Project for foundations of marketing at Sinclair Community College

1. THE MARKETING
PLAN
BY: TYLER SEVERANCE

2. WHAT IS THE MARKETING PLAN?
• A marketing plan is a document that includes an analysis of the
current marketing situation, opportunities and threats for the firm,
marketing objectives and strategy specified in terms of the four Ps,
action programs, and projected or pro forma income (and other
financial) statements.

3. STEP 1: DEFINE BUSINESS AND MISSION
OBJECTIVES
 Construct the Mission Statement (A broad description of a firm’s
objectives and the scope of activities it plans to undertake).
 Attempt to answer the three main questions:
1. What type of business are we?
2. What are our objectives?
3. What do we need to do to accomplish these objectives?

4. STEP 2: CONDUCT A SITUATIONAL ANALYSIS
• Begin by conducting a SWOT analysis that assesses both the
internal environment about its Strengths and Weaknesses and the
external environment in terms of its Opportunities and Threats.

5. STEP 2: CONTINUED
• What is a SWOT Analysis:
1. Find the companies Strengths which consist of positive internal
attributes of the firm.
2. Find the companies Weakness which consist of negative internal
attributes of the firm
3. Identify the companies Opportunities which consist of positive aspects
of the external environment.
4. Identify the companies Threats which consist of negative aspects of the
external environment.

6. STEP 3: IDENTIFY AND EVALUATE OPPORTUNITIES
• The next step is to identify and evaluate opportunities for increasing sales and
profits using segmentation, targeting, and positioning.
• With STP the firm first divides the marketplace into subgroups or segments,
determines which of those segments it should pursue or target, and finally
decides how it would position its products and services to best meet the needs of
those chosen targets.

7. STEP 3: CONTINUED
• What are the steps of a STP analysis:
1. Segmentation- The process of dividing the market into groups of customers with
different needs, wants, or characteristics—who therefore might appreciate products or
services geared especially for them.
2. Target Marketing- The process of evaluating the attractiveness of various segments and
then deciding which to pursue as a market.
3. Positioning- The process of defining the marketing mix variables so that target customers
have a clear, distinctive, desirable understanding of what the product does or represents
in comparison with competing products.

8. STEP 4: IMPLEMENT MARKETING AND ALLOCATE
RESOURCES
• In the fourth step of the planning process, marketers implement the actual
marketing mix—product, price, place, and promotion—for each product and
service based on what they believe their target markets will value.
• At the same time, marketers make important decisions about how they will
allocate their scarce resources to their various products and services.

9. STEP 5: EVALUATE PERFORMANCE USING
MARKETING METRICS
• The final step in the planning process includes evaluating the results of the
strategy and implementation program using marketing metrics.
• A metric is a measuring system that quantifies a trend, dynamic, or characteristic.
Metrics are used to explain why things happened and project the future.
• They make it possible to compare results across regions, strategic business units
(SBUs), product lines, and time periods.
• The firm can determine why it achieved or did not achieve its performance goals
with the help of these metrics.

10. WORK CITED
• “The Marketing Plan .” Smart Book 2.0,
learning.mheducation.com/static/awd/index.html?_t=1697982911705#/. Accessed
22 Oct. 2023.