believe it is fair for what the receive •Place – Make readily accessible •Promotion – Various ways of communicating product to potential consumers
- 9. PHASE 3 - CONTROL •Evaluate performance using marketing metrics Step 5
- 10. MARKETING METRICS •Compare performance results across regions, time periods, products, and strategic business units. These can help understand why things happen, what can be done to fix problems, and a look into possible futures of products or strategies.