2. WHAT IS THE MARKETING PLAN?
The marketing plan is...
◦ A written document composed of
◦ an analysis of the marketing situation
◦ opportunities and threats
◦ marketing objectives and strategy in terms of the four Ps (product, price, place,
promotion)
◦ action programs
◦ projected income statements
4. PLANNING
PHASE
1. Define the business mission and objectives
◦ Mission statement: an overarching description of a company's
objectives and actions it plans to carry out
• e.g. Many businesses' mission statements aim to increase the companies' stock value
and pay dividends
• e.g. Non-profit organizations will include their organization purpose in the mission
statement
2. Conduct a situation analysis
◦ SWOT analysis: breakdown of company's Strengths, Weaknesses,
Opportunities, Threats
• When assessing opportunities and threats, companies should evaluate in terms of
CDSTEP marketplace changes:
◦ Cultural
◦ Demographic
◦ Social
◦ Technological
◦ Economic
◦ Political
5. SWOT Analysis
- An analysis of positive and negative factors of the internal or external environments
Internal External
Positive Strengths Opportunities
Negative Weaknesses Threats
6. IMPLEMENTATION
PHASE
3. Use STP to Identify and Evaluate Opportunities
◦ STP:
• Segmentation
• Targeting
• Positioning
4. Implement Marketing Mix and Allocate Resources
◦ Product
◦ Price
◦ Place
◦ Promotion
7. Step 3: Identify
and Evaluate
Opportunities
Using STP
• Segmentation
o The business divides the market into different
subgroups based on characterics, needs, and wants
o e.g. Two of Starbucks' market segments are: people
who drink caffeine, people who don't drink caffeine
• Targeting
o The business evaluates each subgroup's attractiveness
and chooses which groups to target
o e.g. Starbucks starts to sell breakfast because they get
many morning customers
• Positioning
o The business defines the marketing mix (Product,
Price, Place, Promotion) for each target segment
8. Step 4: Implement Marketing Mix and
Allocate Resources
Each one of the four P's in the marketing mix are used to convey value to the consumer.
Product
Create value
Price
Capture value
Choose a price based on the perceived value of the product or service
Place
Deliver value
Being in the right place at the right time
e.g. a new Starbucks opens on the outside of a busy street; it's convenient for consumers
Promotion
Communicate value
Use advertising, marketing to convey the value of the company itself or the company's good or service
9. CONTROL
PHASE
5. Evaluate Performance Using Marketing Metrics
o Metrics: measurement that quantifies a trend, dynamic,
or characteristic
o Marketing metrics: show the results of the marketing
plan
o Evaluate performance:
• Was the marketing strategy successful? Why?
• Was the marketing strategy unsuccessful? Why?
• Someone must be held accountable for bad
performance (e.g. Consumer trends, bad quality, etc.)
• It can be difficult to asign blame sometimes
10. IMPORTANT TO NOTE:
The steps of the marketing plan don't necessarily have to go in order.
Marketers typically go back and forth between steps until they are satisfied
with the results
